Oil & Gas Adnoc has expressed interest in Cyprus gas, minister says United Arab Emirates energy major Abu Dhabi National Oil Co (Adnoc) has expressed interest in Cyprus’ emerging natural gas sector, the country’s energy minister told Reuters on Monday. Major gas discoveries and developments off Egypt and Israel have attracted companies to offshore developments in the eastern Mediterranean in recent years, while state-owned Adnoc sees gas […] November 5, 2024
Oil & Gas Italy’s Eni will restart gas drilling in Egypt and Libya Italian energy company Eni is reviving its exploration operations on Zohr, Egypt’s largest natural gas field, by the end of the year, its CEO confirmed on Monday. “After some time, we were not really working on Zohr, we will restart drilling by the end of the year, and we are going to drill another well […] November 5, 2024
Oil & Gas Oil trades in tight range ahead of US election result Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close US presidential election, after rising more than 2 percent in the previous session as Opec+ delayed plans to hike production in December. Brent crude futures were up 45 cents, or 0.6 percent, to $75.53 a barrel by 12:26 […] November 5, 2024
Energy Sabic announces SAR1bn profit in dramatic turnaround Saudi Arabian petrochemical giant Sabic (Saudi Basic Industries Corp) has announced profit in Q3 2024 of SAR1 billion ($266.2 million) in a marked turnaround from the same period last year. In 2023, the company reported a Q3 loss of SAR2.88 billion. Revenues in Q3 2024 were up 3 percent year on year, and the company […] November 4, 2024
Markets OQ’s methanol unit is latest in Oman’s privatisation push OQ Base Industries is to sell up to 49 percent of its shares through an initial public offering in Oman – the fourth flotation of an OQ subsidiary since March 2023. The Omani state oil company raised OR748.8 million ($1.94 billion) in October by offloading a 25 percent stake in its upstream subsidiary OQ Exploration […] November 4, 2024
Artificial Intelligence Adnoc pioneers agentic AI to boost production forecasts by 90% Highly autonomous artificial intelligence, known as agentic AI, is being used for the first time by Abu Dhabi’s state oil company Adnoc in the hope of massively increasing the accuracy of production forecasts. Adnoc’s CEO Sultan Al Jaber said in a speech on the first day of the Adipec energy conference in Abu Dhabi that […] November 4, 2024
Oil & Gas Oil gains 3% after Opec+ delays output hike Oil prices rose about 3% on Monday on a decision by Opec+ to delay by a month plans to increase output, while the market braced for a crucial week that includes the US presidential election. US Democratic candidate Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls ahead of Tuesday’s election day, […] November 4, 2024
Analysis Oil & Gas Saudi Arabia loses out as US oil refiners turn to Canada US crude oil imports from Saudi Arabia have dropped to one of the lowest points since the start of the decade, as American refiners increasingly turn to supplies from Canada. Imports fell to only 13,000 barrels per day (bpd) in the week ending October 25, according to the US Energy Information Administration – the lowest […] November 1, 2024
Editor's Insight Oil & Gas Iran’s mission to make the most of oil wealth Despite some predictable vapouring from hardliners, the Islamic regime in Tehran will mainly be heaving a sigh of relief that Israel did not attack Iran’s oil infrastructure. The IAF avoided the main oil terminal at Kharg Island in the north of the Gulf, major refineries such as Abadan – there are 10 main refining sites in the country – […] November 1, 2024
Oil & Gas Oil prices gain amid growing Middle East tensions Oil prices extended gains in early Asian trade on Friday, following reports that Iran was preparing a retaliatory strike on Israel from Iraqi territory in the coming days. US West Texas Intermediate crude futures rose $1.24, or 1.8 percent, to $70.50 a barrel by 22:29 GMT after settling up 0.95 percent in the previous session. […] November 1, 2024
Oil & Gas Oil prices stable after boost from US fuel demand Oil prices stabilised on Thursday after rallying the previous day on stronger than expected US fuel demand and reports that producer group Opec+ could delay a planned output increase. Traders are now awaiting the outcome of the US presidential election on November 5 and whether ceasefires can be brokered in the Middle East. The Brent […] October 31, 2024
Retail Adnoc Distribution profit falls 20% on lower fuel prices Adnoc Distribution, an Abu Dhabi-listed fuel and convenience retailer, said net profit fell 20 percent year on year to AED667 million ($182 million) in the third quarter of 2024, impacted by lower selling prices due to a fall in crude oil prices. Revenue, however, increased by 2 percent year on year to AED9.1 billion, driven by […] October 31, 2024
Oil & Gas Aramco considers investment in Vietnam’s oil industry Saudi Aramco has expressed interest in investing in Vietnam’s oil refinery sector and petroleum distribution, the south-east Asian country’s government says. Vietnam’s prime minister, Pham Minh Chinh, met Aramco president and CEO Amin Nasser during the Future Investment Initiative summit in the Saudi capital. “Vietnam has great potential in the region, therefore, Aramco wishes to […] October 30, 2024
Analysis Oil & Gas Opec+ overproduction persists as oil price sags Despite a fall in production in September, Opec+ members are not adhering to cuts they have committed to, leading to excess supply and flagging prices, industry experts say. Quota compliance has always been a vexed issue within Opec and Opec+ but oil demand is now so subdued that Saudi Arabia may have to act, the […] October 30, 2024
Oil & Gas New oil minister in Kuwait after reshuffle A new oil minister, Tarek Suleiman Ahmed Al-Roumi, has been appointed in Kuwait as part of a broader cabinet reshuffle. Al-Roumi will replace Nora Suleiman Al-Fassam, who is Kuwait’s finance minister and was overseeing the oil ministry temporarily, the state news agency, Kuna, reported. Al-Fassam stepped in after the resignation in September of the deputy […] October 30, 2024
Oil & Gas Oil rises on Opec+ output increase delay reports Oil prices rose more than 2 percent on Wednesday, after Reuters reported Opec+ could delay a planned oil production increase scheduled to take effect in December by a month or more, due to concerns about soft oil demand and rising supply. Brent crude futures gained $1.41, or 2 percent, to $72.53 a barrel by 12:36 […] October 30, 2024
Oil & Gas Adnoc Drilling Q3 profit rises 30% to $335m Adnoc Drilling’s net profit rose 30 percent year on year to $335 million in the third quarter of 2024, beating market expectations. Quarterly revenue at the company, listed on the Abu Dhabi stock exchange, jumped 32 percent annually to more than $1 billion. This was driven by the expansion of onshore and offshore fleets, as […] October 30, 2024
Oil & Gas Aramco predicts oil market expansion on China demand Saudi Aramco is forecasting oil market growth in 2025 of 1.5 percent, driven by fundamental growth in China and the role of fossil fuels in underpinning the green energy transition. A recent stimulus package failed to alleviate market concerns about China. Although it accounted for 70 percent of oil demand growth in 2023, Chinese demand […] October 30, 2024
Markets Shares in Oman’s OQEP recover after poor debut Shares in Oman’s OQ Exploration and Production rebounded on Tuesday, recovering some of their losses following a shock slump on the Muscat bourse a day earlier as dividend-seeking institutional investors took advantage of the sell-off to acquire at lower prices. OQEP, the upstream subsidiary of state oil company OQ, raised OMR748.8 million ($1.94 billion) in […] October 29, 2024
Transport Houthis target three ships in Red and Arabian Seas Yemen’s Houthis said on Monday that they targeted three ships in the Red Sea and Arabian Sea, attacks they called part of their efforts to enforce a naval blockade on Israel. Houthi military spokesperson Yahya Sarea said in a televised address the vessels were targeted with missiles and drones for attempting to approach ports bound […] October 29, 2024
Energy Oil prices rise on US strategic reserve refill plan Oil prices rose more than 1 percent on Tuesday, reversing some of the previous session’s 6 percent tumble, as a US plan to buy oil for the strategic petroleum reserve (SPR) provided support while investors remained focused on developments in the Middle East. Brent crude futures climbed 94 cents, or 1.32 percent to $72.36 a barrel […] October 29, 2024
Development Saudi Arabia to invest $41bn in Africa over next decade Saudi Arabia is providing at least $41 billion in funding for low-income sub-Saharan countries in Africa, the government announced on Monday. Finance minister Mohammed bin Abdullah Al-Jadaan revealed a $1 billion development initiative for Africa, $5 billion for startups from the Saudi Development Fund over the next ten years, $10 billion in financing from the […] October 28, 2024
