Opinion Oil & Gas US oil has got its groove back – now Opec has to react The resurgence of the US shale industry complicates the calculations for Opec producers meeting this month November 20, 2023
Oil & Gas 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 […] November 20, 2023
Oil & Gas 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 […] November 15, 2023
Energy 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 […] November 6, 2023
Oil & Gas 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 […] November 3, 2023
Opinion Energy Geopolitical risk will shape next twist in crude oil prices Warning lights are on but the oil market's focus is softening demand November 1, 2023
Opinion Oil & Gas Geopolitics put oil traders on edge The conflict in Gaza has the potential to have a severe impact on world energy markets October 16, 2023
Analysis Tech 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 […] October 12, 2023
Adipec Oil & Gas 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 […] October 3, 2023
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