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TAQA net income $1.93bn in 2024

The company's revenues increased 6.7 percent year-on-year.

ADNOC L&S 2024 net profit $756m

The company's revenue increased by 29 percent to $3.54 billion.

ADNOC Distribution 2024 net profit down 7%

Minus UAE corporate tax, it would have grown by 2.4% to $725m

Maaden raises $1.25bn in sukuk offering

The Sukuk were offered in a five-year and a 10-year tranche.

DAE net profit up 36.2%

Revenues grew by 9 percent to $1.42bn from $1.31bn in 2023.

OPEC sees demand for oil tanking this year

The meeting of OPEC+ in Vienna, will take place place as speculation grows of major output cuts in the face of recession fears affecting demand for crude. (AFP)
  • OPEC said that the cut in growth forecast is attributed to the economic impact due to Russia’s invasion of Ukraine and high inflation
  • The global oil market, according to OPEC, is strongly rebounding to pre-COVID-19 levels

The Organization of the Petroleum Exporting Countries (OPEC) has cut back its forecast of oil demand growth in 2022 for the third time since April.

OPEC noted that the cut in growth forecast is attributed to the economic impact due to Russia’s invasion of Ukraine, along with the effects of high inflation.

It expects oil demand to rise by 3.1 million barrels per day, down 260,000 bpd from the previous forecast of 3.36 million.

It added the demand growth for 2023 will slow further to 2.7 million bpd, leaving its forecast unchanged from last month.

The report further said the global oil market is strongly rebounding to pre-COVID-19 levels.

The monthly report revealed that OPEC output in July rose by 162,000 bpd to 28.84 million bpd.

While the 2023 outlook for overall non-OPEC supply was left steady, OPEC sees a slight acceleration in US shale growth.

Supply of US tight oil, another term for shale, is expected to rise by 800,000 bpd in 2023, up from 740,000 bpd in 2022, although this year’s forecast was revised down.