Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
Geostrategy
Saudi Arabia should ‘review’ emissions targets: French minister
France's energy transition minister Agnes Pannier-Runacher left the world's biggest oil exporter early Sunday morning after meeting with her Saudi counterpart....
- Saudi Arabia pledged in 2021 to achieve net zero carbon emissions by 2060. Pannier-Runacher's trip came as the UAE prepares to host the COP28 climate summit.
- Largely state-owned energy firm Saudi Aramco, the kingdom's main revenue generator, is targeting "operational net-zero" carbon emissions by 2050.
Geostrategy
Libyan rival leaders to work together for oil income
TRIPOLI, LIBYA- Rivals in politically divided Libya have agreed to form a committee on sharing oil revenues, a move welcomed on...
- The UN Support Mission in Libya said the financial oversight committee's "inclusive approach" will help enable "a level-playing field for candidates in the polls.
- Ballots in Libya had been due in December 2021 but disputes including who should stand in the polls meant they were never organized.
Economy
Russia to cut oil output by another 500,000 bpd
Moscow, Russia - Russia on Friday confirmed the reduction of oil supplies to markets by 500,000 barrels daily in August...
- Earlier, Deputy Prime Minister Alexander Novak told reporters that Russia will slash oil supplies to markets in August through the reduction of exports
- Saudi Arabia and Russia have recently announced their decision to extend cuts to oil production in an effort to bolster global oil prices
Business
Iraq, GECF discuss role of oil, gas in country’s development
BAGHDAD, IRAQ - Secretary General of the Gas Exporting Countries Forum (GECF) Mohammed Hamel on Friday stressed the importance of...
- The two discussed the oil and gas sector and stressed on the importance of supporting gas and renewable energy investment projects.
- The two leaders discussed on the development of the oil and gas sector in Iraq and its role in the country's economy.
Economy
Oil and gas firms must invest more in clean energy
“The phase down of fossil fuels is in-evitable. It is in fact essential. But it cannot be irresponsible. We must...
- Dr. Sultan Al Jaber, the COP28 President-Designate, highlights the need for comprehensive decarbonization and an urgent shift towards a new clean energy system
- The COP28 President-Designate also insists on responsible management of the fossil fuel phase-down, emphasizing energy security, accessibility, and affordability
Business
Energy prices may jump if output slashed, warns Shell CEO
LONDON, UK - Shell's chief executive told the BBC on Thursday that cutting gas and oil output would be "irresponsible" because...
- The official warned that strengthening demand from China and cold winter weather in Europe could send energy prices and bills surging.
- Domestic electricity and gas bills sky-rocketed after key energy producer Russia invaded neighboring Ukraine early last year.
Geostrategy
COP28 chair Sultan Al Jaber urges energy firms to cut emissions
Al-Jaber, head of the UAE national oil company ADNOC, told ministers from countries of the OPEC oil producers' grouping the...
- Jaber said the entire industry "should be aligned" to help the world meet the target of net-zero greenhouse gas emissions by 2050.
- This includes not only international oil companies but also national state-controlled ones, Jaber told an OPEC seminar in Vienna.
Business
Gas export to Europe continues via Greenstream pipeline : Libya
Vienna, Austria - Mohamed Aoun, Libyan Minister of Oil and Gas, has said that Libya is continuing its gas export...
- Libya developed a short-term strategic plan for the oil and gas sector, aimed at raising its oil production to two million barrels per day (bpd), said its energy minister.
- Libyan National Oil Corporation's plan to overcome obstacles in the oil and gas sector includes restructuring the sector, he said.
Geostrategy
Saudi Arabia says oil production cut not at odds with Russia
Oil producers are grappling with falling prices and high market volatility amid fears of global economic slowdown and the Russian...
- On Monday, Riyadh said that it would extend a production reduction of one million barrels per day (bpd), which began in July, to August to boost prices.
- At the same time, its ally in the OPEC+ group of oil producers, Russia, decided to slash exports by 500,000 bpd in August.
Geostrategy
All voices must be heard in transition, sustainability debates: OPEC
Secretary-General of OPEC Haitham Al Ghais, speaking at the 8th OPEC International Seminar in Vienna, reiterated the organization's keenness to...
- Ghaith said the concept of sustainability relates to how we fulfil the needs of current generations without compromising the needs of future generations.
- He asserted the importance of oil in the global energy mix and the industry's primary role in reducing carbon emissions.
Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
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ENEC, Kazatomprom ink pact
Business
ADNOC-Tabreed G2COOl opens
Business
Oil prices rise following Red Sea attacks
Oil prices shot up three percent as more companies suspended shipping through the Red Sea following attacks on vessels by...
Market Report
ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business
Plan to end e-vehicle subsidies sparks anger in Germany
BERLIN, GERMANY - The German government on Sunday faced a backlash after abruptly ending an electric car subsidy scheme in a...
Geostrategy
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Business
ADNOC to buy stake in Fertiglobe
ADNOC to buy OCI’s entire shareholding in Fertiglobe.
- Fertiglobe is listed on the ADX and is the world’s largest seaborne exporter of urea and ammonia combined.
- It is also an early mover in sustainable ammonia, with production facilities in Egypt, Algeria and the UAE.
Business
ENEC, CNNC sign MoU
Both the firms will offer their expertise in the sector.
- The two firms will collaborate on identifying potential development and co-investment opportunities for new international nuclear energy plants.
- They will form a Joint Working Group to leverage their strengths in project management, nuclear technology development and implementation.
Coal use to decline next year after record high in 2023: IEA
The latest forecast came after nearly 200 countries at the COP28 UN climate talks adopted a deal stating that the...
- Consumption of the dirtiest fossil fuel rose by 1.4 percent in 2023 to a record 8.5 billion tones, as increases in China, India and Indonesia outweighed falling demand in Europe
- "We expect to see a trend emerging of declining worldwide coal demand, starting in 2024," the IEA said, as renewable power generation from solar and wind continues to expand