Opinion Oil & Gas The talk is of oil, but gas is most at risk in the Iran-Israel conflict Leaders must wake up to the threat to global gas supply October 15, 2024
Analysis Oil & Gas Middle East to dominate oil exports by 2050, says Opec The Middle East is forecast to provide almost 60 percent of the world’s oil exports by 2050, according to Opec’s long-term outlook. Its oil producers are pursuing aggressive marketing strategies aimed at Southeast Asia and the Pacific region, where energy demand is growing. The Middle East accounted for 49 percent of global crude and condensate […] October 15, 2024
Oil & Gas Oil sinks 4% as potential Iran disruption fears subside Oil prices slid more than 4 percent on Tuesday after a media report said Israel was willing not to strike Iranian oil targets. The news eased fears of supply disruption, and came after Opec lowered its outlook for global oil demand growth in 2024 and 2025. Brent crude futures fell $3.28, or 4.2 percent, to $74.18 a barrel at 11:18 GMT. West Texas Intermediate futures lost $3.33, or 4.5 percent, hitting $70.50 […] October 15, 2024
Oil & Gas Oil slips more than $1 over China’s deflation fears Oil prices declined over 2 percent on Monday, wiping out all of last week’s gains as China’s stimulus plans failed to inspire investor confidence. The country’s oil imports fell for the fifth month, stoking concern about fuel demand. The markets also remained on edge about potential Israeli attacks on Iranian oil infrastructure. Brent crude futures were down $1.84, or […] October 14, 2024
Oil & Gas Adnoc drops plan to upgrade UAE’s only LNG facility An upgrade of the Das Island liquefied natural gas plant has been cancelled by Adnoc Gas, as it shifts priorities towards greenfield developments. “We have a funnel of exciting opportunities in which we can invest while at the same time exercising capital discipline,” Adnoc Gas said. Das Island’s liquefaction and export terminal, the only LNG […] October 11, 2024
Oil & Gas Oil eases but Middle East supply fears support gains Oil prices remained on target for a second straight weekly gain as investors weighed the impact of hurricane damage on US demand against any broad supply disruption if Israel attacks Iranian oil sites. Prices eased on Friday after a rally the previous day. Brent crude oil futures fell 73 cents, or 0.9 percent, at $78.67 […] October 11, 2024
Energy Oil prices rise on Middle East conflict fears Oil prices rose in early Asian trade on Thursday on concerns about potential supply disruptions in the Middle East, with Israel planning to strike oil-producer Iran, and on spikes in fuel demand as a major storm barrelled into Florida. Brent crude futures rose 37 cents, or 0.5 percent, to $76.95 a barrel, while US West Texas Intermediate […] October 10, 2024
Opinion Oil & Gas Energy and Opec are at the centre of the US election campaign The Democrats just cannot shake the image of being opposed to oil and gas October 9, 2024
Energy QatarEnergy signs 20-year naphtha deal with Shell QatarEnergy has signed the “largest and longest” naphtha supply agreement with Singapore-based oil company Shell. Under the 20-year agreement, QatarEnergy will supply up to 18 million tonnes of naphtha to Shell, starting from April 2025. The state-backed energy company has joint investments with Shell within the country and globally, including its LNG projects and Pearl […] October 9, 2024
Analysis Oil & Gas National oil companies venture into trading business Traditionally conservative national oil companies (NOCs) in the Middle East are developing their trading businesses in pursuit of new sources of income and to eat into the bumper profits of commodities houses. OQ of Oman, Saudi Aramco, UAE’s Adnoc and QatarEnergies have successfully developed their refined products and trading over the last decade to catch […] October 9, 2024
Energy Oil prices slip as strong supply counters risks Oil prices slipped during trading on Wednesday as weak demand fundamentals and rising supply countered the elevated risk of supply disruption from conflict inthe Middle East and Hurricane Milton in the United States. Brent crude futures fell cents, or 0.47 percent, to $76.82 a barrel by 11:03 GMT. US West Texas Intermediate futures were down […] October 9, 2024
Energy Oil prices slip after rallying to highest in over a month A rally in oil prices took a break on Tuesday as the market waited for Israel’s response to last week’s Iranian rocket attacks that prompted a price surge on concerns of a broader conflict in the Middle East. Brent crude futures fell $1.60, or 2 percent, to $79.33 per barrel by 12:18 GMT. US West […] October 8, 2024
Analysis Energy Costs versus profits in the energy transition debate The Abu Dhabi-based International Renewable Energy Agency (Irena) last month reported that, once again, if you want cheap electricity, then renewable energy is by far your best bet. After “spectacular” declines in cost in recent years, according to Irena’s 2023 Costs Report, the global weighted average cost of photovoltaic (PV) solar – the most widespread […] October 8, 2024
Oil & Gas BP seeking new investments in Iraq and Kuwait BP is in talks for new investments in Iraq and Kuwait as the company refocuses on oil and gas. The British energy giant is in discussions to invest in three new projects in Iraq, including one in the Majnoon field near Basra, sources have told Reuters. In August BP signed an agreement with the Iraqi […] October 8, 2024
Analysis Oil & Gas Fears for Strait of Hormuz oil gateway in Iran-Israel face-off The prospect of a sustained Iran-Israel conflict is raising concerns that Iran could respond by closing the Strait of Hormuz, the waterway critical to GCC oil and gas exports. Last month about 15 million barrels per day (bpd) of crude passed through the Strait of Hormuz, 36 percent of global seaborne oil exports, according to […] October 8, 2024
Oil & Gas Search for oil off Somalia has double motive for Turkey Turkey’s search for oil and gas off the coast of Somalia is not just a bid to free it from a dependence on imports, observers say – the move has a geopolitical aspect, too. On October 5 the 4,800-tonne energy research vessel Oruç Reis sailed through Istanbul’s Bosphorus Strait on the first leg of its […] October 7, 2024
Oil & Gas Oil prices up after strongest weekly rise in over a year Oil prices fell and then rose again on Monday after posting their steepest weekly rise in over a year last week. Brent crude futures fell to $77.74 per barrel before rising again to $79.14 per barrel. US West Texas Intermediate dipped to $74.18 per barrel and then rose to $75.53 per barrel. Brent rose by […] October 7, 2024
Analysis Oil & Gas Iran’s energy installations may be targeted in Israeli strikes Brent neared $79 a barrel on Friday, surging over 10 percent in a week, as markets and the wider world waited for a response to Iran’s attacking Israel with nearly 200 ballistic missiles on Tuesday. Israeli prime minister Benjamin Netanyahu may order an attack on one of Iran’s major oil centres or less significant installations […] October 4, 2024
Oil & Gas Oil edges up on Middle East risks Oil prices inched up in early Asian trading hours on Friday, holding on to their strong weekly gains, as investors weighed the Middle East conflict and the potential disruption in crude flows against an amply-supplied global market. Brent crude futures were up 9 cents, or 0.12 percent, to $77.71 a barrel as of 00:10 GMT. […] October 4, 2024
Oil & Gas Oil rises 1% on prospects of wider Middle East conflict Oil prices rose on Thursday as the prospect of a widening Middle East conflict that could disrupt crude oil flows from the key exporting region overshadowed a stronger global supply outlook. Brent crude futures were up 94 cents, or 1.27 percent, to $74.84 a barrel at 06:15 GMT. US West Texas Intermediate crude futures were […] October 3, 2024
Finance Aramco’s $3bn sukuk oversubscribed six times Saudi Aramco, the world’s largest oil producer, said its $3 billion sukuk was oversubscribed by six times. The sukuk was issued in two US dollar-denominated tranches, each valued at $1.5 billion. The tranches, maturing in 2029 and 2034, carry annual profit rates of 4.25 percent and 4.75 percent, respectively, the company said in a statement. […] October 3, 2024
Oil & Gas Opec calls WSJ report on oil price drop to $50 ‘inaccurate’ The Organization of the Petroleum Exporting Countries (Opec), led by Saudi Arabia, has denied a media report, calling it “wholly inaccurate and misleading”. The Wall Street Journal (WSJ) reported on Monday that Saudi oil minister Prince Abdulaziz bin Salman said oil prices could drop to as low as $50 per barrel if Opec+ members do not stick to production limits. […] October 3, 2024
