Oil & Gas White House focused on oil prices after Opec+ move A White House official said on Sunday that the Biden administration is focused on oil prices and “not barrels” after Saudi Arabia planned to make a deep cut to its crude output. “We are focused on prices for American consumers, not barrels, and prices have come down significantly since last year,” said the official, who […] June 5, 2023
Oil & Gas Opec+ meet begins and may agree further output cuts Opec and its allies began two days of meetings on Saturday that may culminate in further production cuts of as much as 1 million barrels per day, Opec+ sources told Reuters, as the group faces flagging oil prices and a looming supply glut. Opec+, which groups the Organization of the Petroleum Exporting Countries and allies […] June 4, 2023
OPINION Energy Crisis looms for the Iranian natural gas sector While the world’s attention has been focused on the sanctioned Iranian oil industry, another vital part of the country’s energy infrastructure is deteriorating – its natural gas sector. Iran’s domestic economy and its consumers depend far more on gas than they do on oil. But if urgent financial, technical and commercial support is not provided […] June 2, 2023
Oil & Gas Ties with Saudi Arabia are ‘constructive’, says Kremlin The Kremlin has said relations with Saudi Arabia were constructive and based on mutual understanding and respect ahead of an Opec+ meeting. Asked about relations with Saudi Arabia ahead of the meeting, Kremlin spokesman Dmitry Peskov said they were “constructive, based on mutual understanding, mutual respect, mutual trust, and very work-like”. Opec+, which groups the […] June 2, 2023
Oil & Gas Opec+ unlikely to deepen oil supply cuts at June 4 meeting Opec and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters. Opec+, which groups the Organisation of the Petroleum Exporting Countries and allies led by Russia, pumps around 40 percent of the world’s […] June 2, 2023
Logistics Adnoc Logistics & Services shares surge on debut Shares in Adnoc Logistics & Services rose 44.8 percent above their listing price on Thursday as the company made its debut on the Abu Dhabi Securities Exchange (ADX). The initial public offering (IPO) for 19 percent of the business drew the highest demand globally for any listing so far in 2023, raising $769 million. Shares […] June 1, 2023
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
