Energy Kuwait enforces power cuts as demand outstrips capacity Kuwait temporarily cut electricity in some industrial and agricultural areas on Wednesday as demand for power surged due to hot weather, outstripping generating capacity that had been restricted by maintenance at power plants. Kuwait, a member of the Organization of the Petroleum Exporting Countries (Opec), last summer resorted to programmed load-shedding for the first time […] April 3, 2025
Oil & Gas Profits at Oman-listed OQBI surged in 2024 Oman’s state-controlled OQ Base Industries (OQBI) has reported that net profits for 2024 increased by 38 percent to $81 million, up from $25 million a year earlier. OQBI, which produces methanol, ammonia and liquefied petroleum gas (LPG), is the downstream arm of state-owned OQ. It started trading on the Muscat Security Market (MSM) on December […] April 2, 2025
Oil & Gas Opec+ meeting this week to discuss oil output increase Opec+ ministers from eight nations that are gradually raising oil output will meet online on Thursday and are likely to approve a further hike in production from May, sources from the producer group told Reuters. Eight members of Opec+, a group that includes the Organization of the Petroleum Exporting Countries and allies led by Russia, […] April 2, 2025
Oil & Gas EU to decide on Adnoc’s Covestro deal by May 12 European Union (EU) antitrust regulators will decide by May 12 whether to clear Abu Dhabi state oil major Adnoc’s €15.9 billion ($17.2 billion) takeover of German chemicals company Covestro, a regulatory filing on the European Commission website showed. Adnoc struck the deal for its biggest-ever acquisition last October as Middle East countries seek to reduce their […] April 2, 2025
Construction Review deals latest blow to Sidara’s takeover of John Wood UAE construction consultancy Sidara is facing another setback in its planned takeover of British oil services firm John Wood Group, which this week said it had to restate its financial results and probably suspend its shares after a review found information had been withheld from auditors. Dubai-based Sidara, formerly Dar Global, was in discussions last […] April 1, 2025
Oil & Gas Oman’s oil sector received $12bn investment in 2024 Oman says nearly RO5 billion ($12 billion) was pumped into its hydrocarbon sector last year as it pushed ahead with plans to expand production capacity and boost reserves. By the end of 2024, cumulative investment in the sultanate’s hydrocarbon industry totalled around RO24 billion ($62 billion), up from RO19 ($50 billion) at the end of […] April 1, 2025
Oil & Gas Aramco holds LPG prices steady for April Oil producer Saudi Aramco kept April official selling prices (OSPs) for liquefied petroleum gas (LPG) unchanged from March, while Algeria’s Sonatrach cut its OSPs by 2-7 percent due to weaker demand in the Mediterranean, traders said on Monday. Aramco’s April OSP for propane was stable at $615 per metric tonne, while butane was $605 per tonne, […] April 1, 2025
Opinion Oil & Gas Data is the new oil – and the oil industry agrees Saudi Arabia and the UAE are both pouring billions into AI initiatives under their broader economic visions March 31, 2025
Oil & Gas Uganda signs deal with UAE company over oil refinery Uganda signed an oil refinery agreement with UAE-based Alpha MBM Investments on Saturday, for a 60 percent stake in a crude oil refinery in Kabaale, Hoima district. The country’s state-run Uganda National Oil Company will retain the remaining 40 percent stake in the 60,000-barrel-per-day refinery, according to a statement from President Yoweri Museveni office. Besides […] March 31, 2025
Oil & Gas Saudi Arabia may cut May oil prices for Asia to three-month low Top oil exporter Saudi Arabia may lower its crude prices for Asian buyers in May to a three-month low, tracking the steep declines in benchmark prices this month, traders said. The May official selling price (OSP) for flagship Arab Light crude may decline by $1.80 to $2 a barrel from April, four Asian refining sources […] March 28, 2025
Oil & Gas Adnoc’s XRG seals a 10% stake in African gas projects XRG, the low-carbon energy and chemicals investment arm of Abu Dhabi National Oil Company (Adnoc), has completed its acquisition of a 10 percent stake from Portugal’s Galp Energia in the Rovuma basin concession in Mozambique. The Rovuma basin, one of the largest gas discoveries in the past 15 years, offers XRG access to liquefied natural […] March 28, 2025
Oil & Gas Oil holds near one-month high amid supply woes Oil prices held near one-month highs on Friday and were poised for a third weekly gain on a tightening global supply outlook after the US imposed tariffs against countries buying oil and gas from Venezuela and placed restrictions on Iranian oil trade. Brent crude futures dipped 8 cents, or 0.1 percent, at $73.95 a barrel as […] March 28, 2025
Oil & Gas Oil output increase of 30% sought in Oman block offer Oman is planning to offer 11 new oil concession blocks across the country this year, as it seeks to raise production by a third by the end of the decade. The ministry of energy and minerals, through the state-run company OQ Exploration and Production (OQEP) and the Canadian-based Scotiabank, have started marketing the potential blocks. […] March 27, 2025
Oil & Gas Saudi Aramco considering investment in Indian refineries Saudi Aramco is in talks to invest in two planned refineries in India as the world’s top oil exporter looks for a stable outlet for its crude in the world’s fastest-growing emerging market, several Indian sources with direct knowledge of the matter said. India, the world’s third-biggest oil consumer and importer, wants to become a […] March 27, 2025
Energy Oil’s share of energy demand dips below 30% for first time Oil’s share of the global energy mix has hit a historic low, dipping below 30 percent of demand for the first time as renewables and electric vehicles reshape markets, according to the International Energy Agency. The IEA’s Global Energy Review 2025 reveals that energy demand rose by 2.2 percent last year, outpacing the average yearly […] March 26, 2025
Oil & Gas Aramco looks at China’s potential growth sectors Saudi Aramco is exploring new opportunities in China’s energy, chemicals and technology sectors, president and CEO Amin Nasser has said. China occupies a key position in Aramco’s global strategy, he told the China Development Forum in Beijing on Monday. The Saudi-listed company is supporting China’s energy and chemical feedstock security by investing in multiple downstream projects, Nasser […] March 25, 2025
Oil & Gas QatarEnergy selects India’s L&T for gas project A subsidiary of state-owned QatarEnergy has reportedly awarded an engineering, procurement, construction and installation (EPCI) contract to India’s Larsen & Toubro for the second phase of the North Field Production Sustainability (NFPS) project. Larsen & Toubro Energy Hydrocarbon received a letter of intent from QatarEnergy LNG for the work, which has an estimated value of $4 […] March 25, 2025
Oil & Gas Taqa in talks to buy stake in Spanish utility Naturgy Abu Dhabi National Energy Company (Taqa) is reportedly in talks with Spanish private equity group CriteriaCaixa to acquire a stake in Naturgy Energy Group. Taqa chairman Mohamed Hassan Alsuwaidi recently met with an unnamed Criteria executive to discuss a potential deal, Bloomberg reported. Criteria, which holds 26.7 percent of €24 billion ($26 billion) Naturgy, has […] March 25, 2025
Oil & Gas Opec+ on track for May production rise Opec+ will probably stick to its plan to raise oil output for a second consecutive month in May, four sources told Reuters, amid steady oil prices and plans to force some members to reduce pumping to compensate for past overproduction. Opec+, a group that includes Opec and allied producers led by Russia, and which pumps over 40 […] March 25, 2025
Oil & Gas UAE loses out as India opts for cheaper Russian naphtha The UAE, led by Abu Dhabi, has lost its position as India’s biggest supplier of the refined crude oil product naphtha as discounted Russian cargoes flood the market. Naphtha has many uses including as a precursor to gasoline and other liquid fuels, and as solvents or diluents for paints and the rubber industry. India is […] March 24, 2025
Oil & Gas Iraq targets oil exports to Africa in expansion plan Iraq is considering exporting crude oil to Africa amid a market expansion plan, oil minister Hayan Abdul Ghani has said. “The government is evaluating the feasibility of entering African markets,” he told state-run Iraqi News Agency. Iraq signed 44 contracts under the latest oil licensing rounds across 14 provinces. The state-owned Basra Oil Company, which […] March 24, 2025
Oil & Gas Saudi Aramco buys Peruvian fuel distributor Saudi Aramco has agreed to buy fuel distributor Primax, which has operations in Peru, Colombia and Ecuador, Peruvian newspaper Gestion reported, citing sources familiar with the deal. Primax, owned by Peruvian conglomerate Grupo Romero, has 2,185 gas stations in the three South American countries. The deal with Aramco included a payment of around $3.5 billion, Gestion […] March 24, 2025
