Energy Brent is well supported at $80 says Morgan Stanley Morgan Stanley expects Brent crude prices to be well supported around $80 per barrel as the oil market is likely to remain in a deficit in the second of half of 2023 before returning to a small surplus next year. “Strong refined products markets and deep Opec cuts have been supporting crude oil prices,” analysts […] August 27, 2023
Exclusive Energy Dow Chemical oils wheels for Saudi Arabia expansion The Dow Chemical Company has put Saudi Arabia at the heart of its Middle East expansion strategy, its new regional president told AGBI. The multinational corporation, which makes chemicals used in everything from oil and plastics to paints and building materials, also wants to capitalise on higher gas demand in the region. Moosa Al Moosa, […] August 27, 2023
Oil & Gas Lebanon to conduct seismic studies on offshore block 8 Lebanon has granted a licence to a consortium of international companies to conduct seismic studies on its offshore oil and gas block 8, caretaker energy minister Walid Fayad said. “Today is a historic day in a journey that started in 2010,” the state-owned National News Agency cited the minister as saying. “There are major hopes […] August 25, 2023
Energy Goldman says high oil stock cuts downside price risk Goldman Sachs sees less of a downside risk to oil prices from higher-than-expected inventories, noting that lower Organisation for Economic Co-operation and Development (Oecd) commercial stocks could add $2 to its end-2023 Brent outlook of $86 per barrel. Oecd commercial stocks, which the Wall Street investment bank estimated were equal to about a third of […] August 24, 2023
Energy Saudi Arabia may roll over 1m bpd cut into October Saudi Arabia will likely roll over a voluntary oil cut of one million barrels per day (bpd) for a third consecutive month into October, five analysts said, amid uncertainty about supplies and as the kingdom targets drawing down global inventories further. Opec+, which groups the Organization of the Petroleum Exporting Countries and allies led by […] August 24, 2023
Oil & Gas Saudi gas boost to benefit petrochemicals and oil trade Saudi Arabia is likely to use an enormous shale gas play due to come into production next year to develop upstream petrochemicals and divert lucrative crude oil into exports, analysts say. Saudi Aramco, the state oil giant, says that the Jafurah field contains an estimated 200 trillion standard cubic feet (scf) of natural gas, which […] August 24, 2023
Video length: 00:56 VIDEO Oil & Gas Drilling to begin on Lebanon’s block 9 Exploratory drilling in Lebanon’s offshore oil and gas block 9 will commence on Thursday of this week, caretaker energy minister Walid Fayad has said. “On August 24 the drilling process will begin, and it will be a historic day,” the state-owned National News Agency reported, citing the minister. “After 67 days, we will know the […] August 23, 2023
Oil & Gas Egypt announces new oil discovery in Gulf of Suez Egypt’s Cheiron Energy has announced a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez. The discovery was made by the GNN-11 exploration well, which is currently producing more than 2,500 barrels per day (bpd). The oil exploration and production company holds a 60 percent interest in the concession […] August 23, 2023
Oil & Gas Iraq begins talks with Turkey to resume oil exports Iraq’s oil minister Hayan Abdel-Ghani will visit Turkey to discuss issues including the resumption of oil exports through the Ceyhan oil terminal. Iraqi oil minister will meet his Turkish counterpart to discuss energy issues, on top of which is the resumption of Iraq’s northern oil exports via Turkey’s Ceyhan port, said an oil official. Turkey […] August 22, 2023
Oil & Gas US energy firm Apache to invest $1.4bn in Egypt US hydrocarbon exploration company Apache Corporation is planning to invest $1.4 billion in Egypt next year. A delegation from Apache, a subsidiary of APA Corporation, met the prime minister of Egypt, Mostafa Madbouly to discuss their expansion plans and investments in the north African country, Egypt Today reported. “Apache is the largest American investor in […] August 22, 2023
Energy Russia remains China’s top crude supplier in July Russia remained China’s largest crude supplier in July, Chinese government data showed on Sunday, even as Russian shipments fall from all-time highs on narrower discounts and rising domestic demand crimps Russian exports. Arrivals from Russia were up 13 percent from the same month last year to 8.06 million metric tonnes in July, or 1.9 million […] August 20, 2023
Oil & Gas Hungary to receive LNG from Qatar in 2027 Hungary can begin to receive shipments of liquefied natural gas (LNG) from Qatar in 2027, Hungarian foreign minister Peter Szijjarto told a news conference. Demand for LNG has skyrocketed following Russia’s invasion of Ukraine, giving Qatar and the United States significantly larger roles in supplying gas to Europe and forcing landlocked countries, such as Hungary, […] August 20, 2023
Analysis Oil & Gas Saudi Arabia and Abu Dhabi bet on crude-to-chemicals Saudi Arabia and Abu Dhabi’s state-run oil companies both want to expand their chemicals production capacity in a strategic shift that will have huge implications for a petrochemicals industry already suffering from its lowest margins in two decades. Saudi Aramco and Abu Dhabi National Oil Co (Adnoc) together provide around almost half of Opec’s crude […] August 18, 2023
Analysis Energy Saudi Arabia’s markets to feel petrochemicals slump Saudi Arabia’s petrochemicals producers reported plunging profits in the second quarter, and are likely to face further struggles due to weak demand, oversupply and high costs. There seems little scope for the industry to rebound until at least 2024, analysts now predict, as a hoped-for turnaround failed to materialise. This gloomy outlook will weigh on […] August 17, 2023
Energy Saudi oil exports lowest since September 2021 Saudi Arabia’s crude oil exports fell to 6.8 million barrels per day (bpd) in June, down two percent from 6.93 million bpd in May, according to data from the Joint Organizations Data Initiative (Jodi). The kingdom’s crude exports in June were the lowest since September 2021. Exports were down five percent in June from 7.2 […] August 17, 2023
Oil & Gas Adnoc Gas signs 5-year LNG supply pact with Japex Adnoc Gas, a subsidiary of Abu Dhabi National Oil Company (Adnoc), has signed a five-year liquefied natural gas (LNG) supply agreement with Japan Petroleum Exploration Co Ltd (Japex). The agreement is valued between $450-$550 million (AED1.65-2 billion), the company said in a filing published on the Abu Dhabi Securities Exchange on Thursday. Ahmed Alebri, CEO […] August 17, 2023
Analysis Economy Algeria’s GDP growth to slow as oil production dips Algeria’s economic growth is expected to slow this year and in 2024 as oil production drops. Analysts at BMI, formerly Fitch Solutions, forecast that the country’s real GDP will be 2.1 percent in 2023 and 1.9 percent next year – down from 3.3 percent in 2022. Algeria’s hydrocarbon production – made up of one-third gas […] August 16, 2023
Energy Tunisia’s energy production drops as trade deficit widens Total energy production in Tunisia dropped by 8 percent at the end of June to 8,470 gigawatt hours as the country’s energy trade deficit increased. Production intended for the local market was also down 5 percent, according to a report released by the National Observatory of Energy and Mines. Electricity purchases from Algeria and Libya […] August 15, 2023
Energy India and UAE close first crude deal in local currencies India and the UAE have concluded the first-ever crude oil transaction through local currencies between Abu Dhabi National Oil Company (Adnoc) and Indian Oil Corporation. The transaction involved the sale of one million barrels of crude oil through the newly implemented local currency settlement system, Asian News Agency reported, citing a statement from India’s embassy […] August 15, 2023
Energy Adnoc Drilling efficiency drive targets recruitment Recruitment plans by Adnoc Drilling are under review as the Abu Dhabi company strives to hit its efficiency targets. A subsidiary of Abu Dhabi National Oil Company (Adnoc) and listed on the Abu Dhabi Exchange (ADX), Adnoc Drilling reported a 13 percent increase in revenues for the first half of the year as profits reached […] August 14, 2023
Energy Taqa profits down 17% despite rising revenue Abu Dhabi National Energy Company (Taqa) said net profit for the second quarter of 2023 fell 17 percent to AED1.92 billion ($523 million) from SAR2.31 billion a year ago. With assets estimated at AED200 billion, Taqa is the third largest listed company in the UAE and one of the top 10 utilities in Europe, the […] August 14, 2023
Energy Oman’s budget surplus falls to $1.7bn Oman has posted a budget surplus of OMR656 million ($1.71 billion) for the end of the first half of 2023, a drop of 16.3 percent compared with OMR784 million a year earlier. Revenue reached OMR6.34 billion in the first half, down by six percent, compared to OMR6.73 billion in the first half of 2022, the […] August 14, 2023
