Opinion Oil & Gas Oil’s inverse correlation to the dollar could return If Saudi Arabia unilaterally raises oil production, all bets are off December 7, 2023
Oil & Gas Libyan Oil Company commits to cut gas flaring The Libyan National Oil Company is joining the wider global oil and gas industry in committing to near-zero gas flaring by 2030, as part of wider efforts by the state-owned energy producer to reduce greenhouse gas emissions. LNOC chairman Farhat Bengdara said in an interview with AGBI at the UN Cop28 climate conference in Dubai […] December 7, 2023
Video length: 06:23 EXCLUSIVE Banking and Finance Mashreq will ‘follow science’ for fossil fuel fund phase-out The UAE’s Mashreq Bank will “follow the science” when it comes to phasing out funding for fossil fuel companies, according to a senior executive. Mashreq is one of the top contributors to the UAE Banks Federation’s AED1 trillion ($272 billion) pledge to boost their green financing. The bank has committed to facilitating AED110 billion in […] December 6, 2023
Oil & Gas Russia says Opec+ ‘ready’ to hike oil output cuts in 2024 Opec+ members may increase oil production cuts in the first quarter of 2024 to remove “profiteering and restrict volatility”, according to Russian deputy prime minister Alexander Novak. The decision by Opec+ to lower oil production by 2.2 million barrels per day (bpd) in the first quarter of 2024 will help the world to navigate through […] December 6, 2023
Video length: 05:05 VIDEO Renewable Energy Gulf’s biggest asset is ‘sun in the sky’ – not its oil reserves The Middle East could become a powerhouse of green industrialisation by exploiting its vast renewable energy sources, the chair of the Energy Transitions Commission has told AGBI at the Cop28 summit in Dubai. “Your long-term asset in this region is not the oil under the ground, it’s the sun in the sky,” said Adair Turner, […] December 6, 2023
Energy Vladimir Putin to visit UAE and Saudi Arabia this week Russian President Vladimir Putin will visit the UAE and Saudi Arabia this week, Russian news outlet Shot reported on Monday, citing Putin’s aide Yury Ushakov. The reported visit comes after the Opec+ group of oil producers, which includes all three countries, agreed last Thursday to voluntary output cuts totalling about 2.2 million barrels a day […] December 5, 2023
Energy Al Jaber promises Cop28 is focused on ‘the science’ Dr Sultan Al Jaber defended his work as president of Cop28 on Monday, after criticism of remarks he made about climate science. “Everything this presidency has been working on, and continues to work on, is focused and centred around the science,” he told reporters in a press briefing at the UN summit. The Guardian newspaper […] December 4, 2023
Opinion Oil & Gas Opec+ cuts leave oil markets dazed and confused The strange case of Brent crude price falling after a headline 2.2m reduction December 4, 2023
Energy No transition without fossil fuels, says GCC energy chief As Cop28 negotiators tussle over the future of fossil fuels, a senior GCC official has suggested there will be no energy transition without them. Dr Mohammed Al Rashidi, director of energy and economic affairs at the GCC’s general secretariat, told AGBI at the climate summit: “If fossil fuels were gone from tomorrow, everything would shut […] December 4, 2023
Exclusive Energy Shift fossil fuel subsidies to renewables, says lobby chief Ramping up renewables while increasing oil output “sends the wrong signal” and is not the best way to tackle climate change, says the chief executive of Global Renewables Alliance, a policy group representing the clean energy industry. “Yes, the two can be done in parallel,” Bruce Douglas told AGBI at Cop28 in Dubai. “But we […] December 4, 2023
Oil & Gas Kuwait’s Al Zour refinery increases capacity by 50% State-owned Kuwait Integrated Petroleum Industries Company (Kipic) said that the third and final unit at the Al Zour refinery is now operational. The plant is now fully operational and refining will reach full capacity of 615,000 barrels per day (bpd), up from 410,000 bpd, the oil company said in a statement. Kipic CEO Walid Al-Bader […] December 4, 2023
Energy Lula says Brazil will never be a full member of Opec+ Brazil will never join the Opec+ group of oil-producing nations as a full member and instead only seeks to participate as an observer, Brazilian President Luiz Inacio Lula da Silva said on Sunday. Lula’s remarks to reporters at the UN Cop28 climate summit in Dubai clarified his statements a day earlier that Brazil would “participate” […] December 4, 2023
Oil & Gas Saudi plans first Asia Arab Light price cut in seven months Top oil exporter Saudi Arabia may trim the price for its flagship Arab Light crude to Asia for the first time in seven months, despite an extension of its voluntary supply cut, as the market deals with ample supply and tepid demand. State oil giant Saudi Aramco may cut the January official selling price (OSP) […] December 3, 2023
Energy Exxon Mobil hits back at IEA carbon capture criticism Exxon Mobil CEO Darren Woods on Saturday rejected the International Energy Agency’s (IEA) recent claim that using wide-scale carbon capture to fight climate change was an implausible “illusion,” saying the same could be said about electric vehicles and solar energy. “There is no solution set out there today that is at the scale to solve […] December 3, 2023
Energy 50 oil companies pledge to speed up climate action Cop28 president Sultan Al Jaber has launched the oil and gas decarbonisation charter (OGDC), a global industry initiative designed to speed up climate action across the oil and gas sectors. To date, 50 companies, representing more than 40 percent of global oil production, have signed the OGDC, with national oil companies (NOCs) representing over 60 […] December 3, 2023
Energy US launches plans to curb methane emissions The United States has announced a comprehensive plan to target methane emissions from the country’s oil and gas sector – a critical step in the global effort to curb emissions contributing to climate change. The US Environmental Protection Agency (EPA) introduced policies banning routine flaring of natural gas from new oil wells, mandating leak monitoring […] December 2, 2023
Sustainability Carbon capture and storage not a ‘miracle’ climate cure A new study has strongly criticised fossil fuel-producing states for incorporating carbon capture and storage (CCS) in their climate strategies, claiming the technology is being used to extend the shelf life of oil companies rather than as a climate action tool. As Cop28 kicked off in Dubai, analysis by US-based non-profit environmentalist organisation Oil Change […] December 2, 2023
Oil & Gas Market confusion over Opec+ cuts hits oil prices Oil prices fell further on Friday after tumbling sharply when Opec+ announced more production cuts amid suspicions that quotas will not be adhered to. Brent, the main international benchmark, traded at $80.66, down from $84.37 on Thursday, while West Texas intermediate was flat at $75.94. Saudi Arabia, Russia and other members of Opec+ announced on […] December 1, 2023
Sustainability World leaders unite after UN secretary general’s warning United Nations general secretary António Guterres has issued a call to arms for hydrocarbon producers across the world and appealed for them to “lead the transition to renewables”. In his address at the opening ceremony of the UN Cop28 in Dubai on Friday morning, Guterres likened the climate challenge to a sickness that only global […] December 1, 2023
Oil & Gas Opec+ agrees to cut 2m bpd at delayed meeting Early reports indicated on Thursday that Opec+ members, led by Saudi Arabia, have agreed at their delayed meeting to cut oil output by nearly 2 million barrels per day, above supply curbs agreed in June. Crude prices rose nearly 1 percent in anticipation of the decision; Brent traded at $82.51. Saudi Arabia, Russia and other […] November 30, 2023
Energy Al Jaber flags ‘strong views’ and calls for collaboration Cop28 president Sultan Al Jaber told delegates at the opening of the global climate change conference in Dubai that he was aware that there were “strong views” about the inclusion of fossil fuel companies in the discussions. In his opening remarks, the Emirati head, who is also chief executive of the state oil company Adnoc, […] November 30, 2023
Oil & Gas Dana Gas to invest $43m to expand gas wells in Egypt Abu Dhabi-listed Dana Gas plans to invest $43 million to begin a significant drilling programme in Egypt to expand gas wells next year. The programme will boost the UAE energy company’s daily gas production by 30 million cubic feet by drilling 11 development wells and three exploratory wells, Egypt Today newspaper reported. During a meeting […] November 30, 2023
