Analysis Markets ‘Bot traders’ defy Opec and determine the price of oil Oil has been trading at its lowest levels in a year, posing a severe challenge to Opec in its efforts to impose a floor on prices. But analysts say that speculative financial players are also driving price determination, alongside traders who study the fundamentals of supply and demand. Opec has voiced frustration at what it […] September 20, 2024
Opinion Banking & Finance Fed loosening cycle may not be such a big fillip to Gulf The region's banks are compelled to follow the Fed on interest rates but oil prices have more impact September 19, 2024
Oil & Gas Turkey’s Botas signs 10-year LNG deal with TotalEnergies Turkish energy company Boru Hatları ile Petrol Taşıma AŞ (Botas) has signed a deal to purchase 16 billion cubic metres (bcm) of liquefied natural gas (LNG) from France’s TotalEnergies. The 10-year deal will start from 2027, Anadolu Agency reported, citing Turkish energy and natural resources minister Alparslan Bayraktar. The deal offers flexible and competitive terms, […] September 19, 2024
Opinion Oil & Gas Opec’s no-win situation on oil prices There’s not much that the quota-bound bloc members can do for now September 17, 2024
Oil & Gas Aramco raises stake in MidOcean Saudi Aramco’s stake in MidOcean Energy, the liquefied natural gas unit of the US-based energy investor EIG, will rise to 49 percent after the oil giant agreed to fund an acquisition by MidOcean in Peru. MidOcean signed a deal to buy an additional 15 percent interest in Peru LNG from the American energy company Hunt […] September 17, 2024
Analysis Oil & Gas Oil production in Libya returns, but full recovery is uncertain Oil production in politically divided Libya is slowly recovering, after a tumultuous August when fields across the country were shut down. But crude exports remain disrupted, and government revenues are still dampened, amid concerns over prolonged instability. Libyan factions failed last week to resolve crises over the central bank’s powers and oil revenues. Crude output […] September 17, 2024
Opinion Oil & Gas Investment and trade are on a steady eastward trajectory The direction of capital flow is set to continue from the Middle East to Asia September 16, 2024
Opinion Oil & Gas Opec+ weighs which cards to play as options narrow To have the desired effect of raising revenue, prices would have to hit $100 a barrel September 16, 2024
Opinion Oil & Gas US Fed cuts will not prevent an oil-price crash in 2025 A range of factors are conspiring to cause a crude catastrophe September 16, 2024
Analysis Finance US rate cuts will help Gulf bonds but oil worries persist Imminent US interest rate cuts bode well for Gulf bonds and sukuk, although declining oil prices could lead to higher spreads on regional debt. Bonds are typically priced against 10-year US government treasuries and the difference between their yields is known as the spread. The yield on 10-year treasuries hit a 17-year high of nearly […] September 16, 2024
Oil & Gas QatarEnergy LNG awards $4bn contract to Saipem QatarEnergy LNG, one of the world’s largest liquefied natural gas (LNG) companies, has awarded a $4 billion contract to Italy’s Saipem to boost its gas production. The engineering, procurement and construction (EPC) contract will aid in sustaining production at the North Field natural gas reservoir off the northeast coast of Qatar. The work scope includes the […] September 16, 2024
Oil & Gas IEA cuts oil demand forecast as Chinese economy stalls Rapidly slowing Chinese economic output is the primary driver of falling global oil demand, the International Energy Agency has said, as it cut the forecast in its monthly oil market report. The Paris-based energy watchdog has trimmed its 2024 oil demand growth outlook by 70,000 barrels per day, or around 7 percent, to an average […] September 12, 2024
INTERVIEW Oil & Gas Shopping trip for NMDC Energy boss after blockbuster IPO NMDC Energy is looking for merger and acquisition targets after delivering the UAE’s biggest initial public offering of 2024, its CEO has told AGBI. Ahmed Al Dhaheri said the Emirati company, which listed on the Abu Dhabi exchange on Wednesday, would announce “some M&A soon” and was focusing on expansion outside the Gulf. He also […] September 12, 2024
Oil & Gas Aramco and Rongsheng move on chem plant expansion Saudi Aramco is accelerating plans to expand the liquids-to-chemicals project in Jubail in collaboration with China’s Rongsheng Petrochemical Company. The companies have signed a development framework agreement to potentially expand Saudi Aramco Jubail Refinery Company (Sasref) facilities and increase investments in the petrochemical sectors of both nations. This follows a cooperation framework signed in April, where Rongsheng proposed […] September 12, 2024
Oil & Gas BlackRock buys stake in Saudi-Bahraini oil pipeline Bahrain’s state-run Bapco Energies has sold a minority stake in an oil pipeline linking Saudi Arabia and Bahrain to a fund managed by US investment bank BlackRock. The BlackRock Diversified Infrastructure fund purchased a stake in the Saudi Bahrain Pipeline Co (SBPC), which owns a section of the 112-km pipeline. It supplies crude oil from […] September 12, 2024
Energy Adnoc to acquire chemical company Covestro for $16bn Abu Dhabi National Oil Company (Adnoc) is expected to make a formal offer to buy German chemical company Covestro AG. The Financial Times reported that the 14.4 billion euros ($15.90 billion) offer will set up the state-owned energy producer to expand its overseas holdings. The companies have been in talks since Adnoc made an initial informal […] September 11, 2024
Oil & Gas Opec trims oil demand outlook again Opec has reduced its oil demand forecast for 2024 for the second consecutive time, but it remains optimistic despite bearish markets. The oil producers group said on Tuesday that it was revising down world oil demand by 80,000 barrels per day to about 2 million bpd “reflecting data received so far this year”. It also […] September 10, 2024
Energy UAE and India deepen energy ties The UAE has signed long-term liquefied natural gas (LNG) and strategic petroleum reserve development agreements with India, supporting New Delhi’s energy security initiatives. The agreements were signed during the two-day visit of Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to India. Under the UAE-India comprehensive economic partnership agreement (Cepa), Abu Dhabi […] September 10, 2024
Energy Alpha Dhabi exits 11% of OCI Global’s methanol business Alpha Dhabi Holding, the fourth most valuable listed company in Abu Dhabi, will sell its 11 percent equity stake in OCI Global’s methanol business. The stake sale follows the acquisition of Netherlands-based OCI Methanol by Canada’s Methanex Corporation for $2 billion. OCI Methanol is indirectly owned 85 percent by OCI Global. Alpha Dhabi Holding and ADQ, an Abu […] September 10, 2024
Oil & Gas QatarEnergy signs $2bn deal with Chinese shipyard State-run QatarEnergy has ordered six additional large LNG vessels valued at $2 billion from China State Shipbuilding Corporation (CSSC). The new order brings the total number of LNG vessels to 128, including 24 QC-Max mega vessels. The QC-Max vessels will be built at China’s Hudong-Zhonghua Shipyard, a wholly-owned CSSC subsidiary. These vessels will have a […] September 10, 2024
Oil & Gas OQ to list oil production arm in largest Omani IPO Oman’s state energy company, OQ, is planning to sell up to a quarter of its exploration and production arm, OQEP, through an initial public offering, in what will be the largest IPO in the country’s history. The subscription period is expected to commence this month, while the listing is scheduled for October on the Muscat […] September 9, 2024
Opinion Oil & Gas Vision 2030 on track but oil remains the key Saudi Arabia's economy is strong but Opec's decision to delay its oil output hike could have reverberations September 9, 2024
