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
Oil & Gas Oil down $4 a barrel after Israel’s strike on Iran Oil prices tumbled by more than $4 a barrel on Monday after Israel’s retaliatory strike against Iran at the weekend bypassed oil and nuclear facilities and did not disrupt energy supplies. Both Brent and US West Texas Intermediate crude futures hit their lowest since October 1 at the open. By 11:30 GMT Brent was down $4.28, or 5.6 […] October 28, 2024
Oil & Gas Oil heads for weekly gain but market remains on edge Oil prices were heading for a weekly gain of almost 3 percent as Friday’s prices ticked higher, with traders kept on edge by simmering tensions in the Middle East ahead of a planned resumption in Gaza ceasefire talks in the coming days. Brent crude futures rose 76 cents, or 1.02 percent, to $75.14 a barrel by 12:14 GMT. […] October 25, 2024
Oil & Gas Oil prices stable despite Middle East and US uncertainty Oil prices were broadly stable on Thursday as uncertainty around conflict in the Middle East and reports of North Korean troops ready to help Russia in Ukraine kept traders on edge ahead of the US presidential election. Brent crude futures were up 29 cents, or 0.4 percent, at $75.25 a barrel by 11:57 GMT. US […] October 24, 2024
Analysis Oil & Gas US sanctions unlikely to stop Iran’s oil smugglers Tighter US economic sanctions are unlikely to disrupt Iran’s oil exports in the long run because Tehran has developed a sophisticated system of oil smuggling, using a dedicated fleet of tankers and middlemen in multiple countries, industry observers say. The regime in Tehran has been under US sanctions since the Islamic revolution of 1979. But […] October 23, 2024
Finance IMF lowers 2024 Saudi GDP forecast on oil output The International Monetary Fund has lowered its GDP growth prediction for Saudi Arabia this year and next because of oil output cuts continuing to the end of this year. The Saudi economy is expected to expand 1.5 percent this year, down 0.2 percent from the IMF’s last review in July, and 4.6 percent in 2025, […] October 23, 2024
Energy Oil price slips on higher US crude stockpiles Oil prices fell on Wednesday after industry data showed US crude inventories swelled more than expected, though futures were still up about 2 percent this week as traders factored in continuing conflict in the Middle East. Brent crude futures dropped $1.40, or 1.8 percent, to $74.64 a barrel by 11:07 GMT. US West Texas Intermediate crude […] October 23, 2024
Energy Egypt slashes renewables target to focus on natural gas Egypt has cut its renewable energy goal for 2040 from 58 percent down to 40 percent and will focus on natural gas in order to meet increasing energy demand, according to Karim Badawi, the minister for petroleum. Before hosting the Cop27 climate conference in 2022, the North African state announced a target of achieving a […] October 22, 2024
Oil & Gas Oil prices up as Blinken flies to Israel for peace talks Oil prices rose to $75 a barrel on Tuesday, extending gains from the previous session as investors weighed the impact of China’s stimulus measures to boost its economy, while concerns over conflict in the Middle East persisted. Brent crude futures for December delivery were up 43 cents, or 0.6 percent, to $74.72 at 13:19 GMT. US West Texas […] October 22, 2024
Oil & Gas Qatar faces rising competition for LNG exports to Asia Qatar is facing increasing competition for liquefied natural gas exports to Japan and South Korea because of inflexibility on contract terms, reports suggest. The Gulf country is the third-largest exporter of natural gas behind the US and Australia and is traditionally the largest supplier of LNG to Asian nations. However, competition from the US, the […] October 22, 2024
Opinion Trade A Trump win would impact Gulf trade and oil markets A rise in protectionism following the US election could trigger a re-ordering of world trade October 21, 2024
Oil & Gas Oil prices regain some ground after 7% loss last week Oil prices rose on Monday, recouping some of last week’s more than 7 percent decline on worries about demand in China, the world’s top oil importer, and easing concerns about potential supply disruptions in the Middle East. Brent crude futures were up $1.16, or 1.6 percent, to $74.22 a barrel at 10:36 GMT. US West […] October 21, 2024
Oil & Gas Aramco CEO bullish on Chinese oil demand Saudi Aramco’s CEO is confident that China’s bid to increase growth will have a positive impact on oil demand, especially due to chemicals needed for its energy transition. Amin Nasser said the world’s second biggest economy needs more chemicals for “the electric vehicles, for solar panels, so that’s huge growth there”. Speaking on the sidelines […] October 21, 2024
Analysis Energy Energy security at centre of EU-GCC collaboration The European Union and the GCC held their first summit this week, where they committed to “greater cooperation on energy security, including energy efficiency and renewable energies and hydrogen”, the parties said in a joint statement. The EU wants to strengthen its energy security by cementing ties with the GCC, following European states’ decision to […] October 18, 2024
Energy Oil on track for biggest weekly loss in over a month Oil futures inched lower and were headed for more than a 6% weekly drop on Friday on concerns about demand from China’s slowing economy and easing supply risk from the Middle East conflict. Brent crude futures inched 33 cents lower, or 0.44 percent, to $74.12 a barrel by 1143 GMT, while US West Texas Intermediate crude was at $70.41 a barrel, […] October 18, 2024
Opinion Oil & Gas Oil’s war risk premium and the GCC capital markets Investors can no longer ignore the imminent IDF-Iran war in the heart of the world's pre-eminent oil province October 17, 2024
Oil & Gas Oil prices flat as investors await US data Oil prices were broadly flat on Thursday as investors waited on developments in the Middle East, the release of official US oil inventory data and details on China’s stimulus plans. Brent crude futures were up 11 cents to $74.33 a barrel at 1114 GMT, while U.S. West Texas Intermediate crude futures were at $70.47 a […] October 17, 2024
Oil & Gas UAE oil exports to India rise, squeezing out GCC neighbours The UAE’s oil exports to India have risen sharply this year, contrasting with declines for other members of the GCC. In January to September 2024, Emirati exports were up 54 percent year on year, according to data from Reuters. However, exports from the Middle East as a whole have remained broadly stable, increasing by only […] October 17, 2024
Oil & Gas Aramco cancels Saudi project amid Asia focus Aramco, the world’s largest oil producer, has scrapped plans for a refinery and chemicals project in Saudi Arabia to focus on Asia expansion, mainly in China. The 400,000 barrels per day (bpd) facility at Ras Al Khair, which was being planned in collaboration with Saudi Basic Industries Corporation, an Aramco subsidiary, has been cancelled, Bloomberg […] October 16, 2024
Oil & Gas Oil steadies despite Middle East uncertainties Oil prices inched higher in early trade on Wednesday on uncertainty over what may happen next in the Middle East conflict. Earlier, demand concerns knocked the market to its lowest since early October in the previous session. Brent crude oil futures rose 14 cents, or 0.2 percent, to $74.39 a barrel by 02:50 GMT. US West Texas Intermediate […] October 16, 2024
Oil & Gas Egypt to ramp up gas output from major concessions Egypt is planning to increase natural gas output from major concessions, including its largest field Zohr, petroleum minister Karim Badawi has said. The government intends to increase production at Zohr by drilling new wells starting in the first quarter of 2025, the ministry said in a statement. Average production from the field remained at two […] October 16, 2024
Oil & Gas IEA confident global oil supply can absorb disruption Escalating tensions between Israel and Iran are fuelling concerns that an attack on Iranian production facilities could disrupt global oil supply. But forecasts by the International Energy Agency (IEA) suggest there are adequate global supplies to absorb the impact of such an event. Iran, a major oil exporter and Opec member, ships 1.6 million barrels […] October 15, 2024
