Oil & Gas Opec Gulf producers make the largest cuts in May Opec oil output fell in May after Saudi Arabia and other members of the broader Opec+ alliance made voluntary output cuts to support the market, a Reuters survey found on Wednesday, although increases elsewhere in the group limited the decline. The Organization of the Petroleum Exporting Countries has pumped 28.01 million barrels per day (bpd) […] June 1, 2023
Oil & Gas Analysts’ view on possible Opec+ output cuts The Organization of the Petroleum Exporting Countries with Russia and other allies, or Opec+, meet on June 4 to discuss whether additional oil production cuts should be implemented. The group in early April surprised markets with output cuts of around 1.16 million barrels per day, fueling a rise in prices. But going into the meeting […] June 1, 2023
Oil & Gas Why is Opec+ cutting oil output? Opec and its allies, including Russia, meet in Vienna on June 4 to decide on their output policy. The group, known as Opec+, agreed on April 2 to increase crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7 percent of global demand, after several members pledged unilateral cuts. The surprise announcement […] May 31, 2023
Energy Aramco dividends outstrip rival blue-chips Saudi Aramco’s payouts of dividends surpass those of other leading global companies, and the world’s top oil producer provides sizeable returns for its shareholders in monetary terms. Aramco listed on Riyadh’s bourse in December 2019 following a $29.4 billion initial public offering that sold around 1.7 percent of the government-owned company’s stock. Since then, it […] May 31, 2023
Energy Opec ‘would welcome’ Iran once sanctions lifted Iran has the capacity to add “significant production volumes within a short period of time” and would be welcomed back to Opec when sanctions are lifted, its secretary general said on Monday. Iran is a member of Opec – the Organization of the Petroleum Exporting Countries – but its oil exports are subject to US […] May 30, 2023
Energy Saudi Arabia to invest billions in Iraq, officials say Saudi Arabia will develop an Iraq gas field and invest $3 billion across various industries in the country, Iraqi officials said on Thursday, in a further sign of improving ties between the neighbours. Riyadh has endured a fraught relationship with Baghdad over the past two decades as Iraq fell under the increasing influence of Saudi’s […] May 26, 2023
Energy Billions needed to replace crude oil tanker fleet Hundreds of billions of dollars of investment is needed to replace ageing crude oil tankers and avert supply bottlenecks, according to the chairman of the Indian Oil Corporation. Shrikant Madhav Vaidya said this week that an estimated annual $640 billion investment is needed to maintain current supplies and meet projected growing demand. According to the […] May 25, 2023
Energy Indian oil refiner balances Gulf and Russian suppliers The Indian Oil Corporation remains committed to term contracts with the Middle East, but increased Russian imports have impacted spot purchases from the region. “Spot purchases have gone down because somewhere there has to be a dip to accommodate the Russian oil,” said the company’s chairman Shrikant Madhav Vaidya at the 30th annual Middle East […] May 22, 2023
Opinion Energy Opec+ ponders whether to stick or twist April's output cuts appear to have had the desired effect, but the oil alliance may yet cause another surprise May 22, 2023
Energy New appointments to boost Aramco’s oil business growth Aramco has named Nasir Al Naimi as president of its upstream business and Mohammed Al Qahtani as president of its downstream business. Aramco president and CEO Amin Nasser said he expected these newly created positions to help drive operational and financial performance and support the oil firm’s ambition “to achieve net-zero Scope 1 and Scope […] May 18, 2023
Energy Qatar awards $10bn contract to boost LNG project Qatar has signed a $10 billion contract with joint venture headed by French engineering and technology company Technip Energies which aims to substantially increase the capacity of the North Field South (NFS) gas project. State-owned QatarEnergy signed the engineering, procurement, and construction contract for the NFS project with a joint venture consisting of Technip Energies […] May 17, 2023
Energy Taqa Q1 net income surges to $3.16bn on Adnoc Gas stake Abu Dhabi National Energy Company (Taqa) reported a net income of AED11.6 billion ($3.16 billion) in the first quarter of 2023, from AED1.97 billion a year earlier, mainly driven by its five percent stake in Adnoc Gas. Established in 2005, Taqa is a diversified utilities and energy group headquartered in Abu Dhabi. Net income for […] May 15, 2023
Energy Opec says global oil industry needs $12.1trn investments The global oil industry will need investments worth $12.1 trillion between now and 2045 as energy demand grows, according to Opec secretary General Haitham Al Ghais. “This equates to more than $500 billion each year,” he said, adding the oil industry alone will make up almost 29 percent of the world’s energy needs by 2045. […] May 15, 2023
Energy Brazil’s Braskem confirms takeover bid from Adnoc Braskem confirmed on Tuesday that its controlling shareholder Novonor received a takeover offer from Abu Dhabi National Oil Company (Adnoc) and Apollo Global Management. The Brazilian petrochemicals producer had previously said that a non-binding bid of 37.5 billion reais ($7.5 billion) had been presented to Novonor but did not say where the offer had come […] May 11, 2023
Energy Adnoc ‘in talks’ to buy Brazilian petro firm Braskem Abu Dhabi National Oil Company (Adnoc) and US-based asset manager Apollo Global Management are said to have submitted a joint bid of 37.5 billion reais ($7.5 billion) to acquire São Paulo-headquartered Braskem. Discussions are in the early stages, Bloomberg reported, citing sources close to the potential deal. AGBI has contacted Adnoc for comment. The state-owned […] May 9, 2023
Energy Aramco profits drop 19% to $31.9bn in Q1 Saudi’s Aramco has reported a 19 percent drop in first-quarter profits year on year, mainly driven by lower crude oil prices. Net profit at the oil group slipped to SR119.54 billion ($31.9 billion) for the first three months of 2023. However, this was still 3.75 percent higher than the company’s performance in the final quarter of […] May 9, 2023
Energy QatarEnergy to explore oil off Suriname coast QatarEnergy has signed a 30-year production-sharing contract with Suriname’s state-owned oil company Staatsolie for a block off the coast of the South American country. The Qatari state-owned company has signed a similar deal with France’s TotalEnergies for a second offshore block, according to a Staatsolie statement. The two blocks (No 6 and No 8) are […] May 9, 2023
Oil & Gas Investment needed to unlock Algeria’s gas supplies Algeria has helped to plug Europe’s gas needs following Russia’s invasion of Ukraine, but industry experts say future growth in exports can only be sustained with further investment. Africa’s largest gas exporter saw its share of EU gas imports increase to 44 billion cubic metres last year, accounting for around 12 percent of the total, […] May 4, 2023
Energy BP plans assets transfer into new venture with Adnoc BP is planning to transfer assets into a new joint venture with the Abu Dhabi National Oil Company (Adnoc), which will focus on developing new gas resources in the East Mediterranean, said chief financial officer Murray Auchincloss. “BP expects to contribute assets to form the joint venture,” he told Reuters without providing details or costs. […] May 3, 2023
Energy Saudi Crown Prince and Putin discuss Opec+ deal Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin discussed the Opec+ deal to cap oil production in a telephone call on Friday. The two leaders expressed satisfaction with the level of cooperation between the respective countries to bring stability to the global oil market, the Kremlin said in a statement. “The conversation […] April 23, 2023
Energy Turkey to start pumping Black Sea gas from April 20 Turkey will begin pumping the natural gas discovered in the Black Sea into the national grid on April 20, President Tayyip Erdogan announced. In December 2022, the president announced the discovery of an additional 58 billion cubic metres (bcm) of natural gas reserves at the Caycuma 1 block in the Black Sea. The country’s natural […] April 9, 2023
Opinion Economy Opec+’s cuts will be viewed dimly by the US The cuts are here to stay, and the global economy will need to adjust April 7, 2023