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Opec

Opec secretary general Haitham Al Ghais has responded to the IEA

Opec says IEA has ‘vilified’ oil and gas producers

Opec has hit out at the International Energy Agency, saying the IEA has “unjustly vilified” the oil and gas industry by accusing it of being behind the climate crisis. The organisation of leading oil producers responded on Monday to the IEA’s latest report about the industry’s transition to net zero. Its statement highlighted the divergence […]

Saudi minister of energy Prince Abdulaziz bin Salman at an Opec meeting in June. It is thought Opec+ members cannot agree on further output cuts

Tensions over quotas and cuts delay Opec+ meeting

Opec+ has postponed its ministerial meeting from this weekend to November 30 amid tension over members’ production levels and plans for further output cuts, industry experts said.  Oil prices extended losses by more than 1 percent on Thursday. Brent traded at $80.93 a barrel at 9.38 GST after a steep 4 percent decline on Wednesday. […]

Petro-Canada's oil refinery glows at dusk in Edmonton

Opec+ agonises over quotas but more cuts loom

Opec+ members are likely to extend their voluntary output cuts through to next year at their meeting in Vienna on November 26, even if this means the oil group risks losing market share to keep prices high, analysts and economic experts said. Brent prices held above $82 a barrel on Monday, after four weeks of […]

Oil rig

IEA shifts forecast closer to Opec, but expects 2024 surplus

The International Energy Agency expects the oil market to shift into surplus in 2024 – implying lower prices – on the back of slowing growth in demand. The IEA, which largely represents Western oil consumer nations, said that this slowdown would be down to efficiency gains and a weakening in the post-Covid rebound. A more […]

An oil rig in the Yarakta Oil Field in Russia. Moscow have also agreed to extend cuts through December

Saudi Arabia extends oil cuts to end of year

Saudi Arabia said on Sunday it will continue its additional voluntary oil output cuts to the end of the year as part of an Opec+ policy of acting to stabilise and balance the markets.  The production cuts, which began in April, come as prices cool after hitting a 2023 high in September of nearly $98 […]

PIF will acquire a 25% stake in Alkhorayef Petroleum through capital infusion and subscription to new shares

Opec output cuts may extend to end of next year

Opec+ may need to prolong output cuts until the end of 2024 to support crude prices, according to energy experts. A weakening global economy and rising supply from non-Opec countries means oil prices are under pressure. Dong Wang, a Middle East oil markets analyst at S&P Global Commodity Insights, told a conference in Dubai on […]

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. Earlier this year the Saudi […]

Opec's Haitham Al Ghais told Adipec that the oil industry needs $600bn of investment a year

Lack of oil investment ‘threatens energy security’

The lack of investment in oil and gas is a threat to global energy security, ministers and industry leaders have told the Adipec conference in Abu Dhabi.  “At Opec, we see investments required from now to 2045 for the oil industry alone of around $14 trillion. That’s around $600 billion per year,” Opec secretary general […]

Opec's Haitham Al Ghais told Adipec that the oil industry needs $600bn of investment a year

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 […]

Aramco

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 at an Opec meeting in June. It is thought Opec+ members cannot agree on further output cuts

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 […]

As part of a $3bn financial support agreement, the IMF urged Egypt to level the playing field between the private and public sectors

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 […]

Weak global growth in 2024 could prompt further Opec+ cuts if the oil market shifts decisively into surplus, said Fitch Ratings

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 […]