Opinion Oil & Gas Peak oil by 2030? It’s possible, but we won’t know until much later The International Energy Agency's forecast sparked a strong reaction, but oil, gas and coal are in very different places September 18, 2023
Oil & Gas 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 […] September 15, 2023
Opinion Oil & Gas Saudi Arabia and Russia’s marriage of convenience There have been some bumps in the road, but oil price continues to bind the countries together September 4, 2023
Opinion Economy With Saudi on side, the Brics can change the world The group gathering for its summit could be the architect and engineer of a different world order August 22, 2023
Oil & Gas 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 […] August 6, 2023
Energy 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 […] August 4, 2023
Opinion Energy Inside the Gulf’s great energy balancing act The region must be mindful of cannibalising hydrocarbons too early August 2, 2023
Energy 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 […] August 1, 2023
Opinion Oil & Gas Saudi takes one for the team in global oil markets The kingdom has been doing all the heavy lifting in Opec+ July 31, 2023
Economy 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 […] July 26, 2023
Energy 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 […] July 26, 2023
Opinion Oil & Gas Uncertainty over Russian price cap clouds recovery of crude As the price of Brent rises, so does the price of Russia’s Urals crude oil July 24, 2023
Opinion Energy Opec’s challenge: oil market stability and sustainability Balancing demand with calls to cut emissions points to a different future July 18, 2023
Analysis Oil & Gas 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 […] July 13, 2023
Analysis Banking & Finance 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 […] July 13, 2023
Analysis Energy 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 […] July 12, 2023
Analysis Economy 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 […] July 5, 2023
Analysis Oil & Gas 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 […] July 4, 2023
Opinion Oil & Gas Saudi and Russian oil cuts add to palace intrigue at Opec Delegates in Vienna will be eager to debate the impact of the latest moves by Riyadh and Moscow July 3, 2023
Opinion Oil & Gas Saudi breaks Opec logjam with further oil cuts Prince Abdulaziz's announcement reduces the kingdom's output to its lowest level in years June 5, 2023
Opinion Economy China-GCC FTA will be a game changer A deal would galvanise Middle Eastern economic transformation May 25, 2023
Analysis Economy 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, […] May 25, 2023