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'Such narratives set the global energy system up to fail spectacularly,' said Opec secretary general Haitham Al Ghais, referring to IEA views on peak oil demand

Opec pours cold water on IEA’s ‘peak’ for oil demand

Opec, the group of oil-producing countries, has taken issue with assumptions by the International Energy Agency that demand for fossil fuels would peak before 2030, saying they present a danger to economies and billions of people.  “Such narratives only set the global energy system up to fail spectacularly. It would lead to energy chaos on […]


Opec+ holds policy despite Saudi’s extended oil cut

Opec+ members decided to maintain the group’s current oil output policy despite Saudi Arabia extending its voluntary production cut into September. “The committee will continue to closely assess market conditions,” the joint ministerial monitoring committee said after holding an online meeting on Friday, adding that the panel urged members to achieve full compliance with output […]

Saudi minister of energy Prince Abdulaziz bin Salman Al-Saud at an Opec meeting in June. Saudi non-oil exports have fallen by 45% in a year

Saudi oil cut extended as it posts budget deficit

Saudi Arabia will extend a one million barrel per day voluntary crude oil output cut into September, as fears of a global economic slowdown continue to weigh on demand.  The decision was made as the kingdom announced a budget deficit for the second quarter of the year. Negative GDP growth led to analysts declaring that […]

Gulf carbon capture

Gulf must ‘bridge gap’ between oil and renewables

GCC oil producers will play a crucial role in the global transition to a lower carbon future if they can help bridge the historic disconnect between hydrocarbons and clean energy. That is according to Joseph McMonigle, secretary general of the International Energy Forum (IEF), a Riyadh-headquartered think tank. “There is growing recognition that the oil […]

Saudi Arabia IMF GDP

Saudi 2023 growth forecast cut to 1.9% by IMF

The International Monetary Fund (IMF) has cut Saudi’s 2023 GDP forecast to 1.9 percent, as the kingdom’s oil production cuts weigh on its economic performance.  Industry experts do not see this impacting the kingdom’s investment drive and the development of its massive slate of giga-projects. It may lead to further debt issuance to finance any […]

Person, Worker, Clothing

Oil cuts take $11bn bite out of Saudi exports

Saudi Arabia’s decision to scale back oil production cut the kingdom’s total exports in the last year by $11 billion, according to data published on Tuesday by the General Authority for Statistics. Overall merchandise exports from Saudi Arabia amounted to SAR 97.1 billion ($25.89 billion) in May 2023, down 32.1 percent year on year. The […]

TotalEnergies CEO Patrick Pouyanne said the desalination plant is expected to produce 5 million barrels of water a day

TotalEnergies pins hopes on desalination for Iraq project

TotalEnergies’ $27 billion development deal with Iraq includes building a water desalination plant crucial to Baghdad’s efforts to raise oil production, but doubts persist over the financial and logistical viability of the long-delayed project. The multifaceted agreement signed on Monday foresees constructing a 1 gigawatt solar power plant, capturing waste gas from oil fields to […]

Investors turn to data centres in Gulf and Mena tech push

Investor appetite for data centres in the Middle East is soaring as the region, particularly the Gulf, accelerates its digital transformation. Experts say they are seeing increased levels of investment and interest from international operators, who are looking to capitalise on the region’s growing need for data processing and storage. US-based asset manager DigitalBridge Group […]

Iraq TotalEnergies

TotalEnergies’ $27bn bet on Iraq boosts ailing oil industry

TotalEnergies’ signing of a long-stalled $27 billion deal to develop several energy-related projects in Iraq is a significant vote of confidence in the country’s fraught oil and gas industry, according to analysts.  The agreement represents the biggest single foreign investment in Iraq in modern times and suggests the government of newly-installed prime minister Mohammed Shia […]

Oman oilfield

Oil cuts hurt Oman GDP, say experts

Oman’s GDP growth is set to slow this year as oil production cuts act as a “significant drag” on economic activity. Growth is forecast to slow from 4.3 percent in 2022 to 1.8 percent this year, according to analysts at BMI, formerly Fitch Solutions.  This is below the 10-year historical average of 3.1 percent before […]

A Sabic plant in Jubail, Saudi Arabia. Petrochemicals growth stood at 2.3% in Q1

Saudi GDP growth slows as oil activity to ‘go into reverse’

Slowing oil activity is hampering real GDP growth for Saudi Arabia, the world’s largest exporter of crude, official figures show. Real GDP grew by 3.8 percent year on year in the first quarter of 2023, according to Riyadh’s General Authority for Statistics. This is down from 5.5 percent in the previous quarter and 10 percent […]

Saudi spending includes giga-projects such as The Line

New wave of Saudi spending is no cause for concern

A spike in spending during the first quarter of 2023 is likely to lead to a “modest” full-year fiscal deficit for the Saudi government but room remains to make further outlays, experts say. The government recorded a deficit of nearly SAR3 billion ($800 million) in the period, driven by a 29 percent surge in spending, […]