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GIF Energy Tracker

GIF Energy Tracker

2022
August 10, 2022

Iraq’s July oil output rises by around 70,000 bpd, SOMO data show

Iraq pumped 4.584 million barrels per day (bpd) of oil in July, up by 69,000 bpd from June, data from state-owned marketer SOMO, seen by Reuters showed on Wednesday. According to the production figures, Iraq’s output was slightly above its designated OPEC+ quota of 4.580 mln bpd for July. The OPEC+ organization uses an average of secondary source production statistics to establish compliance with output quotas.

August 9, 2022

OPEC+ crude oil output makes biggest gain in five months, but gap with quotas grows

OPEC and its nine allies posted their highest monthly crude oil production rise in five months in July, led by gains in Saudi Arabia and Kazakhstan, the latest Platts survey by S&P Global Commodity Insights showed.The OPEC+ alliance increased output by a substantial 490,000 b/d from June—although that is still short of the 648,000 b/d promised when the group agreed to accelerate their quota increases for July and August to meet global rising demand.

August 8, 2022

U.S. crude, gasoline inventories seen lower last week

U.S. crude oil and gasoline stockpiles likely fell last week, while distillate inventories were unchanged, a preliminary Reuters poll showed on Monday.Crude inventories increased by 4.5 million barrels from July 29 to 426.6 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 600,000-barrel decrease.

August 4, 2022

OPEC Sec Gen says we should tread a fine line as not to consume all oil reserves

The Organization of Petroleum Exporting Countries (OPEC) should tread a fine line so as not to consume all oil reserves, the Organization’s Secretary General Haitham al-Ghais told Al-arabiya TV on Thursday. The Secretary General also stated that the increase of 100,000 barrels per day was to test the reaction of the oil market.

August 4, 2022

Oil prices hit lowest since Ukraine invasion amid recession fears

Global oil prices dropped on Thursday to their lowest levels since before Russia’s February invasion of Ukraine, as traders fretted over the possibility of an economic recession later this year that could torpedo energy demand. Benchmark Brent crude futures settled down $2.66, or 2.75%, at $94.12, the lowest close since Feb18. West Texas Intermediate (WTI) crude futures settled down $2.34, or 2.12%, at $88.54, the lowest close since Feb 2. This decrease in oil prices is beneficial to consumer nations such as the United States and territories within Europe because of rapid inflation and limited supplies. 

 

August 4, 2022

Exclusive: Saudi, UAE save oil firepower in case of winter supply crisis

OPEC leaders Saudi Arabia and the United Arab Emirates stand ready to deliver a “significant increase” in oil output should the world face a severe supply crisis this winter, sources familiar with the thinking of the top Gulf exporters said. There are no specific quantities which have been agreed upon, but Saudi Arabia, the UAE and some other OPEC members possessed around 2.0-2.7 million bpd of spare production capacity, the source claimed.

August 4, 2022

Saudi Arabia sets Sept crude prices to Asia at record high

Saudi Arabia, the world’s top oil exporter, raised September crude oil prices for Asian buyers to record high levels despite falling refining margins. Refiners have been concerned that a further hike in crude oil prices could prompt refineries to trim output to manage their balance sheets.Saudi’s OSPs also came after OPEC+ agreed to raise its oil output goal by 100,000 barrels per day from September, although the market saw the increase as too small to have any meaningful impact on the supply.

August 3, 2022

OPEC+ agrees to raise September output target by 100,000 bpd

OPEC+ has agreed to raise its September oil output targets by 100,000 barrels per day, an OPEC+ source said.

August 3, 2022

OPEC+ might have to raise oil output so market doesn’t overheat, Kazakhstan says

OPEC+ is set to raise its oil output goal by 100,000 barrels per day, an amount analysts said was a setback to U.S. President Joe Biden after his trip to Saudi Arabia to ask the producer group’s leader to pump more to help the United States and the global economy. The increase is minimal at a negotiated amount of only 0.1% following Joe Biden’s visit to Saudi Arabia and missile sales to the United Arab Emirates

 

August 2, 2022

OPEC+ sees slightly smaller oil market surplus this year, sources say

OPEC+ sees this year’s oil market as slightly less supplied than previously predicted, a day ahead of a meeting at which the organization is set to decide on its production policy for next month. Data showed that the OPEC+ Joint Technical Committee (JTC), meeting on Tuesday, trimmed its forecast for a surplus in the oil market this year by 200,000 barrels per day (bpd) to 800,000 bpd, three OPEC+ delegates told Reuters.

August 2, 2022

Kuwait nears maximum oil production, with politics, technical challenges stunting growth

Kuwait is close to exhausting its production capacity, capping its ability to bring on more crude oil supplies to meet elevated global demand. This comes as OPEC faces pressure from its key customers for price relief. Due to the bureaucratic challenges, the aging oil fields within Kuwait require foreign consultations which will allow there to be improvements in oil production and decrease technical challenges facing the country which has yet to be achieved.

August 1, 2022

Saudi to push OPEC+ to increase oil production at upcoming meeting

Saudi Arabia will push OPEC+ to increase oil production at an upcoming meeting on Wednesday, a Fox Business news reporter said on Monday. This news comes following the trip of President Joe Biden to the Middle East last month when Saudi King Salman bin Abdulaziz assured Joe Biden of the OPEC+ production increase within the  meeting. 

August 1, 2022

Kuwait reappoints Mohammed al-Fares as oil minister

Mohammed al-Fares retained his role as Kuwaiti oil minister following the formation of a new government on Aug.1 , amid rising pressure on the country to raise oil supplies as part of its OPEC+ agreement. This  took place following the designation of a new PM Sheikh Ahmad Nawaf AlSabah in which the minister Mohammad AlFares retained his role as Oil minister within the cabinet.

 

July 29, 2022

Moscow says Russia and Saudi Arabia ‘firmly committed’ to OPEC+ goals

Russia and Saudi Arabia remain firmly committed to the goals of the OPEC+ agreement to preserve market stability and balance supply and demand in the global oil markets, the Russian government said in a statement on Friday. Russian Deputy Prime Minister Alexander Novak met Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman and they officially discussed cooperation within the OPEC+ agreement that places a quota on oil production in a bid to balance oil prices. 

 

July 28, 2022

Iranian tanker to retrieve oil cargo confiscated by U.S. this week

An Iranian-flagged tanker anchored off the Greek port of Piraeus is expected this week to retrieve part of its cargo of oil confiscated by the United States and sail back to Iran following a Greek court ruling, government sources said on Wednesday. This occurred within Greek territorial waters near the town of Karystos and caused tensions between Tehran and Washington to further escalate. 

July 28, 2022

Oil prices pushed up by low chances of OPEC+ supply boost

Oil prices rose in European trading on Friday as attention turned to next week’s OPEC+ meeting and expectations that it will dash U.S. hopes for a supply boost.Brent crude futures for September settlement, due to expire on Friday, gained $2.89 to trade at $110.03 a barrel. Due to the weakness of the dollar globally, this has caused currencies to purchase oil at a cheaper price. 

July 28, 2022

Once an OPEC quota buster, Iraq struggles to raise oil output due to port limitations

Near-term prospects for increasing loading volumes at its aging Gulf terminal facilities at Basrah are dim, Iraqi officials acknowledge, preventing any meaningful gains in production that would allow the cash-strapped country to benefit from high oil prices. And the degraded pipelines connecting the terminal to loading jetties are a major risk for a catastrophic environmental disaster. The reason for the delay in Oil outputs  is due to the political crisis which have caused instability and financial obstacles for Iraq to handle. 

 

July 28, 2022

OPEC+ to weigh holding oil output steady or small hike, sources say

OPEC and its allies will consider keeping oil output unchanged for September, when they meet next week, despite calls from the United States for more supply.However, a modest output increase is also likely to be discussed, eight sources have said.  The OPEC+ organization, including  Russia this year, will increase their exports exceeding limits which were situated due to the COVID-19 pandemic from 2020.

July 21, 2022

Oil to fuel growth in Gulf economies this year, but will not sustain pace in 2023

 Economies in the six-member Gulf Cooperation Council will grow faster this year than previously thought due to higher oil production, according to a Reuters poll of economists. They predicted growth to slow next year along with global demand. A Reuters poll from July 6-20 predicted exponential growth in the six GCC economies would average 6.2% this year, increasing from 5.9% predicted in an April poll. 

July 21, 2022

Iraq’s southern oil export capacity may rise to 3.35 mil b/d by September: SOMO

Iraq’s southern oil export capacity may go up to 3.35 million b/d by September, from around 3.3 million b/d now, as OPEC’s second biggest producer pumps more crude in line with OPEC+ unwinding output cuts, Deputy Director General of State Oil marketer SOMO said on July 21.

 

July 20, 2022

Russia is China’s top oil supplier for 2nd month, Saudi volumes tumble – data

Russia held its spot as China’s top oil supplier for a second month in June as Chinese buyers cashed in on lower-priced supplies, slashing more costly shipments from Saudi Arabia, data showed on Wednesday. Chinese imports of Russian oil, including supplies pumped from the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia’s European and Far Eastern ports, resulted in 7.29 million tonnes.This was an increase of approximately 10% from 2021, according to data from the Chinese General Administration of Customs.

July 19, 2022

Saudi minister: we see lack of refining capacity in market, not lack of oil |

Saudi Arabia’s foreign minister Faisal bin Farhan Al-Saud said on Tuesday that he saw no shortage of oil in the market, but a lack of oil refining capacity, making it necessary to invest more in capacity to process crude oil into various oil products. As such, the Minister  has stated there needs to be more innovation in the refining  capacity, and not an increase in oil production.

July 18, 2022

Oil gains $5 on weaker dollar, tight supplies

Oil prices rose by  more than $5 on Monday, boosted by dollar weakness and expectations that the U.S. Federal Reserve won’t raise interest rates by a full percentage point at its next meeting to combat inflation.Brent crude exports for September gained $5.11, to settle at $106.27 a barrel, after rising 2.1% on Friday.

July 18, 2022

White House expects OPEC+ oil production hike after Middle East trip

The White House said Monday it anticipates major oil producers in the OPEC+ alliance to increase crude production following President Joe Biden’s trip to the Middle East. Due to the midterm elections taking place on November 8 there is substantial pressure on Joe Biden to lower gas prices as a result of increasing resistance from middle class Americans.

July 17, 2022

Saudis say crude output hikes are within OPEC+ as Biden leaves region without oil deal

Saudi officials said on July 16 that the country’s oil production policies are implemented within the OPEC+ group, as US President Joe Biden ended his four-day trip to the Middle East without a pledge for higher crude supply to further temper oil prices. The Saudis have stated that they believe the demands of Joe Biden are “unrealistic” and globally will not fix the oil prices dilemma within the country.

July 15, 2022

U.S. not expecting Saudi Arabia to immediately boost oil production

The United States does not expect Saudi Arabia to immediately boost oil output and awaits the outcome of an OPEC+ meeting on Aug. 3, the U.S. national security adviser said on Friday. This lowers expectations as the U.S. President Joe Biden visits the kingdom. Notably, Saudi Arabia and the UAE are the world’s largest oil producers in the OPEC+ organization, alongside Russia.

July 15, 2022

EXCLUSIVE Saudi Arabia doubles Q2 Russian fuel oil imports for power generation

Saudi Arabia, the world’s largest oil exporter, more than doubled the amount of Russian fuel oil it imported in the second quarter to feed power stations. This was done to meet summer cooling demand and free up the kingdom’s own crude for export, according to data and traders’ claims. Due to the invasion of Ukraine, Russia has resorted to selling their fuel at discounted prices which Saudi has increasingly imported into the country.

July 13, 2022

Iraq plan to boost oil export capacity suffers setback, source says

Iraq’s bid to boost oil export capacity at its Gulf ports has suffered a setback due to delays in pumping station upgrades, an Iraqi oil source said.Iraq is OPEC’s second highest oil  producer which aims to raise operational export capacity in Basra to 3.45 million barrels per day (bpd) from 3.3 million bpd.

July 12, 2022

Asian refiners to receive full Saudi crude allocation in August

Saudi Aramco has notified at least three North Asian buyers that it will supply full contractual volumes of crude oil in August, sources with knowledge of the matter said on Tuesday. Saudi Arabia and other OPEC+ states agreed this month to increase production to commemorate Russian output losses by 648,000 barrels per day (bpd) in July- and a similar amount in August. This comes against the initial plan to add 432,000 bpd a month over three months until September.

July 12, 2022

OPEC sees slower 2023 oil demand growth, no big shale gain

OPEC expects global oil demand to rise in 2023, albeit at a slower pace than 2022, the producer group said in its first forecast for next year, citing signs of robust economic growth and progress in containing COVID-19 in China. 

One of the main reasons for slow oil demand growth is tight supply and logistical problems which have affected the process of oil demand growth.

July 11, 2022

Oil slides on strong dollar and weaker demand outlook

Oil prices fell sharply on Tuesday on a strong dollar.Demand has sapped due to COVID-19 curbs in top crude importer China, and fears of a global economic slowdown. Due to the petro-dollar, this has caused the product to be more expensive for other global currencies to purchase the product, despite the lower price. Thus, this has resulted in a lower demand globally.

July 8, 2022

OPEC+ boosts June crude output by 390,000 b/d, but wide quota gap persists: Platts survey | S&P Global Commodity Insights

OPEC and its Russia-led allies hiked crude oil production by 390,000 b/d in June, according to the latest Platts survey by S&P Global Commodity Insights, though almost all members continued to struggle to hit their output targets. The supply chain disruptions caused globally by the pandemic, coupled with geopolitical tensions and technical issues which resulted in a quota gap.

July 5, 2022

Saudi Arabia sets August crude prices to Asia at near-record high

 Saudi Arabia, the world’s top oil exporter, raised August’s crude oil prices for Asian buyers to near record levels amid tight supply and robust demand. OPEC+ has decided to stick to their projected market output despite demands from the United States and the United Kingdom to increase their oil output, in order to lower global oil prices.

July 5, 2022

Shell Invests in Qatar’s $29 Billion Liquefied Gas Project

SHELL PLC became the latest international energy company to invest in Qatar’s $29 billion liquefied natural gas project, clinching a 6.25% stake as Europe races to secure new supplies of the fuel. This will cause the Gas output for Qatar to increase by 40% to 110 Million tons per year, in addition to cooperation from the gas firms of Total Energies SE and Exxon Mobil Corp.

July 5, 2022

Oil falls as recession fears boost demand concerns

Oil plummeted by about $10 a barrel on Tuesday as concerns of a global recession curtailing demand overshadowed a strike by Norwegian oil and gas workers that could cut exports and exacerbate supply shortages. The demand for crude oil has sank, and fears of a recession have increased globally as central banks take aggressive measures against inflation.

July 4, 2022

Oil prices reverse losses, gain on tight supply concerns

Oil prices reversed losses and edged up on Monday as concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of a global recession. This is due to Output decreasing in 10 countries by 100,000 BPD to 28.52 million BPD which is different from their projected increase of 275,000 BPD.

June 30, 2022

Oil dips as supply concerns linger and OPEC+ sticks to policy

Oil prices sank around 3% on Thursday as OPEC+ confirmed it would only increase output in August by as  much as previously announced despite tight global supplies, but left the market wondering about future output. This comes as a result of the OPEC+ meetings which included Russia and discussed strategic cooperation. 

June 30, 2022

OPEC+ reaffirms August oil production hike, leaves future output policy undecided

 An increasingly stretched OPEC and its allies on June 30 reaffirmed plans for a nominal 648,000 b/d production rise in August, as questions continued to swirl about how much crude oil the group will be able and willing to pump in the months ahead.The OPEC+  and Russia, have been slowly raising their quotas each month, aiming to restore production to pre-pandemic levels by August, but many countries have not been able to keep up, due to slow infrastructure,  lack of funds or political issues.

June 29, 2022

Oil prices rise for fourth day on supply worries

 Oil prices slid about 2% on Wednesday as a rise in U.S. gasoline and distillate inventories coupled with worries about slower economic growth around the world offset ongoing concerns about tight crude supplies. One of the reasons for the rise in oil prices is the stronger dollar which makes oil more expensive and slow economic growth globally.

June 27, 2022

Oil prices edge higher ahead of G7 talks on new Russian sanctions |

Oil rose $2 a barrel on Monday as the prospect of even tighter supplies loomed over the market as the Group of Seven nations promised to tighten the squeeze on Russian President Vladimir Putin’s war chest, while actually lowering energy prices. Also, G7 should consider negotiations with the oil exporting nations of Iran and Venezuela due to the fact they both have been facing sanctions which affected their oil exportation techniques.

June 24, 2022

OPEC and allies set to hold two meetings next week, OPEC website

OPEC is set to hold an ordinary meeting on June 29 followed by a meeting of OPEC and non-OPEC members on June 30, the producer group’s website showed.

June 23, 2022

OPEC+ to stick to oil supply rise plan as Biden heads to Saudi – sources

OPEC and allied producing countries, including Russia, will likely stick to a plan for accelerated oil output increases in August, sources said, hoping to ease surging oil prices and inflation pressure as U.S. President Joe Biden plans to visit Saudi Arabia and the Middle East. This occurred after Biden’s administration pleaded for increased supply from the OPEC+ members as the world struggles to tackle the energy crisis.

June 21, 2022

Kuwait has the capacity to reach its OPEC quota and any future increases -KPC CEO

Kuwait Petroleum Corporation chief said on Tuesday the Gulf oil producer had the capacity to reach its OPEC quota and any future increases. According to the KPC CEO Sheikh Nawaf Saud AlSabah the state-owned oil company is planning on investing in pipelines and the monetization of them as was the case by Aramco and ADNOC.

June 20, 2022

Oil swings higher as tight supplies overshadow demand destruction

Oil prices swung higher in volatile trading on Monday, as traders focused on tight supplies over slowing global economic growth. The main factors that have affected the Oil demand increase are economic sanctions on Russia and the high prices decreasing demand internationally.Analysts believe that a global recession is imminent due to the increased inflation within the United States.

June 18, 2022

OPEC’s Barkindo says common objective with non-OPEC partners is market stability

 The common objective of the Organization of the Petroleum Exporting Countries and its non-OPEC partners has always been to maintain oil market stability, not to raise prices or bring them down, OPEC Secretary General Mohammad Barkindo said on Saturday. Moreover, the secretary general stated that the stability of oil prices globally is the responsibility of all oil producing nations in accordance with the market, and the laws of supply and demand.

June 18, 2022

Oil slumps 6% to four-week low on recession worries, strong dollar

Oil prices tumbled about 6% to a four-week low on Friday due to the worries that interest rate hikes by major central banks could slow the global economy and cut demand for energy. Many central banks have globally tightened interest rates to fight inflation, however a global recession is imminent and can not be avoided.

June 17, 2022

Exclusive: China firms in advanced talks with Qatar for gas field stakes, LNG offtake

China’s national oil majors are in advanced talks with Qatar to invest in the North Field East expansion of the world’s largest liquefied natural gas (LNG) project and buy the fuel under long-term contracts, three analysts have said.This deal will allow China to diversify their imports and also increase the exports of Qatar to China, as was the case when Qatar was China’s largest LNG supplier.

June 17, 2022

UAE licenses third unit of Barakah nuclear power plant

The United Arab Emirates (UAE) has licensed the third unit of its Barakah Nuclear Energy Plant, the UAE’s permanent representative to the International Atomic Energy Agency, Hamad Al Kaabi, told reporters on Friday. This is significant because this is the Gulf region’s first fully operational nuclear powered plant Once completed, the plant will supply the UAE with 25% of national energy supply. 

June 15, 2022

Iraq to begin setting up electricity links with S.Arabia -state news agency

Iraq’s electricity ministry has begun establishing interconnection stations with Saudi Arabia and determining transmission paths, state news agency INA said on Wednesday. Due to a sudden electricity shortage during the summer months, Iraq has chosen to ask for assistance from Saudi Arabia which will join the list of other gulf states which assist Iraq’s energy supply.

June 13, 2022

Exclusive: OPEC sees global oil demand growth slowing in 2023, sources say

World oil demand growth will slow in 2023, OPEC delegates and industry sources said, as surging crude and fuel prices help drive up inflation and act as a drag on the global economy. Although there has been a decline in oil growth in 2020 due to the pandemic, higher prices have become more realistic within this year. Moreover, the fuel price has rebounded this year because demand has soared after a decrease was witnessed in 2020.

June 12, 2022

QatarEnergy signs deal with TotalEnergies for North Field East project

 QatarEnergy signed a partnership deal with TotalEnergies on Sunday for the North Field East expansion of the world’s largest liquefied natural gas (LNG) project.  The state owned company’s Chief Executive said more partners would be announced in the coming days.The rich Gulf state is relying on foreign consultants to develop the $30 billion expansion of the North Field project. The state of Qatar’s minister of energy stated that all foreign companies have been chosen and an official announcement will be made soon.

June 10, 2022

Oil dives as U.S. inflation data surges; China imposes lockdowns

 Oil prices sank on Friday, after U.S. consumer prices rose more than expected, and China imposed new Covid-19 lockdown measures .Many factors have contributed to the Oil dives such as the Iranian state removing nuclear monitoring,  and Brent crude fell by $1.19 to $121.88 a barrel.

June 8, 2022

Eni to join Exxon, Total, Shell, Conoco in Qatar’s mega-LNG expansion

Italian producer Eni (ENI.MI) has been picked, along with another four oil majors, by Qatar as partners in the near $30 billion expansion of the world’s largest liquefied natural gas (LNG) project,analysts said on Wednesday. The State sponsored company of Qatar Energy will hold a news conference and announce that the North Field Expansion project will expand from 77 million tonnes per annum (mtpa) to 126 mtpa by 2027.

June 8, 2022

OPEC+ efforts to boost oil output ‘not encouraging’, UAE minister says

 Efforts by OPEC+ oil producers to boost output are “not encouraging”, UAE energy minister Suhail al-Mazrouei said on Wednesday, noting the group was currently 2.6 million barrels per day short of its target.The minister Suhail Mohamed Al Mazrouei stated that the economic necessities of China will boost oil output since recent lockdown measures have decreased.

June 6, 2022

Saudi Arabia hikes July crude prices surprisingly high for Asia buyers

Saudi Arabia, the world’s top oil exporter, raised July crude oil prices for Asian buyers to higher-than-expected levels amid concerns about tight supply, coupled with expectations of strong demand in the summer. The increase that was noted was approximately $6.5 a barrel, which is a substantial increase compared to the $2 a barrel previously expected by analysts.

June 3, 2022

South Korean companies to build $1 billion green hydrogen plant in UAE

Three South Korean companies have signed an agreement to build a $1 billion green hydrogen and ammonia production plant in the United Arab Emirates, their UAE partner said on Friday. The attractiveness of green hydrogen has increased recently due to the fact it passes water through an engine to produce renewable energy and decrease greenhouse gas emissions. The plant is expected to be built near Abu Dhabi and is in accordance with UAE’s initiative to reduce reliance on oil and gas sectors.

June 2, 2022

Iran’s energy export revenue up 60 pct in March-May vs year ago: Oil ministry media

Iran’s energy export revenue is 60 percent higher in the first two months of the Iranian year (March 21 to May 21) compared to the same period a year ago, an official from the Iranian oil ministry told SHANA news agency on Sunday. Although Iran has been hit with heavy sanctions by the US, the withdrawal of Trump from Iranian sanctions in 2018 has allowed the country’s oil exports to increase.

June 2, 2022

OPEC+ raises output faster than expected as Russia’s war roils global energy markets

 OPEC and its oil-producing allies agreed to hike output in July and August by a larger-than-expected amount, as Russia’s invasion of Ukraine wreaks havoc on global energy markets. This decision came as a result of Biden’s administration urging Oil companies to increase output in order to stabilize oil prices globally. 

May 29, 2022

Chairman of the Board of Directors of ACWA Power Saudi Arabia to CNBC Arabia: We signed an agreement for the Oman hydrogen project to produce green ammonia in cooperation with Omani OQ and Air products

Saudi Arabia’s ACWA and Oman’s OQ signed a deal to produce green ammonia energy. The project should support the regional effort to push renewable energy projects and part of the MOU signed between Oman and Saudi Arabia in December.

May 25, 2022

Kuwait to start building world’s largest petroleum research center – oil ministry | Reuters

Kuwait plans to start building the world’s largest petroleum research center by the end of the year, the oil ministry said on Twitter on Wednesday. According to the ministry, the project will cost an estimated 120 Million Dollars and has been stalled due to logistical obstacles. The center will be created South of Kuwait City in Ahmadi and focus mainly on perfecting petroleum engineering techniques and innovative crude oil extraction which is essential to the field.

May 24, 2022

Saudi Arabia says it’s done all it can for the global oil market, Energy & Commodities – THE BUSINESS TIMES

Saudi Arabia’s foreign minister said there’s nothing more the kingdom can do to tame oil markets, implying that the world’s biggest crude exporter has no plan to accelerate its gradual production increases.

May 20, 2022

Qatar and Germany sign an energy partnership agreement

On May 20th, Germany and Qatar signed an agreement to develop their partnership in the energy field during the Emir of Qatar, Sheik Tamim bin Hamad Al Thani, visit to Germany. The war in Ukraine caused disruption of gas supplies from Russia to many European countries, and Europe is trying to reduce its reliance on Russian energy by the end of the year.

May 16, 2022

Saudi Arabia set for oil output capacity above 13 million barrels per day by 2027, minister says | Reuters

Saudi Energy Minister Abdulaziz bin Salman said that his country is on track to lift oil production capacity by more than 1 million barrels per day to over 13 million bpd by the end of 2026 or the start of 2027.

May 16, 2022

Bahrain still evaluating giant shale oil discovery despite high oil prices: minister | S&P Global Commodity Insights

Bahrain’s oil minister told reporters on May 16 that his country has yet to take a decision on its 80-billion-barrel offshore shale oil discovery in spite of higher oil prices. Due to the requirement of foreign consultations for this project, this has caused the process of development to be delayed. The oil ministry planned to develop the refineries within a period of five years with the support of international oil companies, but progress has been limited.

May 13, 2022

Saudi Prince Abdulaziz bin Salman: Record Fuel Costs Driven by Refining Crunch – Bloomberg

The Energy Minister of Saudi Arabia Prince Abdulaziz bin Salman blamed the rise in gas prices on the closure of refineries in the US and Europe, not any shortage in oil supply.

May 10, 2022

Saudi, UAE energy ministers say NOPEC bill risks destabilizing the oil market | S&P Global Commodity Insights

Targeted by so-called NOPEC legislation in the US that would allow antitrust lawsuits against the producer alliance, top OPEC officials said on May 10 that the bill would worsen market volatility by driving away investment in the oil industry. Due to the Russian invasion of Ukraine, global oil prices have substantially increased throughout the world. 

May 5, 2022

OPEC+ agrees to another modest production increase after EU outlines Russian oil ban

Oil producer group OPEC+ agreed on Thursday to raise production targets by 432,000 barrels per day for June, sticking to an existing strategy of gradually unwinding record supply cuts.

May 3, 2022

Saudi Arabia lowers Arab Light oil price to Asia, Europe in June | Reuters

Saudi Arabia lowered the price of its Arab Light crude grade to Asia and Europe for the month of June, according to a pricing document released by oil producer Saudi Aramco on Sunday.

April 20, 2022

China grows reliance on Middle Eastern crudes in Q1 as Russian inflows drop 11% | S&P Global Commodity Insights

China’s reliance on Middle Eastern crude oil grew sharply in the first quarter of 2022, as the country reduced inflows from Russia, Brazil and the US, data from the General Administration of Customs showed. Middle Eastern oil exports are  5.35 Million barrels per day accounting for 47.5% of market share within China. Specifically, Oman, Iraq, UAE, and Kuwait all increased their exports to China in the three-month period during 2022’s Q1 from 4.7% to 30.1%. 

 

April 20, 2022

Saudi says it and Kuwait have right to exploit gas-rich offshore zone -state news agency | Reuters

The Saudi cabinet reaffirmed the right of the kingdom and its neighbor Kuwait to exploit natural resources at a joint, energy-rich, offshore area. Iran has called for negotiations with Saudi and Kuwait to discuss their joint projects within the Durra gas field. This gas field is situated in the Gulf which is a contested water source by Iran, Saudi, and Kuwait.

April 20, 2022

Japan refiner Eneos to buy alternative to Russian crude from Middle East

 Japan’s biggest oil refiner Eneos Holdings Inc has no plans to buy Russian crude until all problems related to the Ukraine crisis are over and will purchase alternative supplies from the Middle East, its chairman said on Wednesday. As such, Eneos has stated that due to the “Special operation” occurring in Ukraine Eneos will not import any more oil from Russia.

April 20, 2022

Iraq Aims to Close Qatar Gas Import Deal to Add Supply

 Iraq plans to sign a deal next month to import liquefied natural gas from Qatar in an effort to secure enough of the fuel used for power generation and to diversify its sources of supply. Iran had a problem supplying Iraq with its LNG needs due to increased domestic demands inside Iran.

April 19, 2022

Iran needs $80 bil gas investment to avoid becoming an importer: Owji | S&P Global Commodity Insights

Iranian oil minister Javad Owji said April 19 that his country needs to invest $80 billion in its gas industry to achieve its 1.4 Bcm/d production target. The flow of foreign investment into the US-sanctioned country has thinned since the US withdrew from a nuclear deal in 2018.

April 17, 2022

Saudi Arabia’s MBS and Russia’s Putin back OPEC+ efforts to balance oil markets | S&P Global Commodity Insights

Saudi Arabia’s Crown Prince Mohammed bin Salman and Russian President Vladimir Putin discussed the role their countries play in ensuring oil market stability in a phone call on April 16, the Kremlin said in a statement. Russia, which is a Non-Opec oil exporting leader, was hit by western sanctions targeting its financial sector after it invaded Ukraine, which saw its crude production fall to 10.04 million b/d. Consequently, European economies have halted their oil trade with Russia due to the invasion of Ukraine.

April 17, 2022

Qatar Energy Minister meets Korean counterpart

The energy minister of Qatar met with the Korean Energy minister within Doha on April 17, 2022 to discuss bilateral cooperation in the energy sectors in both countries.

April 15, 2022

Iran Guards say they have seized two ships with smuggled fuel in Gulf

 Iran’s Revolutionary Guards said on Friday they had seized two vessels along the country’s coast on the Gulf and the nearby Gulf of Oman for allegedly smuggling fuel. Due to subsidies and currency devaluation, Iran has some of the world’s cheapest fuel prices and has been fighting rampant fuel smuggling to neighboring states.

April 15, 2022

Iraq maintaining its position in Indian market despite rise in Russian oil imports – SOMO head

Although India has increased its importation of Russian oil, Iraqi oil still remains a majority of Indian imported oil into the country. The reasoning behind the Russian alternative is that Indians and other consumer countries noticed that Russian oil is sold at a discounted price per barrel. As such, demand for Russian oil rapidly increased internationally. However, Iraq has been able to continue their competitive oil exports to India because of their government strategic agreements which bind the two countries. Moreover, Iraq has agreements with private companies within India.

April 13, 2022

Kuwait, Saudi Arabia invite Iran to hold talks on gas-rich offshore zone -SPA

Saudi Arabia and Kuwait invited Iran to negotiate the eastern limit of a joint, energy-rich, offshore area, including the Durra natural gas field. Both states have claimed it is their right to develop in this area, with the Kuwaiti government stating that Durra is “entirely a Kuwaiti and Saudi field.” Iran has claimed that it has a stake in the field and the Saudi-Kuwaiti agreement to develop it is “illegal.” 

April 12, 2022

OPEC cuts 2022 world oil demand forecast due to Ukraine war

In a monthly report, OPEC said world demand would rise by 3.67 million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast. According to the report, “the strong rise in commodity prices in combination with ongoing supply-chain bottlenecks and COVID-19-related logistical logjams in China and elsewhere are all fuelling global inflation.” OPEC said inflation was the major factor impacting the world economy and lowered this year’s economic growth forecast to 3.9% from 4.2% and said there was a chance of a further cut.

April 12, 2022

Saudi Arabia leads OPEC decision to drop IEA data as US ties fray

OPEC has chosen to stop using oil data from the IEA, which is considered the West’s energy watchdog. This has raised concerns about the strained relationship between Saudi Arabia and Washington and how it may be impacting reactions to the Ukraine-Russia crisis. U.S. President Biden is facing pressure to lower gasoline prices and address inflation ahead of mid-term elections in November, however the lack of relations with Saudi Arabia has proven to make the situation even more delicate. Saudi Arabia and its allies are likely unwilling to assist the United States due to the lack of American addressal of Gulf concerns about Iran at nuclear talks in Vienna, the lack of support for offensive operations by the Saudi-led coalition in Yemen, and imposed conditions on U.S. weapons sales to Gulf states. OPEC’s dropping of the IEA data reflects this frustration of bias from the IEA towards the United States, and other factors straining U.S.-Gulf relations. 

April 11, 2022

OPEC tells EU not possible to replace potential Russian oil supply loss

OPEC Secretary General Mohammad Barkindo told the European Union on Monday that current and future sanctions on Russia could create one of the worst ever oil supply shocks and it would be impossible to replace those volumes.

April 10, 2022

Kuwait raises May crude prices to Asia to record levels

Kuwait has raised the official selling prices (OSPs) for two crude grades it sells to Asia in May to record levels. The producer has set May Kuwait Export Crude (KEC) price at $9.30 a barrel above the average of Oman/Dubai quotes, up $4.50 from the previous month. It also raised the May Kuwait Super Light Crude (KSLC) OSP to $9.65 a barrel above Oman/Dubai quotes, up $3.70.

April 8, 2022

Iraq can export more than 3.3 mln bpd from its southern ports, oil minister says

Iraqi oil minister Ihsan Abdul-Jabbar said Iraq can secure exports of more than 3.3 million barrels per day (bpd) from its southern ports, state news agency INA reported. The minister expressed his optimism that oil prices would continue to rise throughout 2022. 

April 6, 2022

Some Indian refiners set up to cut May Saudi oil, snap up Russian barrels

To mitigate the rising cost of oil imports, India has turned to Russian barrels that are available at a deep discount to the dated Brent benchmark, citing “national interests”. The Middle East accounts for the bulk of India’s oil imports, but at least two Indian refiners are planning on buying less Saudi oil as crude oil prices reach record highs. 

April 5, 2022

Iraq’s March oil output falls as gap with its OPEC+ quota widens

Iraq pumped 4.15 million barrels per day (bpd) of oil in March, 222,000 bpd short of its production quota under an agreement with other OPEC+ producers. Iraq’s March output fell by 112,000 bpd from February, largely due to field outages in the south, data from SOMO showed. Upgrade work on Iraq’s Gulf ports, which lasted for most of 2021 and is scheduled to be finished in the current quarter, has also prevented Iraq from pumping larger volumes. 

April 3, 2022

Oil prices fall after truce in Middle East conflict, petroleum reserve news

Oil prices fell as the United Arab Emirates and the Houthis welcomed a truce that would halt military operations on the Saudi-Yemeni border, alleviating concerns about potential supply issues. Early losses this week also come after oil prices settled 13% down last week due to President Biden’s U.S. oil reserves release. 

April 1, 2022

OPEC output rise in March falls short of pledged increase – survey

OPEC pumped 28.54 million barrels per day (bpd) in March, a Reuters survey found, up 90,000 bpd from February but short of the 253,000 bpd increase called for under its deal with allies including Russia. OPEC+ met on March 31 and confirmed previously agreed plans of a 400,000 bpd increase in March from all OPEC+ members, of which about 253,000 bpd is shared by the 10 OPEC producers the agreement covers. Outages in Libya and Nigeria also limited the increase in OPEC’s output. 

March 31, 2022

EU regulators close antitrust investigation into Qatar Energy

EU antitrust regulators closed their investigation into Qatar Energy after evidence they collected did not confirm their initial concerns with  Qatar Energy’s supply agreements with European gas importers and their ability to sell liquefied natural gas in alternative destinations within Europe.

March 31, 2022

OPEC holds special meeting to ditch IEA data – source

OPEC held an unusually brief meeting to ditch the International Energy Agency (IEA) from its list of trusted data contributors. Earlier this week, OPEC experts recommended ditching the IEA and choosing consultancies Rystad and Wood Mackenzie instead, in yet another sign of a hardening standoff with the West.

March 30, 2022

Saudi Arabia may raise May crude prices to Asia to new record levels

Saudi Arabia is expected to raise crude prices to Asia in May, with the official selling price (OSP) for flagship Arab Light crude rising by $5 a barrel on average to reach nearly $10 a barrel above Oman/Dubai quotes, the grade’s highest premium ever. However, spot premiums have halved from peaks over the last week in muted trade, prompting some buyers to call for smaller hikes in Saudi oil prices. Saudi Aramco may also reduce price hikes for Saudi medium and heavy grades as Russian Urals crude is still heading into India, one respondent said. State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.

March 29, 2022

Saudi energy minister says oil alliance OPEC+ will leave politics out of output decisions

Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, declared that OPEC+ would keep politics out of decision-making in favor of the “common good” of stabilizing energy prices. The minister said the organization’s very existence is dependent on separating its mission to stabilize oil prices from other geopolitical factors. UAE Energy Minister Suhail Al Mazrouei added that the organization had continued to operate while constituent members were at war, without taking a side. “Our aim is to calm the market, trying to come up with volumes as much as possible, and if we are asking anyone to leave, then we are raising the prices,” he said.

March 27, 2022

France, Saudi, UAE talk about diversifying Europe energy supplies

Foreign Minister Jean-Yves Le Drian in a phone call with his Saudi and UAE counterparts Faisal bin Farhan Al Saud and Abdullah bin Zayed al-Nahyan underscored the importance of coordination with the two Gulf states with a view to diversifying the oil and gas supplies of European states, according to a statement from the Foreign Ministry. Le Drian is also scheduled to visit Qatar next week, during which the topic of energy diversification will be discussed, BFMTV news reported. 

March 26, 2022

Qatar to produce 800MW of solar power this year

Qatar’s Minister of Environment and Climate Change, HE Sheikh Faleh bin Nasser bin Ahmed bin Ali al-Thani, announced that Qatar would start producing solar power this year, in an effort to reduce gas emissions and increase the use of renewable energy. The minister declared Qatar would produce 800 megawatts of solar power this year, and the country’s goal of producing 1.6 gigawatts of solar power by 2030. Sheikh Faleh also noted that Qatar has managed to reduce 80% of gas emission in the Al Shaheen Gas field, one of the largest gas fields in the world. 

March 25, 2022

Oil rises to over $120/bbl after attack on Saudi facilities

Crude prices rose more than 1 percent, bringing the price to $120 a barrel, as traders dealt with the impact of a missile attack on an oil distribution facility in Saudi Arabia. Yemen’s Houthis said they launched attacks on Saudi energy facilities on Friday and the Saudi-led coalition said Aramco’s fuel distribution station in Jeddah had been targeted by an attack, but that a fire in two tanks at the facility had been brought under control.

March 24, 2022

UAE expands nuclear power plant, doubles electricity production

The United Arab Emirates announced that it expanded its nuclear power plant, which was the first to be established in the Arab world. The Barakah Nuclear Energy Plant now produces a total 2,800 megawatts of total electricity, doubling the previous output. While oil and gas still dominate the energy production of the UAE, the country is looking to expand its renewable energy alternatives, even positing a target of the Barakah plant producing 85% of the state’s clean energy by 2025. 

March 24, 2022

U.S. refiners turn to Middle East for fuel oil after Russia import ban

After President Biden banned Russian oil imports over the invasion of Ukraine, U.S. refiners have turned to Middle Eastern producers for fuel oil cargoes. Last year, Russia accounted for just under half of the U.S. fuel oil imports, while the Middle East only provided about 5%. Middle East supplies are set to make up at least 17% of April U.S. fuel oil purchases, according to preliminary Refinitiv Eikon tanker tracking data. Saudi Arabia, Kuwait, Iraq and the United Arab Emirates make up roughly half of all fuel oil cargoes under contract and are expected to head to the United States in April. Iraqi fuel oil arrived in the U.S. this March, for the first time since mid-2021. 

March 22, 2022

Egypt, UAE, Israel discuss energy market stability

Egypt, UAE, and Israel have faced heavy pressure from Washington to shun Russia and, in the Emirates’ case, also to supply more oil to a world trying to wean itself from Russian energy. That arm-twisting has come as the United States pursues a renewed nuclear deal with Iran, a rival of Israel and the UAE, that would lift international sanctions on Tehran in exchange for limits on its nuclear program. The Emirates and Saudi Arabia, another important American ally in the region, have complained about what they see as a lack of American support after attacks that were linked to Iran.

March 21, 2022

UAE, Netherlands forge partnership to boost clean hydrogen usage

As part of the Joint Economic Committee, the UAE and the Netherlands have been in discussion to identify common interests and create a partnership for decarbonization of the energy sector and increasing the use of clean hydrogen. Suhail Mohammed Al Mazrouei, UAE Minister for Energy and Infrastructure, and the Dutch Minister for Foreign Trade and Development Cooperation, Liesje Schreinemacher, signed the MoU at the Dutch Pavilion at Expo Dubai on Tuesday.

March 21, 2022

Saudi Arabia, Kuwait agree on developing Durra gas field in the Gulf

Saudi Arabia’s energy minister has signed a document with his Kuwaiti counterpart to develop the Durra gas field, Kuwait Petroleum Corporation said in a statement on Monday. The Durra field, which is shared between the two Gulf states, is expected to produce one billion standard cubic feet per day of gas and 84,000 barrels per day of condensates according to the statement.

March 20, 2022

Saudi oil refinery output drops following Houthi attack: State media

Production at Saudi Arabia’s oil refinery in Yanbu has dropped temporarily following a drone attack overnight claimed by the Houthi group in Yemen, the Saudi state news agency, SPA, reported on Sunday. The refinery, known as Yasref, on the Red Sea, will compensate for the shortfall from its stockpiles, the news agency said, citing a source at the Saudi energy ministry.

March 19, 2022

Yemen Houthis attack Saudi energy facilities, refinery output hit

Yemen’s Iran-aligned Houthi group fired missiles and drones at Saudi energy and water desalination facilities, causing a temporary drop in output at a refinery but no casualties, the Saudi energy ministry and state media said on Sunday. “The assault on Yasref facilities has led to a temporary reduction in the refinery’s production, which will be compensated for from the inventory,” a statement said, referring to Yanbu Aramco Sinopec Refining Company, a joint venture between Saudi Aramco and China Petrochemical Corporation. Later in the morning, a water desalination plant in Al-Shaqeeq, a power station in Dhahran al Janub, and a gas facility in Khamis Mushait, were targeted as well.

March 19, 2022

Iran oil minister says aiming for 1.4 million bpd crude exports

“In parliament, lawmakers decided to raise the ceiling of exports of oil and condensates from 1.2 million barrels (per day) to 1.4 million barrels. The Oil Ministry will do everything in its power to realize the level set in the budget,” Iranian Oil Minister Javad Owji said. Iran, facing U.S. sanctions on its crude oil exports, does not divulge exact figures on its oil sales. Owji said his ministry planned to raise production capacity of crude and condensates to 5.7 million bpd from about 3.7-4 million bpd, without giving a timeframe. In late 2020, Iran unveiled an ambitious plan to increase production capacity to more than 6.5 million bpd by 2040, a statement that is said to be unrealistic for experts. 

March 18, 2022

IEA urges reduced transport to cut oil use amid supply crunch

The plan by the Paris-based grouping of 31 industrialized countries – which does not include Russia – underlines the urgency of a supply crunch brought on by sanctions and buyer aversion to Russian oil, which has raised fuel prices. The recommendations – which include lower speed limits, working from home, car-free days in cities, cheaper public transport and more carpooling – could cut oil demand by 2.7 million barrels a day within four months, the International Energy Agency (IEA) said. The IEA urged governments to make the changes permanent, not just for economic reasons but in order to combat climate change.

March 18, 2022

OPEC+ supply gap widens further as February compliance jumps

OPEC+ compliance with oil production cuts rose to 136% in February from 129% in January, two sources said, missing its target by over 1 million barrels per day (bpd), as an already tight oil market braces for major Russian disruption. The International Energy Agency said this week the oil market was set for a 700,000 bpd supply deficit in the second quarter as Western sanctions on Moscow and buyer reluctance could lead Russian oil supplies to drop by 3 million bpd in April.

March 17, 2022

Most Gulf bourses rise tracking oil prices; financials boost Saudi

Most stock markets in the Gulf ended higher on Wednesday, as oil prices jumped after the International Energy Agency said three million barrels a day of Russian oil and products could be shut in from next month. “Gulf Cooperation Council stock markets were mostly performing positively today while investors return to the market to buy the dip after a week of price corrections,” wrote Miguel Rodriguez, chief market analyst at CAPEX.com, adding uncertainties on the supply availability of oil amid rising COVID-19 cases in China are still weighing on sentiment.

March 16, 2022

UAE’s energy company ADNOC awards Dh2.4b in cementing services contracts

The UAE energy major ADNOC has signed ‘framework agreements’ valued at Dh2.4 billion for cementing services to five companies, including Halliburton Worldwide Ltd. Abu Dhabi and Baker Middle East. The other three are Emirates Western Oil Well Drilling & Maintenance Co., NESR Energy Services and Emjel Oil Field Services. These cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further two years. Yaser Saeed Almazrouei, ADNOC Upstream’s Executive Director, said, “The awards for cementing services will support the ongoing expansion of ADNOC’s drilling activities as we grow our production capacity, strengthening our position as a reliable global supplier of some of the world’s most carbon efficient barrels.” Cementing represents a major process in the drilling and completion of oil and gas wells.

March 16, 2022

UAE’s Masdar announces start of construction for solar PV plant in Azerbaijan

UAE-based renewable energy company Masdar has announced the formal start of construction for its 230-megawatt (MW) Garadagh solar PV plant in Azerbaijan. Masdar had signed agreements to develop the Garadagh project, situated nine kilometers northwest of the Alat settlement, in April of last year, with the plant expected to start commercial operation in 2023. The project will help to generate half a billion kilowatt-hours of electricity annually, adequate to meet the needs of over 110,000 houses, and will reduce emissions by more than 200,000 tons a year, a statement said. The Abu Dhabi Fund for Development (ADFD) is a finance partner for the project. The plant is the country’s first foreign investment-based independent solar power project. 

March 15, 2022

Oil price plunges on easing supply concerns, China COVID-19 cases

Oil prices tumbled to their lowest in almost three weeks on Tuesday as supply disruption fears eased and surging COVID-19 cases in China spurred demand concerns. The steep decline followed a statement from Russian foreign minister Sergei Lavrov, saying that Moscow is in favor of the 2015 Iran nuclear deal resuming as soon as possible. The talks to revive the nuclear accord, which would lead to sanctions on Iran’s oil sector being lifted and allow Tehran to resume crude exports, had recently been stalled because of Russian demands.

March 14, 2022

Saudi cooperation with China continues with finalization of long-planned refinery deal

Saudi Aramco made the “final investment decision” to develop a refinery and petrochemical complex in northeast China with the North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group companies, the official Saudi Press Agency reported. One Aramco executive said that China is key to their plans to expand in Asia. “China is a cornerstone of our downstream expansion strategy in Asia and an increasingly significant driver of global chemical demand,” said Mohammed al-Qahtani, per the agency. China has become Saudi Arabia’s top trading partner. The deal is the latest example of their extended cooperation, touching on multiple sectors as well. 

March 12, 2022

Germany discussed energy cooperation with Qatar

Germany is to close its last nuclear power plants this year and plans to build its first liquefied natural gas (LNG) terminal within two years. “We discussed bilateral cooperation particularly in energy and corporate investments,” Joerg Kukies, the German chancellery’s state secretary, stated, adding he talked to Deputy Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani, who also heads the Qatar Investment Authority sovereign wealth fund. Qatar has said it could divert probably 10-15% of its LNG shipping volumes, as the core energy producer to counter dependence on Russia. It plans to raise LNG production capacity to 126 million tonnes a year by 2027 from 77 million tonnes at present.

March 11, 2022

Yemen’s Houthis claim drone attack on refinery in Saudi capital

The Iran-aligned Houthi movement targeted a Saudi Aramco refinery in Riyadh using three Samad-3 drones, its military spokesman Yahya Sarea said on Friday. Six Samad-1 drones were also fired at Aramco facilities in the Saudi cities of Jizan and Abha. According to the energy ministry of the Kingdom, “these repeated acts of sabotage and terrorism on vital installations and civilian structures do not just target the Kingdom, but aim to undermine the security and stability of global energy supplies.”

March 10, 2022

Aramco says China joint venture to develop refinery and petrochemical complex

The Saudi Aramco joint venture in China, expected to be operational in 2024, combines a 300,000 barrel-per-day capacity refinery and ethylene-based steam cracker, with Aramco set to supply up to 210,000 barrels a day of crude oil feedstock. Huajin Aramco Petrochemical Company is a joint venture between Saudi oil giant Aramco and North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group.

March 10, 2022

UAE committed to OPEC+ pact, no plan to up own output -WAM

Until now, OPEC+ has resisted calls from the United States and others to increase output, even as oil prices surge to more than $120 a barrel. The United Arab Emirates is committed to the OPEC+ agreement on monthly oil production and has not agreed to individually increase production outside that framework, UAE energy minister Suhail al-Mazrouei told state news agency WAM.

March 9, 2022

UAE committed to OPEC+ agreement and existing mechanism -UAE energy minister

The United Arab Emirates is committed to the OPEC+ agreement and its existing monthly production adjustment mechanism, the UAE energy minister, Suhail al-Mazrouei tweeted. “The UAE believes in the value OPEC+ brings to the oil market”. His comments came after UAE’s ambassador to Washington said his country favors an oil production increase and will be encouraging OPEC to consider higher output.

March 4, 2022

Italy looks to boost energy ties with Qatar in wake of Ukraine crisis

Energy Transition Minister Roberto Cingolani said that Italy aimed to rapidly cut more than half its Russian gas import and to be independent of Russian supplies within two or three years. However, “in an emergency period, one can fix a maximum price above which European operators cannot buy,” he warned, adding that the move was needed to prevent Russia’s Gazprom profiting from surging energy prices. Italian Foreign Minister Luigi Di Maio flew to Qatar on Saturday for two days of talks on boosting energy cooperation as Rome stepped up efforts in order to secure new gas supplies in light of the Ukraine crisis.

March 3, 2022

Higher oil prices boost Gulf markets, Aramco hits record high

Saudi Arabia’s benchmark share index ended 0.8% higher, with gains driven by Saudi Aramco which rose to a record high of 45 riyals and ended the session up nearly 3%. In the context of the war in Ukraine, “sanctions are pushing oil importers to look elsewhere for supplies at a time when the market is already struggling with rising demand and the sluggish supply policy laid out by OPEC,” said Daniel Takieddine, CEO MENA at BDSwiss. Abu Dhabi, Dubai and Qatar have seen their index rise too. 

February 28, 2022

Oil settles higher on Russian supply disruption

Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports. The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, are due to meet on Wednesday. The group is expected to stick to plans to add 400,000 barrels per day (bpd) of supply in April. Ahead of the meeting, OPEC+ revised down its forecast for the oil market surplus for 2022 by about 200,000 bpd to 1.1 million bpd, underscoring market tightness.

February 28, 2022

No consultations with Saudi concerning U.S. potential release of oil reserves – source

No consultations have taken place with Saudi Arabia regarding a potential release of oil reserves by the United States and its allies, a senior Gulf source with knowledge of the matter said. “It is not customary for Saudi Arabia or key OPEC+ producers to conduct consultations outside the group on oil policy, especially prior to a meeting,” the source explained.

February 28, 2022

Iraq’s Kurdistan region presidency rejects federal court’s oil and gas ruling

The Kurdistan Region’s presidency in Iraq rejected on Monday a federal court ruling on its oil and gas activities, and said the region would continue to exercise its constitutional rights on the matter. The Kurdish regional government (KRG) has been developing oil and gas resources independently of the federal government, and, in 2007, enacted its own law that established the directives by which the region would administer these resources. The Kurdistan region produced 425,000 barrels per day of oil in January, according to a document by state-owned marketer Somo seen by Reuters. 

February 28, 2022

Saudi Arabia’s sovereign fund lays out plan for green financing

Saudi Arabia’s sovereign wealth fund (PIF) laid out plans on Monday for raising green debt as the world’s top oil exporter strives to reach net zero carbon emissions by 2060. The PIF is at the center of Saudi Arabia’s ambitious plans to create new sectors and diversify revenues away from hydrocarbons. PIF published its green finance framework that will allow it to tap world markets to issue debt linked to environmentally friendly goals, including through the sale of green bonds.The Saudi government is also preparing its own green debt sales. Finance Minister Mohammed al-Jadaan said in October that advisers had been appointed but the format had not yet been decided.

February 27, 2022

Bahrain Says ‘Everything’s on the Table’ for Oil Privatizations

Bahrain is in the process of hiring advisers to help sell stakes in some of its oil and gas assets as the Gulf’s smallest economy looks to open up an industry closed to foreign investments for decades. Nogaholding, which owns Bahrain’s oil and gas assets, is due to appoint a consultant and a financial adviser to work on a national energy strategy. Bahrain would be following a strategy similar to its larger neighbors, Saudi Arabia and the United Arab Emirates. Nogaholding is also in the process of refinancing a $1.6 billion loan, which includes some environment, sustainability, and governance targets. 

February 27, 2022

Saudi crown prince says kingdom still committed to OPEC+ oil agreement with Russia

Saudi Arabia remains committed to OPEC+ agreement, Crown Prince Mohammed bin Salman told French President Emmanuel Macron on February 27, in an endorsement for the bloc’s alliance with Russia amid that nation’s invasion of Ukraine. 

February 27, 2022

OPEC+ seen sticking to plan despite price shock from Ukraine crisis

OPEC+ will probably stick to its plan of only gradually increasing oil production when it meets this week, according to several delegates, even after Russia’s invasion of Ukraine sent prices surging. Saudi Arabia, the world’s biggest oil exporter, is saying it’s committed to the OPEC+ agreement. The kingdom and neighboring UAE are among the few OPEC members with significant spare output capacity. 

February 27, 2022

OPEC+ partners to decide whether to pump more oil

The Russian Foreign Ministry has announced that the UAE and Russian foreign ministers would meet today in Moscow to discuss “further expanding multifaceted Russia-UAE relations.” Gulf powerhouse Saudi Arabia has not reacted to the invasion, like the UAE, Bahrain, and Oman. Kuwait and Qatar have only denounced the violence, stopping short of criticizing Moscow. Gulf countries “understand that they need to diversify their alliances to compensate for the perceived withdrawal of the United States from the region,” Gadel told AFP.

February 25, 2022

Iran to enrich uranium to 20% even after nuclear deal – nuclear chief

Iran will continue to enrich uranium to 20% purity even after sanctions on it are lifted and a 2015 nuclear deal with world powers is revived. “(Uranium) enrichment … continues with a maximum ceiling of 60%, which led Westerners to rush to negotiations, and it will continue with the lifting of sanctions by both 20% and 5%,” said the head of Iran’s Atomic Energy Organization, Mohammad Eslami. Yet, Iranian officials had told Reuters earlier that Iran had agreed to suspend its 20% and 60% enrichment if an agreement is reached in the Vienna talks to salvage the 2015 pact. 

February 25, 2022

OPEC+ deal seen on track despite Russia’s Ukraine invasion -sources

A deal among OPEC+ oil producers including Russia is showing no cracks so far after Russia’s invasion of Ukraine, OPEC+ sources said, and the group is likely to stick to a planned output rise the following week despite crude topping $100 a barrel. A Russian oil source said on Wednesday, OPEC+ has held some informal talks during which Moscow explained its position on Ukraine and the other OPEC+ countries seemed to show a neutral stance.

February 24, 2022

Oil tops $105/bbl after Russia attacks Ukraine

Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014 before easing, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply. Analysts say Brent is likely to remain above $100 a barrel until significant alternative supplies become available from U.S. shale or Iran, for example. The United States and Iran have been engaged in indirect nuclear talks in Vienna that could lead to the removal of sanctions on Iranian oil sales. Iran’s top security official, Ali Shamkhani, said on Twitter that it is possible to achieve a good nuclear agreement with Western powers after significant progress in negotiations.

February 24, 2022

Aramco shares rise to record high as oil tops $100 for first time since 2014

Saudi Aramco shares surged as much as 4.2% to a record high 42.25 riyals ($11.26)  as oil prices breached the $100 a barrel after Russia attacked Ukraine.

February 22, 2022

Qatar’s LNG production capacity to reach 126 mln T a year by 2027, says Emir

Qatar’s Emir Sheikh Tamim bin Hamad al-Thani said on Tuesday that Qatar’s liquefied natural gas production capacity will rise to 126 million tonnes a year by 2027. Al Thani touted a carbon capture facility Qatar is building – the biggest in the Middle East – he said, which will isolate and store 2.5 million tonnes of carbon per year in four years. By 2030, the facility will isolate 9 million tonnes per year. He adds that Qatar is also ready for cooperation with Iran and Iraq on the gas market. Meanwhile, Iran’s President Ebrahim Raisi said Iran has high capacity for gas production for domestic use and exports and will play an important role in international markets.

February 22, 2022

Iraq aims to shift investment priority from oil to gas sector, minister says

Iraq aims to shift its investment priority from the oil sector to gas for the first time in the country’s history, oil minister Ihsan Abdul-Jabbar said on Tuesday at a gas exporters conference in Doha. This would allow Iraq to increase its production of liquefied petroleum gas (LPG) and distillates, Abdul-Jabbar added.

February 22, 2022

Qatar says “almost impossible” to quickly replace Russian supplies to Europe

Neither Qatar nor any other single country has the capacity to replace Russian gas supplies to Europe with liquefied natural gas (LNG) in the event of disruption due to a conflict between Russia and Ukraine, Qatar’s energy minister said on Tuesday. With most of Qatari volumes locked into long-term contracts mostly to Asian buyers, the amount of divertable volumes that can be shipped to Europe is only 10-15%, Saad al-Kaabi added. “Most of the LNG is tied to long-term contracts and destinations that are very clear. So, to replace that sum of volume that quickly is almost impossible”. Thus, Qatar and other countries such as Japan have recently been approached by the United States to reroute gas supplies to Europe in case conflict escalates.

February 22, 2022

Iraq aims to shift investment priority from oil to gas sector, minister says

Iraq aims to shift its investment priority from the oil sector to gas for the first time in the country’s history, oil minister Ihsan Abdul-Jabbar said on Tuesday at a gas exporters conference in Doha. This would allow Iraq to increase its production of liquefied petroleum gas (LPG) and distillates, Abdul-Jabbar added.

February 22, 2022

Qatar says “almost impossible” to quickly replace Russian supplies to Europe

Neither Qatar nor any other single country has the capacity to replace Russian gas supplies to Europe with liquefied natural gas (LNG) in the event of disruption due to a conflict between Russia and Ukraine, Qatar’s energy minister said on Tuesday. With most of Qatari volumes locked into long-term contracts, mostly to Asian buyers, the amount of divertable volumes that can be shipped to Europe is only 10-15%, Saad al-Kaabi, the energy minister, added. “Most of the LNG is tied to long-term contracts and destinations that are very clear. So, to replace that sum of volume that quickly is almost impossible.” Thus, Qatar and other countries, such as Japan, have recently been approached by the United States to reroute gas supplies to Europe in case conflict escalates.

February 21, 2022

OPEC+ compliance with oil output cuts near 130% in January, source says

As producers fell further behind their target and signaling a tight market that could push prices higher, OPEC+ is undoing output cuts put in place after the pandemic slashed demand. The 129% compliance in January cited by the source would be the highest in more than two years and marks a rise from 122% in December and 117% in November. Compliance from OPEC countries was 133% in January, while non-OPEC producers stood at 123%, according to data provided by the source. The head of International Energy Agency’s (IEA) Fatih Birol has called on OPEC+ to narrow the gap between their oil production targets and actual output.

February 18, 2022

Oil falls on prospect of Iran oil sanctions easing

Brent posted a small 0.9% rise in its ninth weekly gain, while WTI fell 1.7% week, snapping an eight-week rally. Fears over possible supply disruptions resulting from the Russian military presence at Ukraine’s borders limited losses this week. The West has threatened Russia, a top oil and gas supplier, with new sanctions if it attacks Ukraine; Russia denies planning any attacks. The oil market rose slightly in after-hours trading after U.S. President Joe Biden said that he was convinced Russian President Vladimir Putin had made a decision to invade Ukraine in the coming days. A senior European Union official said that a U.S.-Iranian deal to revive Iran’s 2015 nuclear agreement with world powers was close but success depended on the political will of those involved. Adding pressure onto WTI, U.S. drillers added four oil rigs this week, with the rig count.

February 18, 2022

OPEC+ would seek to bring Iran into oil supply deal

OPEC+ will work to integrate Iran into its oil supply-limiting accord should an agreement be reached on reviving its nuclear deal with world powers, sources close to the group said, seeking to avoid market share competition that could hit prices. Due to the impact of sanctions on its exports, Iran is exempt from the existing deal between the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, to limit oil supply. While that exemption allows Iran to boost output, OPEC+ would eventually seek to bring Iran into the accord, sources said. OPEC+ sources have also made the point that extra Iranian supply could also help plug the hole in OPEC’s output target misses.

February 17, 2022

Oil slides 2% as Iran talks offset Ukraine crisis

Oil prices fell about 2% on Thursday as talks to resurrect a nuclear deal with Iran entered their final stages and could unlock more crude supplies, but losses were limited by tension between top energy exporter Russia and the West over Ukraine. “(The) oil market is locked in a tug of war between Iranian sanctions relief and Russian-Ukraine tensions,” said Stephen Brennock at brokerage PVM Oil. However, tension over a possible Russian invasion of Ukraine continued to support oil markets because of the potential disruption to energy supplies.

February 17, 2022

Qatar Energy sells April al-Shaheen at record premiums – sources

Qatar Energy has sold al-Shaheen crude loading in April at record premiums, two trade sources who track the grade closely said on Thursday. The four cargoes were sold in a tender at an average premium of $4.44 a barrel to Dubai quotes, several trade sources said, a jump from $2.67 on average last month.

February 17, 2022

Qatar LNG exports down on mega trains outage

Exports of liquefied natural gas (LNG) from Qatar’s Ras Laffan liquefaction plant have been lower over the past few days as two of the facility’s mega trains have been down. Qatar, one of the world’s top LNG producers, has recently been approached by the U.S. to reroute gas supplies to Europe in case Russia attacks Ukraine and the United States imposes sanctions on Moscow. It has most of its volumes locked up under long-term contracts mostly to Asian buyers but also sends cargoes to Europe. Qatar Energy plans to grow its LNG output by 40% with the north field expansion project, expected to come online by 2026.

February 16, 2022

IEA’s Birol again urges OPEC+ to narrow gap between oil targets and output

OPEC+ oil producers have raised their output target by 400,000 barrels per day (bpd) each month since August as they unwind production curbs. However, they have repeatedly failed to hit those targets as some producers struggle to restore output. The IEA in its last monthly report said the gap between the target and output in January had widened to 900,000 bpd. The UAE Energy minister, Suhail al-Mazrouei, stated tensions between Russia and the West were driving oil prices rather than a fundamental shortage that would warrant accelerated output increases.

February 16, 2022

Kurdish PM, Qatari energy minister discuss Kurdistan’s “huge gas potential”

The Prime Minister of Iraq’s Kurdistan region Masrour Barzani said on Wednesday that he explored Kurdistan’s “huge gas potential” in a meeting with Qatar’s Minister of State for Energy Affairs Saad al-Kaabi. Delegations from both governments also discussed energy investment, renewables, and regional energy cooperation, Barzani said on Twitter.

February 16, 2022

U.S. crude stockpiles rise despite Cushing draw, record fuel demand – EIA

Fuel stocks fell and demand surpassed the previous week’s record, with total product supplied over four weeks averaging 22.1 million barrels per day, according to the EIA. The U.S. economy has recovered rapidly from the coronavirus-induced recession, boosting demand for fuels.

February 16, 2022

South Korea, Iran discuss resuming oil trade, unfreezing funds

South Korea and Iran have held working-level talks on resuming imports of Iranian crude oil and unfreezing Iranian funds held in the East Asian nation, South Korea’s foreign ministry said on Wednesday. South Korea was previously one of Iran’s leading Asian oil customers. Iran and South Korea are also discussing the trading of crude oil and oil products, on the condition sanctions are lifted as progress is made in nuclear negotiations, the statement said.

February 14, 2022

Iraq’s $27 bln TotalEnergies deal stuck over contract wrangling

A $27 billion deal between France’s TotalEnergies and Iraq that Baghdad hoped would reverse the exit of oil majors from the country has stalled amid disputes over terms and risks being scrapped by the country’s new government. Iraq has a history of international companies complaining with poor revenue on investments in the country. TotalEnergies agreed last year to invest in four oil, gas and renewables projects in the southern Basra region over 25 years. The deal, signed by Iraq’s oil ministry in September 2021, followed a visit from French President Emmanuel Macron. The terms, which have not been made public or previously reported, have raised concerns from Iraqi politicians, and according to sources close to the deal are unprecedented for Iraq. A group of Shi’ite lawmakers wrote to the oil ministry in January demanding details of the deal and asking why it was signed without competition and transparency, according to a copy of the letter seen by Reuters.

February 14, 2022

UAE energy minister says infrastructure well-protected against attacks

UAE energy minister Suhail al-Mazrouei said on Monday that infrastructure in the UAE was well-protected against attacks and that the country had diversified its electricity infrastructure and has spare capacity. In recent weeks, the Iran-aligned Houthis have waged an unprecedented string of largely failed missile strikes on UAE targets that have triggered Emirati and U.S. air defenses and seen American troops briefly taking shelter.

February 12, 2022

Saudi Arabia transfers Aramco shares worth $80 bln to state fund

Saudi Arabia’s Crown Prince Mohammed bin Salman has transferred 4% of Saudi Aramco shares worth $80 billion to the kingdom’s sovereign wealth fund, the government said on Sunday. The shares will bolster the Public Investment Fund’s (PIF) strong financial position and high credit ratings in the medium term, the crown prince said in a statement. The fund is the prince’s vehicle of choice to transform the Saudi economy and diversify away from oil revenues.

February 11, 2022

Biggest Energy Firms in UAE Boost Spending on Surging Demand

The largest listed energy companies in the United Arab Emirates are ramping up spending to meet soaring demand for everything from fuels to electricity. ADNOC Drilling Co. boosted capital expenditure by 34% last year to $505 million, the unit of Abu Dhabi’s government-owned oil giant said in an earnings statement on Friday.To boost renewable energy production in the region, Taqa is developing solar power plants and announced plans to buy into Abu Dhabi’s largest renewable energy company. Surging oil and natural gas prices also helped the company bolster profit from its own fields, mainly in the U.K. North Sea. Taqa and ADNOC, which is also buying into the emirate’s clean energy producer, plan to invest globally to more than double the amount of green energy they produce. They are targeting 50 gigawatts of green power capacity by the end of this decade.

February 10, 2022

Biden, Saudi King Discussed OPEC+, Oil Stability and Yemen

U.S. President Joe Biden and King Salman of Saudi Arabia discussed energy supplies in the face of soaring fuel prices and developments in the Middle East, including Iran and Yemen, in a telephone call on Wednesday. The two leaders committed to ensuring the stability of global energy supplies, the White House said in a statement. Last week, OPEC+ agreed to stick to moderate rises in its oil output, with the group struggling to meet existing targets and wary of responding to calls on its strained capacity for more crude from top consumers to cap surging prices. High oil prices are a risk to the Biden administration ahead of November’s congressional elections in which his fellow Democrats will defend slim majorities in the Senate and U.S. House of Representatives. A U.S. source familiar with the call said, “Saudi Arabia has historically played a vital role in ensuring global energy markets are well supplied to support strong and resilient economies. Oil has also been supported by the tension in Ukraine as Russia has put more than 100,000 troops on its borders.

February 10, 2022

Iraq may import Qatari gas in 15 months if talks, infrastructure finalized

Importing the gas includes building the infrastructure and this will take at least a year to 15 months, depending on the agreement. This needs to happen because Iraq cannot continue to “rely on one source for gas.”  Iraq imports Iranian gas and electricity to plug power shortages, but supply from its neighbor has been intermittent due to technical and financial problems. Iran cut or reduced gas and electricity supply to Iraq last year and in recent months, prompting Iraq to look for alternatives such as Qatari gas. Iraq didn’t receive any gigawatts last summer and current gas supply is 8 MMcf/d. One issue is the lack of penalties in the contract in case of non-supply, Karim added. The electricity ministry has also signed agreements to import power from Saudi Arabia, Jordan, Turkey and the grid of the six-member Gulf Cooperation Council via Kuwait. GCC countries include Saudi Arabia, Kuwait, Bahrain, Qatar, Oman and the UAE

February 9, 2022

UAE Expands Strategic Oil Hub To Counter Iranian Threat

The announcement, that deliveries have now begun on the Fujairah Terminal expansion by Abu Dhabi (AD) Ports Group, positioned UAE’s Fujairah as an alternative global crude oil storage facility and transit hub to the perennially troublesome Strait of Hormuz. This push from Fujairah comes after the finalization in July 2021 of Iran’s own game-changing crude oil storage, transport and delivery mechanism, the Jask Oil Terminal and the 42-inch Guriyeh-Jask pipeline. The Guriyeh-Jask pipeline allows Tehran the option of disrupting all other oil supplies that travel through the Strait of Hormuz – around 35 percent of the world’s total.Part of the positive backdrop for the continued expansion of the Fujairah hub was always expected to be the trade flows coming out of the Dubai Multi-Commodities Centre, with more storage capacity allowing traders greater flexibility in their deals, and a very supportive financial infrastructure created by the Fujairah authorities. This proved to be the case and Fujairah further stands to benefit from the ongoing rise in volumes traded over the recently established Abu Dhabi-based ICE Futures Abu Dhabi (IFAD), with its focus on the trading of futures contracts for the light, sweet Murban crude oil that constituted around half of the UAE’s total near-4 million bpd crude oil production before the outbreak of the COVID-19 pandemic in 2020

February 8, 2022

India’s top refiner raises Iraq oil supplies to offset Mexico cuts – sources

Indian Oil Corp (IOC), the country’s top refiner, will increase crude purchases from Iraq by 11.5% in 2022 to 390,000 barrels per day (bpd), partly to make up for a shortfall from Mexico and a possible supply cut from Kuwait, two sources familiar with the matter said. IOC has resorted to buying higher volumes from Iraq as Mexico is curbing supplies as it opens a new refinery, sources said. Iraq is the top supplier of oil to India and its market share there is set to rise as another refiner Hindustan Petroleum Corp will also buy more crude from the Middle Eastern nation.

February 8, 2022

UAE’s ADNOC mulls sale of green bonds as it seek ESG funds

Abu Dhabi’s state oil producer is considering a sale of green bonds for the first time. ADNOC is speaking to banks about a possible green issuance, the people said. The company, which pumps almost all the crude in the UAE, may opt instead for sustainability-linked bonds, which provide more flexibility than green bonds because they’re not tied to specific projects, said the people. ADNOC is a crucial part of the UAE’s net-zero target. The company is planning to spend billions of dollars on technology to capture carbon and manufacture hydrogen, a fuel which emits only water vapour when burned. It’s also involved in the UAE’s strategy to ramp up solar power through renewable-energy firm Masdar.

February 8, 2022

Middle East Crude Benchmarks jump to highest since November on Asia demand

Middle East crude benchmarks Oman and Dubai jumped to their highest since November on Tuesday as robust refining margins spurred demand in Asia. Complex refining margins in Asia are at their highest in more than three months, boosted by strong profits for gasoline, middle distillates and low-sulphur fuel oil. Brent’s premium to Dubai crude is also at its widest since November, making Atlantic Basin grades more expensive for Asian refiners. Iran said on Monday that Washington had to make a “political decision” regarding lifting sanctions on the Islamic Republic as Tehran’s demand for their full removal to revive a 2015 nuclear deal with world powers was non-negotiable.

February 7, 2022

Oil drops near $90 mark after weeks-long rally

Oil dropped to trade near $90 a barrel, taking a breather from a rally that’s propelled crude to its highest since 2014. Futures in New York fell as much as 1.7 per cent on Monday after seven weekly gains in which oil’s gained 22 per cent. Diplomats are set to return to Vienna on Tuesday to resume Iran nuclear negotiations, which are viewed as a path to restore the nation’s sanctioned oil to global markets. On Friday, the US signed several waivers related to Iran’s civilian nuclear activities to ease diplomatic efforts. The potential for eventual Iranian barrels as well as crude being overbought from last week’s rally is prompting the market to take a “pause to refresh”

February 6, 2022

Saudi Arabia’s Aramco raises oil prices as crude surges

Aramco’s decision came days after OPEC+ opted to increase its daily crude production by 400,000 barrels a day next month. Many energy analysts doubt the group, led by Saudi Arabia and Russia, will add that much to the market because of the supply problems among some of its members. State firm Saudi Aramco increased all grades for its main market of Asia in March. The company raised its key Arab Light oil for the region by 60 cents from February to $2.80 per barrel above the benchmark it uses.

February 3, 2022

ADNOC confirms new gas discovery offshore Abu Dhabi

This discovery marks the first from Abu Dhabi’s offshore exploration concessions. “The discovery of material natural gas resources in Offshore Block 2 underscores how ADNOC’s expanded approach to strategic partnerships is enabling us to accelerate the exploration and development of Abu Dhabi’s untapped hydrocarbon resources and create long-term value for the UAE,” said Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO.

February 2, 2022

Qatar can’t secure Europe’s gas supply unilaterally, says minister

Can Qatar supply extra gas to Europe if Russian flows are disrupted? As one of the world’s largest producers of liquefied gas (LNG), the Gulf state has become an essential ally of the West. Expectations are that Doha will step in if there are disruptions to gas supplies to Europe from Russia in the event of an escalation of tension with Moscow. Qatar is also seen as a long-term solution to Europe’s reliance on Russian gas. A major complication in the short term is that most of Qatar’s gas is shipped to Asia and China where the Gulf state’s customers agree to fixed, long-term contracts.

February 2, 2022

OPEC+ agrees on another gradual oil-output hike for March

OPEC and its allies agreed to make another modest output increase in March, sticking to their plan even as the failure of several members to deliver the scheduled monthly supply hikes stokes a rally in crude prices. After a brief meeting on Wednesday, the 23-nation coalition rubber-stamped the nominal revival of 400,000 barrels a day for March, according to a statement posted on its website. Widespread difficulties in restoring supplies increasingly place the burden on the group’s Gulf nations: Saudi Arabia, the United Arab Emirates, Iraq and Kuwait. That’s leaving traders anxious over the spare capacity available to cover any disruptions, whether deeper losses in Libya or another attack like last month’s drone strike in Abu Dhabi.

January 31, 2022

Iranian oil tanker to discharge 2 mln barrels in Venezuela, a document reveals

An Iranian supertanker carrying about 2 million barrels of condensate this week began discharging at Venezuelan state-run oil company PDVSA’s main oil port. Last year, the two state companies that are under U.S. sanctions exchanged some 4.82 million barrels of condensate for 5.55 million barrels of heavy crude, mostly transported in Iran-flagged vessels. Condensate is an extremely light oil.

January 27, 2022

Aramco CEO says energy transition “not going smoothly”

Although acknowledging the emergency to shift toward renewable energies, Saudi Aramco Chief Executive Amin Nasser said that investment in oil and gas was needed to run alongside new energy investments until the latter can realistically support rising consumption. Aramco aims to achieve net zero emissions from its operations by 2050 while also building hydrocarbon capacity and expanding its maximum sustained production capacity to 13 million barrels per day. Saudi Arabia’s ambitious goal of ‘net zero’ emissions of greenhouse gasses – mostly produced by burning fossil fuels – by 2060 had to go hand in hand with new energies as demand for conventional energy would likely prevail for, “quite some time”. 

 

January 27, 2022

Oil dips from seven-year high as Russia tensions offset Fed tightening

Oil prices eased after Brent crude hit a seven-year high above $90 a barrel, while the market balanced concerns about tight worldwide supply with expectations the U.S. Federal Reserve will soon tighten monetary policy. U.S. crude fell 20 cents to $87.15 a barrel in a volatile session with both contracts see-sawing between positive and negative territory, amid tensions between Russia and the West and threats to the United Arab Emirates from Yemen’s Houthi movement that had added to oil market jitters. The market is starting to turn its attention to a Feb. 2 meeting of OPEC+, likely to stick with a planned rise in its oil output target for March. It has raised its output target each month since August by 400,000 barrels per day (bpd) as it unwinds record production cuts made in 2020.

January 26, 2022

Power grid link between Saudi Arabia, Iraq to produce 1 gigawatt of energy initially – state news

Following the memorandum reached by the both countries earlier this week, the power grid link between Saudi Arabia and Iraq is expected to produce one gigawatt of energy during the initial phase, the Saudi Energy Minister Prince Abdulaziz bin Salman al-Saud told Iraq’s state news agency INA

January 26, 2022

Oman launches first Middle East electricity spot market

Oman has formally launched the first in the Middle East electricity spot market. Concerned about increasing the efficiency of power procurement, the spot market will enable licensed generators for the first time to offer their surplus capacity at the most competitive rate. Responding to household energy costs – sensitive in the country that saw protests over unemployment – and to protests that occured, Omani finance minister Sultan al-Habsi has been parallelly reviewing electricity and water prices. Oman’s government also decided to cap power tariffs for residential consumers throughout 2022 at December 2021 levels.

January 26, 2022

EXCLUSIVE Qatar could reroute some gas to Europe with U.S. mediation – source

Qatar will need help from the United States to persuade Doha’s natural gas buyers to reroute some supplies to Europe in case a Russia-Ukraine conflict disrupts Russian deliveries to the continent. The U.S. administration has approached Doha and other major energy producers to see if they can help in case Russia attacks Ukraine – opening a new chapter in reviving JCPOA in favor of Iran. Doha can send some additional spare gas to Europe. Realistically, however, lacking spare supply and a potential reluctance of Qatari gas consumers will be a major issue as most volumes are contracted under long-term deals. The European Union needs to think about committing to long-term LNG contracts to avoid future supply shocks.

January 25, 2022

Saudi and Iraq to sign MoU on linking power grids -Saudi ministry

Saudi Arabia and Iraq are going to sign a memorandum of understanding to link the power grids of the two countries, the Saudi energy ministry announced on Twitter – expanding the recent attempts of normalizing markets in Iraq beyond fossil fuels sectors. 

January 23, 2022

Iraq schedules crude shipments for March loading amid strong demand-oil official

Iraq has already scheduled oil shipments for loading in March due to projections of strong demand, Ali Nizar, deputy head of Iraq’s State Organization for Marketing of Oil reported. Ali Nizar put his faith in OPEC regulation. OPEC+ aim to raise output by 400,000 bpd a month is still conflicting with a production that has increased by less than that as some producers struggle to pump more. The market could need additional quantities of oil and OPEC+ will offer more to the market if needed,turning into an advantage to rise the attractiveness of markets. Iraq’s average oil exports are expected to rise to 3.3 million barrels per day in February, from 3.2 million barrels per day in January.

January 21, 2022

OPEC’s share of Indian oil imports falls to lowest in at least 15 yrs

OPEC’s share of Indian oil imports fell in 2021 to the lowest in more than a decade despite a 4% rebound in annual crude purchases by the world’s third biggest oil importer. The surge of Covid cases does not seem to negatively affect the imports that are now expected to rise further – because of the high margin level of the refiners who had to cut crude oil processing for months as lockdowns hit gasoil and jet fuel consumption. India halted imports from Venezuela under pressure from U.S. sanctions and Middle Eastern oil accounted for about 62% of India’s overall imports, India has faced difficulties to import crude from Venezuela and Iran. Indian buyers have turned to the United States, Canada, Guyana and some small producers in Africa for supplies. Generally, OPEC’s share shrunk as refiners increased imports from Canada and the United States, at the expense of Africa and the Middle East.

January 20, 2022

Saudi Arabia’s SABIC launches U.S. Gulf Coast project with ExxonMobil

SABIC signed a joint venture project with ExxonMobil in the U.S. Gulf Coast. The project involves an ethylene production unit and has begun commercial operations.  The company announced plans on Sept. 19 to establish an ethylene production unit with annual capacity of about 1.8 million tonnes, SABIC said in a bourse statement. The unit will feed two polyethylene production units. This commercial deal outlines the increasing economic trend that is taking over the Gulf region: the rise of active competitiveness in the petrochemical sector. Pet-chem has found itself becoming increasingly competitive with regards to Iraq and KSA, while Iran is expected to join the race soon too.

January 19, 2022

China reports first official Iranian oil imports since Dec 2020

China reported the first imports of Iranian crude oil in a year despite ongoing sanctions by the United States governmenty. China brought in 260,312 tonnes of Iranian crude oil in December, according to data from the General Administration of Chinese Customs, which last recorded Iranian oil inflows in December 2020 at 520,000 tonnes. It was not immediately clear which company brought in the latest cargo, which is equal to the amount of oil that would fit onto one very large crude carrier (VLCC) tanker, and which terminal it was discharged into. Unofficially, China’s imports of Iranian oil had held above 500,000 barrels per day on average between August and October. Imports from Iran have accounted for about 6% of China’s crude oil imports, according to shipping data and trader estimates.

January 19, 2022

Abu Dhabi’s Masdar signs green hydrogen deals with Engie, TotalEnergies

Masdar has signed a deal to develop a green hydrogen production plant in the United Arab Emirates with France’s Engie and Fertiglobe. In a separate statement, it said it had also agreed with TotalEnergies and Siemens to co-develop a project for sustainable aviation fuel using green hydrogen in Masdar City. Masdar, Engie, Fertiglobe and the state-owned Abu Dhabi National Oil Company (ADNOC) aim to explore the co-development of an up to 200 megawatt (MW) capacity plant, including the construction of an operational green hydrogen production facility by 2025 in Al Ruwais, Abu Dhabi. Fertiglobe will be the sole long-term user of the hydrogen, which will be used to produce green ammonia. Engie and Masdar formed a $5 billion partnership in December to explore green hydrogen development in the UAE, aiming for at least 2 gigawatts of production capacity by 2030 – recalling us how the world geopolitical contest and energy users looking to cut greenhouse gas emissions have made the green hydrogen touted by some as a key fuel.  Competitiveness has become a major feature for renewables amid Gulf monarchies – deepening economic rivalry especially between the UAE and Saudi Arabia. UAE Energy Minister Suhail al-Mazrouei added his country aims to capture around a quarter of the global market for the fuel, while Saudi Arabia’s energy minister had said in October the kingdom wants to be the world’s top hydrogen supplier.

January 18, 2022

Oil hit 7-year highs as tight supply bites

Oil prices on Tuesday climbed to their highest since 2014 – $100-per-barrel oil is not out of reach, OPEC sources say. The investors worried about global political tensions involving major producers such as the United Arab Emirates and Russia that could exacerbate the already tight supply outlook. The risk added a premium to prices during the session, following Yemen’s Houthi group attack on the UAE – the Houthi movement has warned of the targeting against more facilities. ADNOC said it had activated business continuity plans to ensure uninterrupted supply of products to its local and international customers after an incident at its Mussafah fuel depot. 

January 18, 2022

UAE’s AMEA Power to raise clean energy output to 5,000 MW in 3 years -WAM

AMEA Power, a subsidiary of United Arab Emirates-based Al Nowais Investments aims to raise its output of clean energy to 5,000 megawatts (MW) within the next three years. The agency added that the company’s production from renewable energy projects since its establishment has reached about 2,000 MW, the most effective sectors being solar and wind energy plants gathering 15 countries around, including Egypt, Jordan, Tunisia, Morocco and Mauritania.

January 18, 2022

Saudi SABIC plans petrochemicals plant in Jubail -CEO to Asharq TV

While entering competition over the petrochemicals market arises more and more among Gulf States’ goals, SABIC plans to build a petrochemicals plant in the city of Jubail on the gulf coast, after a similar plant in South Korea starts production by year-end, CEO Yousef Abdullah al-Benyan told Asharq TV on Tuesday. Al-Benyan added that the company views the Korean market as an opportunity to expand in Asia.

January 17, 2022

Sinopec gets first LNG cargo under new deal with Qatar – state media

While the Gulf monarchies are in quest of the monopoly on LNG market, China’s Sinopec Corp received its first cargo of liquefied natural gas under a new term supply deal signed last year with Qatar Petroleum. The tanker Al Sahla, carrying 94,000 tonnes of Qatari gas, was discharged into Sinopec’s Tianjin terminal. This is part of a deal signed with Qatar Petroleum last March for an annual supply of 2 million tonnes for 10 years, with supply starting this month.

January 10, 2022

Saudi bank allocates $200 mln to finance Tunisian imports of Saudi oil derivatives

The Saudi Export and Import Bank has allocated $200 mln to finance Tunisian imports of Saudi oil derivatives, the Economy Ministry said.

2021
December 30, 2021

Saudi Arabia may set deep crude price cuts for Asia in February

Starting in February, Saudi Arabia is predicted to implement price cuts in crude oil sold in Asia after spot prices sank this month and tight supplies appear to be easing. Prices for oil of all grades are expected to go down by more than $1. At the same time, demand is predicted to fall in Asia due to seasonal maintenance in Asian refineries.

December 28, 2021

Iran sees Azadegan oilfield development completed by 2023

The Iranian Oil Ministry announced that the development of Iran’s largest oilfield, Azadegan – in a very strategic location near the Turkish and Iraqi borders – is to be completed by mid-2023. According to the ministry’s Twitter account, the total production is estimated to reach  320,000 barrels per day. To reduce the sanctions-related economic strife, in July 2020, a unit of state-run NIOC signed a deal with the local company Petropars to raise output capacity to 320,000 bpd from 140,000 bpd within 30 months at the Azadegan field, in order to increase the export to Iraq. The report came as indirect talks on the 2015 nuclear deal between Iran and the United States resumed. 

December 27, 2021

Brent rises towards $77 as Omicron concern eases

Helped by OPEC+ suppliers, Brent crude oil rose towards $77 on Monday due to hopes that the Omicron COVID-19 variant will have a limited impact on global demand in 2022, even as US crude came under pressure from flight cancellations amid surging cases. Brent has risen by more than 45 per cent this year, supported by recovering demand and supply cuts by the OPEC+. The fall of oil prices urges action to maintain the supply at the right level. Investors eye the OPEC+ meeting on January 4, in which the producer alliance will decide whether to go ahead with a planned 400,000 barrels per day (bpd) production increase in February. OPEC+ stuck to its plans at its last meeting to boost output for January despite Omicron.

December 23, 2021

Aramco Trading signs fuel deal with Australia’s United Petroleum

Aramco has signed an agreement with Australian retailer United Petroleum for potential long-term fuel supply, product storage and other business opportunities. The deal signed is a non-binding memorandum of understanding, under which ATC intends to explore refined fuel sales to United Petroleum to meet fast-growing demand in Australia. The companies plan to explore product storage and logistics collaboration, while also assessing areas of potential cooperation both within and beyond the energy sector.

December 20, 2021

OPEC+ produces below target in November as compliance rises

OPEC+ compliance with oil production cuts rose to 117% in November from 116% a month earlier, indicating production levels remain well below agreed targets. Compliance from the 10 OPEC countries participating in the production cuts reached 122%, with participating non-OPEC countries achieving 107%, data seen by Reuters showed. The IEA said in its December oil market report that OPEC+ missed its production targets by 650,000 barrels per day (bpd) last month, compared with 730,000 bpd in October. While Western African oil producers are still suffering from underinvestment and struggling to pump sufficiently, stable production of Russian oil and gas condensate has allowed Russian Deputy Prime Minister Alexander Novak to state that Russian oil production will reach pre-pandemic levels by May 2022.

December 13, 2021

Saudi Arabia plans $100 bln renewables investment, says minister

The Saudi energy minister announced the kingdom’s plans to invest 380 billion riyals ($101 billion) in renewable energy projects and a further 142 billion riyals in energy distribution through 2030, thus revealing the strategy of energy policies in Saudi Arabia – to counter Covid-related economic disaster, the supply issue fueled by oil-influencing countries engaged in tensions, and as an instrument for diversification against “oil curse.”.

December 12, 2021

Oman’s PDO-S signs first contract with Tethys

The services unit of Petroleum Development Oman (PDO), signed its first commercial contract with Tethys Oil Oman Onshore Limited for Seismic Acquisition in Block 56 -Twitter.

December 12, 2021

Saudi oil revenues seen at 558 bln riyals in 2021, up 35% -document

Despite the worldwide concern over supply disruption, Saudi Arabia released a budget document including expectations for its oil revenues to reach 558 billion riyals ($148.75 billion) in 2021, up around 35% from the previous year.

December 12, 2021

Saudi crown prince says PIF to invest 150 billion riyal locally in 2022 -SPA

Saudi Arabia’s crown prince announced that the kingdom’s sovereign wealth fund (PIF) invested 84 billion riyal ($22.39 billion) locally in 2021 and it was planning to invest another 150 billion riyal in 2022. Crown Prince Mohammed bin Salman was quoted by state news agency SPA as saying the 2022 budget aims to achieve post-COVID-19 pandemic financial and economic targets for the country. 

December 10, 2021

OPEC+ to continue to restore oil supply to meet growing demand -Novak

 

While the tensions in Ukraine and in Yemen cause high disruption in supply to the energy market, Russia’s Deputy Prime Minister Alexander Novak affirmed the OPEC+ alliance of oil producers’ efforts to restore supply to meet growing demand, based on the relatively low volatility on the oil market at the moment.

December 10, 2021

Qatar energy and ExxonMobil sign Cyprus energy exploration deal

After being granted the right to be the first Gulf nation engaged in oil exploitation in Eastern Mediterranean Sea, a consortium consisting of Qatar Energy and ExxonMobil has signed an agreement with Cyprus for energy exploration and production sharing in Block 5 in the southeast of the island, Qatari News Agency said on Friday, further intensifying tensions with strategic ally Turkey that has shown hostility to the Mediterranean island state since 2016 and had reached a warlike paroxysm in summer 2019.

December 9, 2021

Iraq says reduction of Iranian gas supplies lead to power loss

Iraq’s Ministry of Electricity said on Thursday that a reduction in gas supplies from Iran had cost a power loss of around 3,400 megawatts, the state news agency reported. This declaration reveals the significant Iraqi reliance on Iranian energy resources for years, as well as the increasing need to diversify the suppliers for fossil fuels. It is an effort of national political autonomy toward Iran as Iraq seeks to elect a new government, but also manifests a national goal to implement up-to-date facilities and export Iraqi oil to its neighbors. 

December 8, 2021

Qatar to join energy exploration in Eastern Mediterranean

Qatari oil and gas company, Qatar Energy, becomes the first energy company from the Gulf region that has been granted the rights to explore oil and gas in Cyprus’ offshore in the Eastern Mediterranean. Block 5 lies adjacent to block 10, which ExxonMobil and Qatar Energy also hold the exploration rights for. However, Turkey slammed Cyprus for violating its continental shelf by awarding an exploration license in the Mediterranean to ExxonMobil and Qatar Energy, adding it will not allow unauthorized exploration in its jurisdiction.

December 8, 2021

EXXON to expand partnerships with Qatar

ExxonMobil Qatar president stressed the rising sector of renewable energies for the future commercial strategy of the firm. Due to the current lack of technologies and “right policies”, ExxonMobil is primarily focused now where it has the greatest strengths. The firm conducts 20 projects globally to expand in sustainable development, including in Qatar. Hydrogen and biofuels will have application in some markets such as aviation and heavy transportation. To focus on CCS, hydrogen, and biofuels, ExxonMobil started a new company called ExxonMobil Low Carbon Solutions. Benefiting from a huge presence in LNG activities, the president of ExxonMobil shows significant interest in North Field expansion plans.

December 6, 2021

Omani, Saudi firms sign $30 bln in MoUs amid Saudi crown prince’s visit

Saudi firms and Omani firms owned by Oman’s investment authority and the private sector signed 13 MoUs in sectors including energy, renewable energy, pharmaceutical industries, petrochemicals, the storage and trading of petroleum products,  green hydrogen and mining sectors. 

December 4, 2021

France signs weapons mega-deal with UAE as Macron tours Gulf

France announced multibillion-euro deals to sell fighter planes and combat helicopters to the United Arab Emirates, aiming to boost military cooperation with its top ally in the Persian Gulf amid their shared concerns about Iran. The UAE is buying 80 upgraded Rafale warplanes, worth 16 billion euros ($18 billion), and 12 Airbus-built combat helicopters. Consequently, in a context of JCPOA revival and the Yemen civil war, whose outcomes may directly impact energy supply, France and the UAE will depend on stabilizing markets – even more with Russia at the doors of Ukraine.

December 2, 2021

White House welcomes OPEC’s plans to pump more oil

The U.S. government publicly welcomed a decision by OPEC and its allies to incrementally increase oil output, but added that the United States has no plans to reconsider its decision to release crude reserves. The decision by OPEC+ maintained an existing deal to increase output in January by 400,000 bpd. Biden administration officials have spent weeks publicly pressuring OPEC+ members to increase oil output to help lower energy prices in the United States, where inflation concerns have become a political problem. They also planned to sell 32 million barrels of crude from four Strategic Petroleum Reserve and pushed other countries to do the same in an effort to lower global prices. Asked if Washington would take another look at its decision to release reserves, a decision highly feared by OPEC+ members, J.Psaki was unequivocal: “We have no plans to reconsider.”

December 1, 2021

OPEC+ sees worsening oil surplus Q1, 2022 – document

An OPEC+ report foresees the oil surplus worsening to 2 million barrels per day (bpd) in January, 3.4 million bpd in February and 3.8 million bpd in March next year. Overall, it distinguishes two main causes for such a surplus: the impact of Omicron as jet-fuel related, particularly in Africa and Europe and disruption in transportation fuel demand within Europe.

November 30, 2021

Saudi Aramco’s January OSP jump to factor in OPEC+, omicron

Saudi Aramco and other Middle East producers are expected to raise official selling prices for crude loading in January on the back of a higher Dubai structure. But traders said that OPEC+ output, a resurgence of COVID-19 infection and the new Omicron variant could lead to moderate price increases on the back of cooling demand cues. Sources said that Saudi Aramco and other Middle East producers could raise prices by between 50 cents/b and $1.20/b across all Asia-bound grades. The discovery of Omicron has stalled an increase in crude oil prices, and the release of strategic petroleum reserves by the US and other economies such as India and Japan has put importance on the next meeting of the OPEC+ alliance to discuss output. That meeting will take place on December 2nd to discuss January production levels.

November 29, 2021

UAE’s ADNOC to supply full crude volumes to Asia buyers in Feb – sources

Abu Dhabi National Oil Company (ADNOC) will supply full volumes of all crude grades to term customers in Asia in February for a third consecutive month. This comes ahead of an OPEC+ meeting on December 2nd to discuss 2022 output policy. The United Arab Emirates producer has restored full supplies to Asia since December after OPEC+ agreed to raise output by 400,000 barrels per day a month from August.

November 29, 2021

Saudi Aramco expects about 2 bcf/day in gas from Jafurah field, CEO says

The CEO of Saudi Aramco said that he expects its Jafurah gas field to produce approximately 2 billion cubic feet of gas per day by 2030. Saudi Arabia is working to develop its unconventional gas reserves, unconventional because they require advanced extraction methods such as shale gas. Saudi-owned Al Arabiya TV quoted the energy minister as saying that the cost of developing Jafoura field will be $24 billion, adding that Aramco signed agreements worth $10 billion for the development of the field. Jafurah is the kingdom’s largest unconventional non-oil associated gas field, with reserves estimated at 200 trillion cubic feet of raw gas.

November 28, 2021

Iran plans to boost oil output capacity to pre-sanctions levels by March 2022

Iran is ready to boost its crude oil capacity to 4 million b/d by March 2022, levels not seen since before the US withdrew from the nuclear deal and re-imposed sanctions on the country’s crude sales in 2018. “Our plan is to raise the oil production capacity to what it was before the sanctions by the end of the current [Iranian] year,” Mohsen Khojastehmehr, managing director of the state-owned National Iranian Oil Co. said. The Iranian year ends on March 20th, 2022. Natural gas is also part of the expansion, with one train in phase 14 of South Pars offshore gas field set to go on stream within two months. Also, phase 11 of the shared field with Qatar will become operational in the next Iranian year. Khojastehmehr said that oil and condensate exports have increased recently, without giving further details. The announcement came just as the next round of Iran nuclear talks, which could swing global oil supply by 1.5 million b/d next year, is set for Nov. 29 in Vienna after a five-month pause.

November 28, 2021

Aramco-backed SABIC to rely more on renewables amid 2050 net zero pledge

The CEO of Saudi Basic Industries Corp. said they plan to rely more on renewables in power generation for its operations as it seeks to meet a 2050 net zero carbon emissions pledge. Saudi Basic Industries Corp. is the Middle East’s biggest petrochemical maker and is 70% owned by Saudi Aramco. In late November SABIC signed a memorandum of understanding with the Saudi energy ministry in the field of developing renewable energy projects, providing a platform for SABIC to reach its net zero goal. Saudi Arabia plans to generate half of its power from renewables and the other half from natural gas by 2030. The kingdom also wants to reach net zero carbon emissions by 2060 while boosting its oil production.

November 25, 2021

Reliance, Aramco call off $15 bln deal amid valuation differences, sources say

Sources close to the matter say Reliance Industries and Saudi Aramco have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of the Indian conglomerate due to valuation concerns. Aramco signed a non-binding agreement to buy a 20% stake in Reliance’s O2C business for $15 billion in 2019. Talks broke down over how much Reliance’s oil-to-chemicals (O2C) business should be valued as the world seeks to move away from fossil fuels and reduce emissions. Reliance will instead focus on signing multiple deals with companies to produce specialty chemicals for higher margins. The collapse of the deal reflects the changing global energy landscape as oil and gas companies shift away from fossil fuel to renewables.

November 22, 2021

Oman’s OQ, Kogas Tech ink agreement to explore green hydrogen opportunities

Oman’s state-owned energy company OQ signed on November 21 a memorandum of understanding with South Korea’s Kogas Tech to explore opportunities in the green hydrogen industry as Oman is looking to attract foreign investment to its clean energy projects. Oman is in talks with investors to build green ammonia and hydrogen projects in three free zones, a government official said in August. Oman is accelerating efforts to develop clean energy products as it seeks to supplement its energy industry as well as cater to the global demand for green ammonia and hydrogen. The authority has already signed a land reservation agreement with India’s renewables company ACME Solar Holding Private Limited to develop a green hydrogen and ammonia project in Duqm free zone and German energy company Uniper will join Oman’s Hyport Duqm renewable hydrogen project to provide engineering services and negotiate an exclusive offtake agreement for green ammonia from the facility.

November 22, 2021

Platts launches Middle East hydrogen prices as mega-projects underline region’s ambitions

S&P Global Platts has launched new low-carbon hydrogen assessments in the Middle East as the region strives to become a major exporter of the energy carrier and initial prices showed the Middle East amongst the cheapest producers of renewable hydrogen in the world, behind only Australia. The assessments track three production pathways in Oman, Saudi Arabia, Qatar and the UAE. Announced projects in Saudi Arabia, the UAE and Oman are set to produce 3 million mt/year of hydrogen in the 2030s, with Oman’s 14-GW Al Wusta and Saudi’s 4-GW NEOM projects among the world’s most ambitious to date.

November 21, 2021

Iraq’s Lukoil-operated West Qurna 2 oil field to reach peak output in 2027

Iraq’s southern oil field of West Qurna 2, which is operated by Lukoil, is expected to reach peak production of 800,000 b/d by 2027, the country’s oil minister said. In May 2018, Lukoil signed a new development plan that provides for an oil production plateau of 800,000 b/d, according to the company’s website. The website also says that West Qurna 2 is one of the world’s largest oil fields with around 14 billion barrels of initial recoverable reserves and the field pumps about 9% of total Iraqi oil production. Lukoil also has submitted to Iraq’s oil ministry a preliminary development proposal for Eridu field, which may yield 250,000 b/d at peak output.

November 21, 2021

Iran, Azerbaijan eye joint development of oil and gas fields in Caspian Sea

Iranian oil minister Javad Owji said that Iran and Azerbaijan are looking at finalizing “soon” a number of energy deals, including joint development of an oil field in the Caspian Sea. Owji said, “Initial talks were held regarding [a] gas deal with Azerbaijan, gas swap from neighboring countries with Azerbaijan, the contract for transfer of gas to Nakhichevan and development of oil fields in the Caspian Sea”, and that “some agreements were made”. Azerbaijan’s Nakhichevan enclave, located between Armenia, Iran and Turkey, receives gas from Iran under a swap arrangement agreed to in 2004, with Baku supplying gas to the Iranian city of Astara. The two states have been developing oil and gas cooperation over the past years and they signed a memorandum of cooperation in 2018 for joint work in an oil field located in the waters of the Caspian Sea.

November 18, 2021

Saudi Arabia’s crude oil exports hit eight-month high in September

Saudi Arabia’s crude oil exports in September rose for a fifth month in a row to their highest level since January. Its crude oil exports rose to 6.516 million b/d in September, up from 6.450 million b/d in August. The world’s largest oil exporter’s crude output rose by 100,000 b/d month over month to 9.662 million b/d in September, its highest since April 2020. OPEC+ is also raising output 400,000 bpd per month, gradually unwinding record output cuts made in 2020.

November 15, 2021

Saudi Arabia, Kuwait say other OPEC+ members’ struggles won’t push them to bust quotas

Saudi Arabia and Kuwait indicated that they will not increase their crude oil productions above their quotas to make up for other OPEC members’ shortfalls or to ease the upward pressure on prices. Prince Abdulaziz said he wanted to be “very respectful” to OPEC+, while Kuwaiti counterpart Mohammed al-Fares said infringing on quotas could disrupt the coalition’s harmony and risk ending the supply pact entirely. The recent gas and electricity crunch in Europe and Asia has been pulling up crude prices with some power plants switching fuels to oil, but there is no shortage of oil in the market, the Saudi energy minister said. OPEC, Russia and nine other partners reaffirmed their plans for a small 400,000 b/d production hike for December, rejecting complaints from the US, India and Japan.

November 10, 2021

China’s Iran oil purchases rebound on lower prices, fresh quotas

China’s imports of Iranian oil have held above 500,000 b/d on average for the last three months. The Biden administration has so far chosen not to enforce sanctions against Chinese individuals and companies amid negotiations that could revive a 2015 nuclear deal that would allow Iran to sell its oil openly again. Officially, China has not imported any oil from Iran since the start of 2021, according to its customs data, as state-owned refiners remain sidelined by the US. sanctions. China’s foreign ministry is urging the United States “to lift the illegitimate unilateral sanctions as soon as possible”.

November 9, 2021

Iraq to initiate talks with Chevron to develop energy projects: oil ministry

The country’s oil ministry has said that Iraq has allowed state-run Iraqi National Oil Co. to start negotiations with Chevron to develop fields in the southern province of Dhi Qar. Development could include four exploration blocks and other potential projects such as gas development and solar power plants. The Nasiriyah fields in Dhi Qar could initially produce 600,000 b/d of crude over a seven-year period, the ministry said.

November 8, 2021

Higher energy prices lift Qatar budget surplus – finance ministry

Qatar’s government budget recorded a surplus of 0.9 billion riyals ($247 million) in the third quarter, boosting the nine-month surplus in 2021 to 4.9 billion riyals. This comes as higher energy prices increased the nation’s revenue. Expenditures reached 46.1 billion riyals in Q3, of which 16.3 billion riyals went towards major projects.

November 8, 2021

OPEC+ hikes October output by 480,000 b/d but many members underperform

OPEC and its allies boosted crude oil production by 480,000 b/d in October, according to the latest S&P Global Platts survey. Only half of the group’s members actually increased output last month though, as many coalitions are struggling to pump as many barrels as promised. Many of the members have been beset by significant disruptions due to a combination of factors ranging from damaged infrastructure, operational issues and technical problems. The monthly rise was attributed mainly to the group’s largest oil producers such as Saudi Arabia, Russia, the UAE and Kuwait as well as Kazakhstan, which completed heavy maintenance on a key field.

November 7, 2021

Qatar orders six LNG ships from Korean shipyards amid expansion plans

QatarEnergy has ordered six LNG ships from two South Korean shipyards, the first batch under a 2020 agreement, as the Gulf state seeks to meet requirements for its North Field expansion plans. Four vessels were ordered from Daewoo Shipbuilding & Marine Engineering and two ships from Samsung Heavy Industries. The cost of the order and timeline of delivery has not been disclosed. Qatar’s North Field is the world’s largest offshore gas field and the expansion project will boost its LNG production capacity to 126 million mt/year by 2027 from 77 million mt/year now.

November 4, 2021

UAE targets 25% of global hydrogen fuel market by 2030

The United Arab Emirates aims to capture 25% of the global hydrogen fuel market by 2030. The country also said that it was implementing more than seven ambitious hydrogen projects, targeting main export markets including Japan, South Korea, Germany and India, in addition to other markets in Europe and East Asia.

October 25, 2021

Middle East Green Initiative to invest $10 bln, Saudi crown prince says

Saudi Arabia’s Crown Prince launched a Middle East Green Initiative on Monday which he said aimed to secure 39 billion riyals ($10.4 billion) for an investment fund and clean energy project as part of efforts to reduce regional carbon emissions. The Crown Prince said that the kingdom would contribute 15% of the funds and would work with other states and development funds on funding initiatives. When this Green Initiative plan was first announced in March, the Prince said it aimed to reduce carbon emissions in the region’s hydrocarbon industry by 60% and reverse desertification in one of the world’s most water-stressed regions by planting billions of trees. Prince Mohammed bin Salman also pledged that Saudi Arabia would reach “net zero” emissions by 2060.

October 25, 2021

OIL FUTURES: Crude bounces past $86/b mark as supply outlooks hold firm

Crude oil hit $86.14/b as supply sentiment remains firm while OPEC+ holds steady on crude oil production rises. Demand recovery from impacts of COVID-19 coupled with a conservative approach from the OPEC+ alliance to raise its crude oil production has been providing support to the complex lately. Supply tightness has also been exacerbated by the inability of some OPEC+ countries to raise production quickly to match monthly increments in quotas. An analyst from ING said “Comments from the Saudi energy minister which suggest that OPEC+ will continue to take a cautious approach in increasing output is likely providing some support to the market, particularly with other members of OPEC+ echoing the Saudi view”.

October 24, 2021

Saudi Arabia wants to be top supplier of hydrogen – energy minister

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman al-Saud has said that the country wants to be the biggest supplier of hydrogen. He added that the country intends to produce and export somewhere around 4 million tonnes of hydrogen by 2030. There are growing international calls for reductions in fossil-fuel investment and for the focus to shift towards renewable energy sources. Earlier this year, the chief executive of Aramco, said that the company is looking for off-take agreements for hydrogen in its key markets to expand its output and sees strong potential for growth.

October 24, 2021

QatarEnergy enters deal with ExxonMobil to explore offshore Canada’s Atlantic coast

QatarEnergy has entered an agreement with ExxonMobil Canada to explore offshore from Newfoundland and Labrador, Canada. The agreement will have QatarEnergy holding 40% and ExxonMobil Canada owning the rest. The exploration site “represents our first entry into offshore Canada in an established producing basin with the leading producer in the area,” Qatar energy minister Saad al-Kaabi said in a statement. The block covered by the agreement is approximately 450km east of the city of St. Johns, at a depth of 1,100 meters. QatarEnergy has increasingly looked abroad for upstream assets in a global diversification push.

October 23, 2021

Oil giant Saudi Arabia pledges to achieve carbon neutrality by 2060

Crown Prince Mohammed bin Salman announced that Saudi Arabia aims to achieve net-zero carbon emissions by 2060, with more than 60 initiatives planned at an initial cost of almost $190 billion. The goal refers to emissions produced domestically and does not apply to hydrocarbons exported and combusted elsewhere. Renewables, carbon capture, utilization and storage, direct air capture and hydrogen are some of the projects that the country will develop to meet this goal. The Saudi energy minister said 2060 was the chosen year to reach net zero because most technologies needed for the energy transformation won’t be “mature” until 2040. Saudi Arabia is currently the world’s largest crude oil exporter.

October 22, 2021

Biden blames OPEC for high oil prices, sees US fuel costs easing in 2022

President Joe Biden blamed the current high oil prices on OPEC withholding supply, while ultimately dismissing the idea that he might try to persuade the producer group to increase production. Biden suggested he had few near-term options for moderating high fuel prices while Saudi Arabia did have the ability to cool off the market. “A lot of Middle Eastern folks want to talk to me,” he said. “I’m not sure I’m going to talk to them. But the point is, it’s about gas production”. He did not mention US oil production, which remains nearly 2 million b/d under its 13 million b/d peak in November 2019.

October 22, 2021

Kuwait says drilling, facilities work underway to reverse declining oil production capacity

Kuwait will be able to unlock some 500,000 b/d of potential output capacity in the next two years, the head of its state oil company said. This announcement was made seeking to allay concerns over the firm’s own admission that the ability to pump crude has declined in the past three years. Earlier this month, a report said that Kuwait Oil Co.’s maximum sustainable production capacity had fallen to 2.579 million b/d as of March 31, down 572,000 b/d from 2018. To achieve the 500,000 b/d, a drilling program of 500 wells annually, construction of two gathering facilities and water injection facilities, and other infrastructure projects are currently underway. In September, Kuwait announced plans to invest $6.1 billion on exploration over the next five years, but analysts have cast doubts on this figure due to the oil sector being hampered by political instability.  Kuwait hopes to have capacity up to 4 million b/d by 2035 – 2040. 

October 14, 2021

Russian deputy PM, Saudi energy minister discuss oil, hydrogen and nuclear energy

The Russian Deputy Prime Minister and Saudi Arabia’s Energy Minister discussed oil markets, hydrogen and nuclear energy, according to a statement on the Russian government website. The Deputy Prime Minister, Alexander Novak said the two countries are also working on a project for the full production of solar installations and power generators. Novak also met with the UAE’s Energy Minister to discuss hydrogen and bilateral cooperation, as well as the Russian-UAE conference on oil, petrochemical and gas cooperation due to take place on the sidelines of ADIPEC.

October 11, 2021

Saudi Aramco taps banks for $12-14 bln gas pipeline loan – sources

Saudi Aramco has asked banks to arrange a loan expected to be in the $12 billion to $14 billion range that it plans to offer to buyers of its gas pipeline network. Potential buyers are expected to submit bids at the end of October, said one of the sources. Sources have also previously said Aramco could raise at least $17 billion from the sale of a significant minority stake in its gas pipelines. And a previous deal, which included all of Aramco’s existing and future stabilized crude pipelines, was backed by $10.5 billion financing from a large group of banks including Citi, HSBC and JPMorgan.

October 11, 2021

Iraq’s oil sector progress, IOC deals hinge on outcome of parliamentary elections

The outcome of the October 10th parliamentary elections will influence the progress of Iraq’s oil sector and the finalization of numerous key deals with international oil companies signed during the one-and-a-half year tenure of Mustafa al-Kadhimi’s government. Oil Minister Ihsan Ismaael has managed to sign several deals with international oil, gas and power companies, but most of these agreements are not final and their implementation will depend on the next government. The most high profile deal is a $27 billion agreement with TotalEnergies that includes four projects. Help from international oil companies is needed if Iraq is to fulfill its plans to boost its oil production capacity beyond the estimated 5 million b/d.

October 11, 2021

Qatar Petroleum changes name to Qatar Energy – newspaper

Qatar Petroleum has changed its name to Qatar Energy, reported the Qatari newspaper, The Peninsula. A press conference in Doha has been planned to discuss the name change.

October 11, 2021

Saudi to supply additional crude to some Asian refiners in Nov -sources

Saudi Aramco has agreed to supply additional crude to at least three Asian buyers in November, while meeting full contractual volumes for four others. Aramco has been supplying full crude volumes to Asia despite limiting output to comply with a pact between OPEC+. Besides Saudi Arabia, Kuwait is also able to supply incremental light and heavy crude cargoes above contractual volumes in November, two other sources said.

October 11, 2021

Saudi Arabia’s biggest IPO since Aramco surges in debut

ACWA Power International raised more than $1.2 billion in the biggest Saudi listing since Aramco. The stock jumped by the 30% daily limit to 72.80 riyals and ACWA is now valued at $14.2 billion, making it one of the biggest listed companies in Riyadh. ACWA aims to play a major role in the transition to greener energy by producing renewable electricity and hydrogen, as the government has said ACWA will help develop 70% of Saudi renewable energy projects. It is also a part of a consortium developing a $5 billion plant for exporting green energy and using solar and wind powered fuel in the new city of Neom.

October 8, 2021

Iraq signs deal with consortium led by Norway’s Scatec for 525 MW solar plants

Iraq signed an agreement with a consortium led by Norway’s Scatec Solar to build two solar power plants with a total capacity of 525 MW. The other companies in the consortium are Egypt’s Orascom Construction and Iraq’s Bilal. The project is part of a plan to develop 7.5 GW of renewable power before 2023 and follows the signing of an agreement with UAE’s Masdar to develop 1 GW of renewable power from five plants in an initial phase. Iraq is under increasing pressure from the US to wean itself off electricity and gas imports from Iran, which has been subject to US sanctions since 2018, and it has been striking a number of renewable agreements to help lower its dependence on oil and gas as feedstock for power generation.

October 7, 2021

Iraq seeks 7.5 GW of renewable power as it inks 2 GW deal with UAE’s Masdar

Iraq is seeking to develop 7.5 GW of renewable power as it inks a 2 GW agreement with UAE’s clean energy firm Masdar. In the initial phase of the Masdar deal, 1 GW will be developed in Iraq and the UAE Energy Minister said the Masdar deal will be a “long-term investment”. Iraq has been striking a number of renewable agreements to help lower its dependence on oil and gas as feedstock for power generation including $27 billion deals with TotalEnergies and initial agreements with PowerChina.

October 6, 2021

Iraq in advanced talks with IOCs over boosting oil capacity to 8 mil b/d by 2027

Iraq, OPEC’s second-biggest producer, is in advanced talks with international oil companies over boosting the country’s production capacity to 8 million b/d by end of 2027. Several oil companies operate the country’s biggest oil field in the south, including BP’s Rumaila, Lukoil’s West Qurna 2 and Eni’s Zubair. But ExxonMobil has filed an arbitration case against state-owned Basra Oil Co. over its stalled attempt to sell its stake in the giant West Qurna 1 oil field.

October 4, 2021

Oman ‘almost back to normal’ as Sohar port reopens after cyclone

Oman is “almost back to normal” said Oil Minister Mohammed al-Rumhi. This is a day after Cyclone Shaheen hit the country, temporarily disrupting LNG and crude oil loadings. Oman is the Middle East’s largest crude oil producer outside of OPEC, and one of the few LNG exporters in the region along with Qatar. Sohar Port and Freezone resumed marine operations on Oct. 4 after closing as a precaution the day before. There have been no reports of infrastructural damage or injuries.

October 4, 2021

OPEC+ agrees to stick to existing oil output plan, sources say

OPEC and its allies agreed to stick to their existing agreement to add 400,000 b/d of oil to the market in November. This is despite pressure from consumers as the price of benchmark Brent crude has surged above $80. That price is more than 50% higher than at the start of the year, which has been pushed up due to supply disruptions, and surging demand amidst an economic recovery from the COVID-19 pandemic.

October 3, 2021

ADNOC Drilling jumps over 30% in debut for Abu Dhabi’s largest IPO

ADNOC Drilling shares, a unit of the Abu Dhabi oil giant ADNOC, jumped 30% as trading started on Sunday, October 3rd. The initial public offering was $1.1 billion, the largest ever on the Abu Dhabi stock market. ADNOC Drilling, whose share offering attracted more than $34 billion in demand, is expected to be among the 10 largest companies on the Abu Dhabi Securities Exchange. ADNOC increased the size of the IPO to 11% of share capital because of oversubscription. It had previously targeted selling a minimum stake of 7.5%. 

October 3, 2021

Qatar orders four LNG carriers from China, its first shipyard deal with Beijing

State-owned Qatar Petroleum has ordered four new LNG carriers from Hudong-Zhonghua Shipbuilding Group Co. (Hudong), a unit of China State Shipbuilding Corp. This is its first LNG vessel deal with a shipyard from China. The cost of the order exceeds Qatari Riyals 2.8 billion ($770 million), Saad al-Kaabi, Minister of State for Energy Affairs and QP CEO, said in the statement. Qatar Petroleum signed an agreement to reserve LNG ship construction capacity in China to support its North Field, which is the world’s largest offshore gas field, located in the Persian Gulf and shared with Iran.

October 2, 2021

Reliance sets up a subsidiary in UAE for trading oil

Reliance Industries has said that it’s setup a wholly owned subsidiary in the UAE for trading in crude oil, petroleum, petrochemical products, and agricultural commodities. The new subsidiary is called Reliance Industries Ltd. It has yet to commence operations, but $1 million has been invested into the new business. Reliance Industries operates the world’s biggest refining complex at Jamnagar in western India. The company did not say why they decided to set up a new unit located in the UAE, but it is in line with it becoming more internationally focused.

September 30, 2021

Saudi Arabia may trim November crude prices for Asia

Top oil exporter Saudi Arabia may just trim November crude prices for customers in Asia even though Middle East benchmarks posted wider declines this month, industry sources said. Saudi Aramco typically sets prices based on the monthly change in benchmark Dubai’s market structure. They’re expected to deviate from this pricing formula as it already slashed October prices.

September 29, 2021

Qatar signs 15-year deal to sell China 3.5 mil mt/yr LNG

Qatar Petroleum said Sept. 29 that it had reached an agreement to supply 3.5 million mt/year of LNG to China over 15 years, starting January 2022. The long-term sale and purchase agreement is with CNOOC Gas and Power Trading & Marketing Ltd., a subsidiary of China National Offshore Oil Corp. This comes at a time when buyers are hesitant to commit to new long-term investments in LNG supply, in part due to price volatility. Qatar made its first LNG shipment to CNOOC in September 2009 and as of August 2021, Qatar has delivered 715 LNG cargoes to China.

September 29, 2021

Iraq reconfigures Gulf terminal to boost exports of Basrah Medium crude: sources

Iraq has converted nearly half of its export capacity at its southern terminal on the Gulf coast to load its Basrah Medium crude, sources at the country’s State Oil Marketing Organization and Basrah Oil Company said. This enables the country to boost shipments to nearly 1.8 million b/d of Basrah Medium from its fixed jetties at the Al-Basrah Oil Terminal. SOMO introduced the Basrah Medium grade in January to address quality issues with the country’s biggest crude stream, Basrah Light. Basrah Medium is now SOMO’s most popular export grade, especially in Asia, outpacing shipments of Basrah Light and Basrah Heavy.

September 28, 2021

Dana Gas says tribunal awards it $607.5 million in Iran deal dispute

UAE energy firm Dana Gas said on Tuesday an international arbitration tribunal had awarded it $607.5 million in a gas supply dispute with National Iranian Oil Co. The dispute concerns a 25 year gas sales and purchase contract between Dana Gas affiliate Crescent Petroleum and NIOC. Dana Gas says the gas was never delivered. The damages awarded are for the first eight and a half years of the 25 year agreement that had been due to start in 2005. A final hearing on a “much larger claim” for the remaining 16.5 years has been set for October next year in Paris with a decision on that award due in 2023, Dana Gas said in a statement.

September 28, 2021

OPEC forecasts oil demand rebound before post-2035 plateau

OPEC forecasts that oil demand will grow sharply in the next few years as economies recover from the pandemic. They also added that the world needs to keep investing in production to avert a crunch despite an energy transition. But OPEC’s view contrasts with that of the International Energy Agency, which said that investors should not fund new oil projects if the world wants to reach net zero emissions. Oil use will rise by 1.7 million barrels per day in 2023 to 101.6 million bpd, OPEC said. This is in addition to robust growth already predicted for 2021 and 2022.

September 27, 2021

Iranian condensate cargo begins discharging in Venezuela – sources

A 2.1-million barrel cargo of condensate supplied by Iranian National Oil Company to Venezuela’s PDVSA began discharging this week, according to two sources and tanker tracking data. This is the first of a swap deal between the state-run firms, who have agreed to a medium-term contract to exchange Venezuelan heavy crude for Iranian condensate. U.S. sanctioned Venezuela and Iran have since last year strengthened their cooperation. Both their state-run oil companies are barred by the U.S. Treasury Department. A second 2.1 million-barrel condensate cargo, contracted under the same swap agreement, is expected to arrive in Venezuelan waters in the coming weeks, the sources said.

September 27, 2021

APPEC: Qatar could surpass Australia in hydrogen, energy transition, says Woodside ex-CEO

Peter Coleman, former CEO of Australia’s largest oil and gas independent company, said that Qatar can utilize being a planned economy to gain the first-mover advantage over Australia in the emerging market for hydrogen and hydrogen-derived energy products. He said, “The Qataris can work on a government-to-government level to establish the infrastructure at both ends, supply and demand”. Coleman also stated that, “rather than be a competitive threat, the Qataris can be seen as the pioneers forging through, and there will be a great industry that comes from behind it”.

September 27, 2021

Bahrain abolishes NOGA, oil ministry to take over functions

Bahrain’s king issued a royal decree abolishing the National Oil and Gas Authority, with all its functions to be undertaken by the oil ministry, the state-run Bahrain News Agency said. NOGA has raised funds in the debt capital markets several times over the past few years, including a $600 million issuance of sukuk, or Islamic bonds, in April. It has $2.25 billion in outstanding conventional bonds, according to Refinitiv data.

September 27, 2021

Germany’s Uniper looks to Middle East for more hydrogen supplies

German energy company Uniper is in talks with more Middle East hydrogen producers to acquire supply for the European market. This is part of Uniper’s plan to supply customers with decarbonized hydrogen and to turn its European operations carbon neutral by 2035, company officials said. They want to use their natural gas, LNG shipping, and storage network in Europe to support its hydrogen ambitions. In July they held negotiations with Oman for an exclusive offtake agreement for green ammonia. Germany has a subsidy mechanism that could benefit Middle East sales if offering prices are competitive with other suppliers such as Australia and Chile.

September 27, 2021

ACWA to finance renewable energy projects with green bonds – CEO

ACWA Power, partly owned by Saudi Arabia’s PIF sovereign wealth fund, will look at issuing green bonds starting next year to finance some of its renewable energy projects, its chief executive said. ACWA Power already has five projects certified for green finance which together will require just under $10 billion to fund. In August, ACWA and a consortium secured financing for Sudair Solar PV, a 1.5-gigawatt plant that is the first under the Public Investment Fund’s renewables program.

September 25, 2021

Exclusive: Under U.S. sanctions, Iran and Venezuela strike oil export deal

State-run firms Petroleos de Venezuela (PDVSA) and National Iranian Oil Company (NIOC) have agreed to a key contract to swap Venezuelan heavy oil for Iranian condensate that it can use to improve the quality of its tar-like crude, five people close to the deal said. Venezuela seeks to boost its flagging oil exports in the face of U.S. sanctions. This deepens the cooperation between two of Washington’s foes. PDVSA plans to mix the Iranian condensate with extra heavy oil to produce diluted crude oil, a grade demanded by Asian refiners that it has struggled to export since late 2019 when suppliers halted diluent shipments due to sanctions, three sources said.

September 20, 2021

Iran appoints Iraq energy envoy amid reduced gas, electricity exports

The Iranian oil minister has appointed a special energy envoy to help bolster Tehran’s ties with neighboring Iraq. Javad Owji has appointed Abbas Beheshti to follow up on the settlement of gas export dues and identify other common interests between the two countries around oil product trading and private sector investments in the oil industry. There will also be a follow up on data surrounding shared oil fields, which Iran shares 12 with Iraq. This all comes at a time when Iraq is being pressured by the US to wean itself off Iranian energy imports. Iraq also owes Iran billions of dollars in unpaid energy bills due to its inability to settle without the threat of US sanctions.

September 19, 2021

Kuwait starts 100,000 b/d oil gathering center amid expansion plans

State-owned Kuwait Oil Co. has started operations at a new gathering center that can handle 100,000 b/d of crude oil as the OPEC producer forges ahead with plans to expand its production capacity.  GC-31 was built by Dodsal, and it is one of three gathering centers that have been constructed, each of which will be able to produce 100,000 b/d of crude oil. It will also process 62.5 MMcf/d of associated gas and 240,000 b/d of treated water. Petrofac has also won a $1.3 billion project to construct GC-32 at Burgan, the country’s largest oil field. It is the first sour crude gathering center to be developed at Burgan and will process 120,000 b/d of crude and associated gas. Work on GC-32 was supposed to end in mid-2020.

September 19, 2021

OPEC to stick to oil production deal in October, Iraq oil minister says

OPEC and its allies will try to keep oil prices at $70 per barrel in the first quarter of 2022, Iraq’s oil minister said. He also added that the group is expected to stick to its current production accord when it meets in October “if prices remain stable”. Iraq’s total oil exports, including those of the Kurdistan region in the north of the country, should stand at an average of 3.4 million barrels per day in September.

September 19, 2021

Saudi retains top spot in oil supplies to China with volumes up 53% y/y

Saudi Arabia kept its ranking as China’s top crude supplier for a ninth straight month in August as major producers relaxed production cuts. Saudi oil arrivals surged 53% from a year earlier to 8.06 million tonnes, or 1.96 million b/d. That compares with 1.58 million b/d in July and 1.24 million b/d in August last year. OPEC and its allies decided in July to ease production cuts and increase supply by a further 2 million b/d.

September 17, 2021

Iran’s petrochemical, fuel sales boom as sanctions hit crude exports

Iranian fuel and petrochemical exports have boomed in recent years despite stringent U.S. sanctions. This leaves Iran well placed to expand sales swiftly in Asia and Europe if Washington lifts its curbs. The United States imposed sanctions in 2018 on Iran’s oil and gas industry to choke off its main source of revenue in a dispute with Tehran over its nuclear work. The sanctions crippled crude exports but not sales of fuel and petrochemicals, which are harder to trace. Iran exported petrochemicals and petroleum products worth almost $20 billion in 2020, which were its main sources of revenue and twice the value of its crude exports. If the sanctions are lifted Iran is positioned well, as Iranian gasoline exports rose 600% year over year in 2020 to 180,000 b/d.

September 16, 2021

Abu Dhabi inks agreements with BP to develop clean energy projects

Three agreements between Abu Dhabi and BP were announced on September 16th, 2021 for investments in hydrogen, sustainable aviation, and carbon capture, among other technologies.  The development will be billions of dollars in clean-energy projects located in both the UAE and the UK. The UAE has aspirational clean energy goals of its own, even as it ramps up its crude production capacity, holding the eighth largest oil reserves. The deals are the latest efforts by the hydrocarbon-rich emirate to scale up its alternative energy sector and diversify its economy by partnering with international oil companies. Officials in the emirate have outlined plans to generate half of its energy from clean and renewable sources, including nuclear power, by 2050.

September 13, 2021

OPEC now predicts 2022 return to pre-pandemic oil demand, in bullish case for output hikes

OPEC is now projecting world oil demand to exceed pre-pandemic levels in 2022, while the bloc and its allies plan to continue to gradually raise crude output. The projected forecast raised global demand growth in 2022 to 4.15 million b/d, up from last month’s 3.28 million b/d. This higher estimate is driven by a stronger than anticipated recovery in various fuels, and a steady economic outlook in all regions. The 2021 demand forecast has been kept largely unchanged and the non-OPEC supply for 2021 has been expected to increase less than predicted due to Hurricane Ida and a fire in Mexico disrupting production.

September 13, 2021

Lebanon’s Hezbollah says Iranian fuel oil to arrive Thursday

Hezbollah says that a ship carrying Iranian fuel oil has docked in Syria to help Lebanon through its financial crisis. Fuel has dried up during Lebanon’s economic crisis, leading businesses and households to rely on private generators that run on fuel oil. The vessel arrived in Syria instead of Lebanon to prevent U.S. economic sanctions, though Hezbollah’s opponents say the purchase and future purchases still risks sanctions. Three more ships carrying gasoline and fuel oil are expected in the coming days, while the United States is backing an effort to address the financial crisis by bringing in Egyptian gas via Jordan and Syria.

September 12, 2021

UAE’s Brooge starts 600,000 cu m fuel oil, crude storage facility at Fujairah

UAE based Brooge Petroleum and Gas Investment Co. has started operations at its 600,000 cu m second phase storage facility at the Port of Fujairah. This brings the storage facility to 1,000,000 cu m (6.3 million barrels) which can store fuel oil, clean products and crude. Fujairah is one of the seven emirates in the UAE federation that is located outside the key chokepoint of the Strait of Hormuz and The Port of Fujairah is the world’s third-biggest bunkering hub. It expects its oil storage capacity to triple to 12 million cu m by 2024, with Abu Dhabi National Oil Co. and Ecomar looking to expand their storage facilities and Brooge already working on a third storage facility.

September 10, 2021

UAE’s Barakah nuclear power starts second reactor, government says

The Barakah nuclear power station in the United Arab Emirates began operating its second reactor, the Abu Dhabi government media office said on Friday. Once completed Barakah, which is being built by Korea Electric Power Corp, will have four reactors with a total capacity of 5,600 megawatts, which is equivalent to about 25% of the UAE’s peak demand. This second reactor comes after the first reactor started commercial operations in April.

September 8, 2021

Aramco oil pipelines investors to sell at least $4 bln in bonds in Q4 – sources

A consortium led by EIG Global Energy Partners that took a stake in Saudi Aramco’s oil pipelines is preparing to issue at least $4 billion in the fourth quarter. This is to refinance a loan that largely funded the $12.4 million deal. The deal gave the consortium a 49% stake in a new entity, Aramco Oil Pipelines Company, and rights to 25 years of tariff payments for oil transported through Aramco’s oil pipeline network. The bonds will be refinanced across two to three deals and the pipeline investors will likely come to market with the first bonds and accelerate a previous timeline to the fourth quarter of this year. It was previously said in April 2021 that the first bond sale would likely be in the first quarter of 2022.

September 8, 2021

UAE’s Dana Gas secures U.S. agency funding for Iraqi Kurdistan project

The UAE’s Dana Gas has secured $250 million in financing from the U.S. development agency to fund the expansion of gas production at the Khor Mor plant in Iraqi Kurdistan. This is the biggest ever financing in Iraq by the U.S. development agency. Pearl Petroleum, a consortium that is co-led with UAE’s Crescent Petroleum, secured the 7-year financing from the International Development Finance Corp. Developing gas fields in Kurdistan to power local industries would cut carbon emissions as well as help save on fuel costs. Expansion of the Khor Mor plant was halted last year due to the COVID-19 pandemic and is expected to be completed in April 2023.

September 5, 2021

Saudi Arabia foils missile, drone attacks near Aramco HQ, refinery

Saudi Arabia foiled ballistic missile and booby-trapped drone attacks in the eastern province near Aramco’s headquarters and the cities of Najran and Jazan on September 4th. Yemen’s Houthis claimed responsibility for the attacks, in which ten drones and 6 ballistic missiles targeted the Aramco facilities and Jeddah, Jazan and Najran. Saudi air defenses intercepted and destroyed the missiles which led to a scattering of debris that slightly damaged 14 houses in the al-Dammam neighborhood. This is not the first time the Houthis have launched attacks against Aramco. While most have failed, the September 2019 attack on Aramco’s Abqaiq crude processing plant and Khurais oil field temporarily knocked out 5.7 million b/d and upset the markets.

September 2, 2021

Saudi Arabia’s ACWA Power launches $1 billion IPO

Saudi Arabian utility developer ACWA Power announced its intention to float on the Riyadh bourse in an initial public offering which sources have said could raise more than $1 billion. 85.3 million shares are planned to be issued, representing 11.67% of the capital after a capital increase. 11.1% of the company, or 81.2 million shares will be offered to the public and around 4.14 million shares will be allocated to certain employees of the company and its subsidiaries. About 70% of the IPO proceeds will go towards financing the company’s equity contribution to upcoming projects and the remaining 30% will be used for general corporate purposes. The IPO was originally planned for 2018 but was delayed due to problems with a power plant in Turkey.

August 25, 2021

Iraq, PowerChina ink agreement to develop up to 2 GW of solar power

Iraq and state-owned PowerChina have signed an initial agreement to develop 2 GW of solar power plants. In the first phase, PowerChina will develop 750 MW, and Iraqi officials say the agreement would help further the country’s goal of generating 20%-25% of its energy from renewables by 2030. Iraq is under increasing pressure to wean itself off Iranian electricity and gas imports which have been subject to US sanctions since 2018. Waivers have been granted to Iraq since 2018 to continue importing energy from Iran. A number of difficulties are occurring with Iraqi energy though, such as intermittent supply of gas and electricity from Iran, difficulty paying back the billions of dollars worth of dues to Tehran, and the slowness of capturing its own associated gases.

August 16, 2021

India’s Petronet aims to extend long-term LNG buy deal with Qatar

India’s top gas importer Petronet LNG hopes to extend its long-term deal to purchase LNG from Qatar beyond 2028 with India’s gas demand set to rise. Petronet’s long-term deal to buy 7.5 million tonnes per year of LNG from Qatar expires in 2028. The company’s head of finance, V.K. Mishra, said negotiations for the extension of the contract under new terms and conditions will begin in 2023.

August 16, 2021

Aramco in advanced talks on up to $25 billion Reliance deal

Saudi Aramco is in advanced talks to acquire roughly 20% stake in Reliance Industries Ltd’s oil refining and chemicals business, worth about $20 billion to $25 billion in Aramco’s shares. An agreement could be reached as soon as the coming weeks, however, Aramco and Reliance declined to comment on the matter.

August 15, 2021

Saudi Aramco joins local 1.5 GW solar project with a 30% stake

Saudi Aramco, alongside the country’s sovereign wealth fund and Riyadh-based ACWA Power, is investing in its largest solar project with a capacity of 1.5 GW. The $907 million Sudair solar PV plant is the first project under PIF’s renewable energy program that aims to support Saudi Arabia’s energy transition and contribute 70% of the country’s renewable energy under the National Renewable Energy Program. The project will be able to power 185,000 homes, while offsetting nearly 2.9 million mt/year of emissions.

August 13, 2021

Iran Oil Output Falls To 40-year Low In 2020

According to an analysis by the U.S. EIA, Iran’s crude oil production fell to its lowest in 40 years. Before the U.S. withdrawal from the Iran nuclear deal and the snap-back of sanctions, Iran was pumping around 2.6 million bpd and exporting some 2.5 million bpd. Now Iran’s oil output stands at less than 2 million bpd due to the pandemic and U.S. sanctions specifically targeting Iran’s oil industry.

August 11, 2021

U.S. calls on OPEC and its allies to boost oil output

U.S. President Joe Biden’s administration urged OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to the global economic recovery. The request reflects the White House’s willingness to engage major world oil producers for more supply to help industry and consumers, even as it seeks the mantle of global leadership in the fight against climate change and discourages drilling at home.

August 11, 2021

Iraq wants to boost its oil output to 8 million bpd by 2027

Iraq wants to boost its oil production to 8 million bpd by 2027 according to the country’s oil minister Ihsan Ismaael, with a current oil production capacity of around 5 million bpd. Iraq was one of the five countries that negotiated a higher baseline for its OPEC+ quota, which will rise from 4.653 million bpd through April 2022 to 4.803 million b/d in May 2022 onwards.

August 10, 2021

Baghdad Says Iran Halted Electricity Exports To Iraq

According to Iraq’s Electricity Minister Adil Kareem, quoted by Iranian Mehr News Agency, reduction in hydropower output in Iran amid a water scarcity has prompted Tehran to suspend electricity exports to neighboring Iraq, which relies on Iranian power and gas supply. Major Iraqi power plants are dependent on Iranian natural gas supply, and Iraq also imports electricity from Iran, as Baghdad’s power generation is not enough to ensure domestic supply.

August 9, 2021

Iraq, Kurdistan Region Look To Resolve Long-Standing Oil Dispute

The federal government of Iraq and the semi-autonomous region of Kurdistan pledged on Sunday to cooperate and resolve their differences in energy issues when the Iraqi Minister of Oil Ihsan Abdul Jabbar Ismaael met with Kamal Atroushi, Minister of Natural Resources of the Kurdistan Regional Government (KRG), in Baghdad. The ministers agreed to put national interest above other considerations and said transparency was important in the energy sector across Iraq.

August 8, 2021

Saudi Arabia’s first wind farm starts power generation

Saudi Arabia’s first wind farm, with a capacity of 400 MW, has started power generation. Dumat al-Jandal, which is being developed by UAE clean energy firm Masdar and France’s EDF Renewables in the northern part of the kingdom, will power up to 70,000 Saudi households when it’s complete.

August 6, 2021

OPEC+ hikes crude output 750,000 bpd in July

OPEC+ added 750,000 bpd of crude production in July, slightly shy of what it had planned, as only eight of the coalition’s 22 producers boosted output last month despite looser quotas. The group’s compliance to its July quotas, however, fell to 106%, its lowest compliance rate since January. This was because Saudi Arabia unwound almost all of its voluntary cut, producing 9.48 million bpd, near its July quota of 9.50 million bpd and its highest level since April 2020. The OPEC+ alliance has now added 1.72 million bpd of production in the past three months as the oil demand recovery gathers pace this summer.

August 6, 2021

G7 says Iran behind tanker attack

Foreign ministers from G7 said Iran was threatening international peace and security and that all available evidence showed it was behind an attack on the Mercer Street tanker last week. In a separate statement, the U.S. military said recovered pieces of the drone were nearly identical to previously-collected samples of Iranian attack drones and that the distance to the locations of the attacks was within the range of documented Iranian one-way attack drones. Tehran has denied any involvement in the suspected drone attack in which two crew members – a Briton and a Romanian – were killed.

August 5, 2021

US gives Iraq another 120-day waiver to import Iranian power supplies

The US State Department has granted another sanctions waiver allowing Iraq to import Iranian electricity until December as it grapples with frequent power outages and lack of domestic capacity. Baghdad has sought the waivers since 2018 but has been hard-pressed to deliver on promises to curb its dependence on Iranian energy imports. A lack of infrastructure to capture flared gas from oil production has contributed to the problem. The situation has led to frequent and widespread power outages, especially during the hot summer months, which often sparks protests.

August 4, 2021

Oman confirms Asphalt Princess tanker had been hijacked in Arabian Sea

Oman officially confirmed that the Asphalt Princess tanker was involved in a hijacking in the Arabian Sea. Three maritime security forces told Reuters a day before that the Asphalt Princess tanker had been seized by suspected Iranian-backed forces, which Iran denied. 

 

August 4, 2021

FUJAIRAH DATA: Oil product stocks fall to four-month low as fuel oil exports rise

Oil product stockpiles at the UAE’s port of Fujairah fell to a four-month low, led by a decline in fuel for power generation and marine bunkers, with total inventories at 18.747 million barrels on August 2, down 10.5% from a week earlier and the lowest since March 22. Recent tanker incidents near Fujairah may lead shippers to be more cautious about traveling to the area for a few days but are unlikely to stay away for long if vessels are no longer attacked. 

 

August 4, 2021

Oman considers implementing target of zero emissions by 2050

Oman’s upstream oil and gas sector is evaluating a target of zero emissions by 2050, with interim targets set by Oman including the deployment of renewable energy and the deepening of energy efficiency actions, which would enable Oman to slow GHG emission growth and reduce them by 7% in 2030. Additionally, the country’s National Energy Strategy set a target to derive 20% of electricity from renewables by 2027, with the current majority of electricity in Oman generated by burning crude oil and natural gas. 

 

August 3, 2021

OPEC+ leaves Iran behind as it starts hiking crude oil production

Further delay in obtaining sanctions relief finds Iran facing an increasingly competitive oil market, with OPEC, Russia and several other allies planning to increase crude production by 400,000 bpd every month through the end of 2022. If Iran reaches an agreement with the U.S. to relax sanctions restricting its oil sales, it may have to bargain hard with its previous buyers or attract new customers with price discounts. Under the OPEC+ agreement, Iran is exempted from production quotas, but the country has been hard hit due to sanctions imposed by former President Donald Trump. 

 

August 3, 2021

Saudi Aramco, UAE’s ADNOC Plan New Asset Sales

The biggest state-held oil firms in the Middle East, including Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC), consider selling more assets to investors to monetize stakes in their various downstream and upstream businesses as prices rise. Aramco has already made one major asset sale deal this year, selling a 49% stake in its pipeline business for $12.4 billion, while ADNOC is getting ready for an IPO of its drilling business and aims to attract foreign investors to it. ADNOC has already raised billions of U.S. dollars from energy asset deals, including a sale of a 49% stake in its gas pipelines in 2020 for $10 billion. 

 

August 1, 2021

Iraq’s Federal oil exports rose 0.9% in July amid higher quota

Iraq’s federal oil exports rose 0.9% in July from a month earlier to an average of 2.918 million bpd in July, up from an average of 2.892 million bdp in June, as Iraq enjoyed a higher OPEC+ quota level. Iraq struggled at the beginning of 2021 and for most of 2020 to adhere to its quota amid the COVID-19 pandemic, the oil price rout and the financial crisis gripping the country, and was one of the five countries that negotiated a higher baseline for its quota.

August 1, 2021

UK says ‘highly likely’ Iran attacked tanker off Oman

Britain believes Iran carried out an attack on an Israeli-managed petroleum product tanker off the coast of Oman on July 29 that killed a Briton and a Romanian, and said it was working with partners on a joint response. According to British Foreign Secretary Dominic Raab it was highly likely that Iran attacked the tanker using one or more drones.

July 30, 2021

OPEC July oil output hits 15-month high as demand recovers

OPEC oil output rose in July to its highest since April 2020 as the group further eased production curbs under an OPEC+ pact. Saudi Arabia delivered the biggest increase in July of 460,000 bpd, as it further unwound its voluntary cut and raised output while OPEC has pumped 26.72 million bpd, up 610,000 bpd from June’s revised estimate. OPEC+ have been unwinding record output cuts agreed in April 2020, as demand and the economy recover.

July 29, 2021

International oil companies withdrawal from Iraq threatens plans for oil capacity boost

International oil companies (IOCs) that are attempting to exit their operations in Iraq will make it harder for the country to maintain its output in some fields, which will make it difficult for Iraq to achieve its target of 7 million bpd by 2025. According to Iraq’s oil minister Ihsaan Ismaael, the country’s inappropriate investment climate dissuades IOCs from staying, while IOC’s has complained about financial terms offered at the largest southern fields and the slow bureaucratic pace of approving capacity additions and infrastructure upgrades.

July 28, 2021

Saudi Arabia’s oil exports climb 147% to $16 billion in May

The value of Saudi Arabia’s oil exports in May increased 147% to just over $16 billion from a year earlier, while non-oil exports rose by 70%. China remained Saudi Arabia’s main trading partner in May, with Saudi exports there corresponding to 21.4% of total exports.

July 27, 2021

Iraq wants American firm to replace Exxon

Iraq’s Prime Minister Mustafa al-Kadhimi said that he wants another American company to replace Exxon Mobil Corp when it exits Iraq. Exxon, which in 2019 had looked poised to move ahead with a $53 billion project to boost Iraq’s oil output, has been seeking to sell its 32.7% stake in one of Iraq’s biggest oil fields, West Qurna 1. According to Kadhimi, Exxon Mobil is considering exiting Iraq for reasons that are to do with its internal management practices, decisions and not because of the particular situation in Iraq.

July 27, 2021

Most Gulf markets firm on higher oil prices

Most stock markets in the Gulf ended higher on Tuesday, following a rise in oil prices, with the Abu Dhabi index settling at a record high. According to a market analyst, the GCC markets have recovered as oil prices stabilized, following clearer expectations on global demand. Still, the spread of the delta Covid-19 variant remains an ongoing concern.

July 26, 2021

ExxonMobil seeks arbitration against Iraq’s BOC over stalled West Qurna 1 stake sale

After ExxonMobil’s stalled attempt to sell its stake in Iraq’s West Qurna 1 oil field, the U.S. oil giant has filed an arbitration case against Iraq’s state-owned Basra Oil Co. ExxonMobil, the main operator of the field, had in January entered into an agreement with third parties to sell its 32.7% share, but Iraq’s oil minister Ihsan Ismaael had said at the beginning of May that Iraq was seeking to take over the stake itself, after having previously said that it was in talks with unnamed U.S. energy companies to acquire ExxonMobil’s share.

July 26, 2021

Oil prices fall due to worries about Covid-19 variants and changes to China’s import rules

Oil prices fell on Monday due to concerns over fuel demand caused by the spread of Covid-19 variants and changes to import rules in China, which offset expectations of tight supplies through the rest of the year. Covid-19 cases continued to rise over the weekend, with record daily increases and lockdown extensions in some countries. Simultaneously, China’s crackdown on the misuse of import quotas combined with the impact of high crude prices could see China’s growth in oil imports sink to its slowest in two decades this year, despite an expected rise in refining rates in the second half.

July 26, 2021

Saudi Arabia suspends privatisation of desalination and power plant

Saudi Arabia has suspended the privatisation of the Ras Al Khair desalination and power plant, one of several state assets that the government aimed to sell to reduce pressure on capital spending and diversify revenues away from oil. The Privatization Supervisory Committee for the Environment, Water and Agriculture sectors said that the decision was made to capitalise on knowledge and capacity built in the Kingdom as a result of many years of experience in water desalination but that it will continue to engage investors in future public-private partnerships and privatisations in the water sector.

July 25, 2021

UAE’s Dana Gas to continue operating onshore Egypt assets after winning arbitration case

Dana Gas, a UAE-based energy company, said on July 25 it will continue to operate its onshore Egyptian fields after winning an arbitration case filed by IPR Wastani Petroleum. Dana Gas had wanted to sell its onshore assets in Egypt to focus on its production in Iraq’s northern Kurdistan region. For now, Dana Gas will also focus its attention on exploring Block 6 in Egypt.

July 23, 2021

Energy Industry Should Thank Saudi Arabia For Oil Price Recovery

According to Robert Yawger, executive director at Energy Futures at Mizuho securities, OPEC and the entire energy industry should thank Saudi Arabia for the way the Kingdom managed their oil production during the Covid-19 pandemic – giving up some market share and cutting more oil products than they had agreed to – while adding that the entire market would be best left in Saudi’s hands to manage. Yawger did, however, not mention the Kingdom’s role in the oil price war at the beginning of the pandemic, when Saudi Arabia and Russia deliberately increased production and exports, flooding the world with oil and crashing prices.

July 23, 2021

U.S. considers crackdown on Chinese imports of Iranian oil

The U.S. is considering cracking down on Iranian oil sales to China as it prepares for the possibility that Tehran may either not return to nuclear talks or adopt a tougher stance if they do since the incoming President-elect Ebrahim Raisi raises uncertainties about Iran’s future position regarding the talks. Chinese refiners are the biggest importers of Iranian oil and have averaged between 400,000 and 650,000 barrels per day this year on a monthly basis.

July 22, 2021

Iran opens oil terminal in Gulf of Oman to bypass Strait of Hormuz

Iran has opened its first oil terminal in the Gulf of Oman to allow the country to avoid using the Strait of Hormuz shipping route that has been a focus of regional tension for decades. According to President Hassan Rouhani, it “is a strategic move and an important step for Iran. It will secure the continuation of our oil exports.”

July 22, 2021

Saudi Aramco facing $50 million cyber extortion over leaked data

Saudi Aramco acknowledged that leaked data from the company likely came from one of its contractors. The data is now being used in a cyber-extortion attempt involving a $50 million ransom demand. The oil firm did not say which contractor found itself affected nor whether that contractor had been hacked or if the information leaked out another way.

July 19, 2021

OPEC+ agrees oil supply boost after UAE and Saudi Arabia reach compromise

OPEC+ ministers agreed on Sunday to boost oil supply from August, agreeing to new production allocations from May 2022 after Saudi Arabia and others agreed to a request from the UAE that had threatened the plan. The UAE will see its baseline production, from which cuts are being calculated, increase to 3.5 million bpd from May 2022 from today’s 3.168 million.

July 19, 2021

Saudi Arabian crude oil exports hit four-month high in May

Saudi Arabia’s crude oil exports rose in May to 5.649 million bpd, their highest level in four months. Saudi crude stocks rose 1.690 million barrels to 135.775 million barrels in May.

July 19, 2021

Oil falls 5% after OPEC+ producers agree to raise output

Oil prices fell over $3 in their largest daily decline since late March after OPEC+ overcame internal divisions and agreed to boost output, causing concern about a crude surplus as COVID-19 infections rise in many countries. OPEC+ producers have gradually eased their output curbs, which now stand at around 5.8 million bpd.

July 18, 2021

Iran set to start first oil export terminal on the Gulf of Oman

Iran is set to start loading crude oil at the Jask oil terminal on the Gulf Oman as early as July 19, adding its first export terminal outside the strategic Strait of Hormuz leading to the Persian Gulf. Iran considers the terminal important to diversify its export sources, to supply feedstock for domestic petrochemical products to be exported.

July 14, 2021

Saudi and the UAE reach compromise to unlock more oil supply

According to an OPEC+ source, Saudi Arabia and the UAE have reached a compromise over OPEC+ policy that should unlock a deal to supply more crude to a tight oil market and cool soaring prices. The source said Riyadh had agreed to Abu Dhabi’s request to have the UAE’s baseline – the level from which cuts under the OPEC+ agreement on supply curbs are calculated – set at 3.65 million bpd from April 2022, up from 3.168 million now.

July 13, 2021

UAE’s Masdar to develop 440 MW solar projects in Uzbekistan

The UAE’s clean energy firm Masdar plans to develop 440 MW of photovoltaic solar projects in Uzbekistan, where it has the country’s first 100 MW PPP solar project. Masdar has renewables projects capable of generating more than 11 GW in more than 30 countries, with a total value of $20 billion and plans to double its renewable energy capacity from the current 11 GW in two to three years through global expansion.

July 12, 2021

South Korea signs 20-year LNG deal with Qatar

South Korea’s energy ministry has signed a 20-year LNG supply agreement with Qatar for the next 20 years starting in 2025. South Korea’s state-run Korea Gas Corp will buy 2 million tonnes of LNG annually from Qatar Petroleum.

July 5, 2021

Oman state energy firm OQ may sell drilling business

Oman state energy company OQ is considering selling its drilling unit Abraj Energy Services, as the Gulf nation seeks to shore up its finances that have been hit by the coronavirus pandemic and last year’s oil price plunge. State-controlled energy companies in the Gulf have embarked on a flurry of privatisations to extract value from their assets amid an accelerating global shift away from fossil fuels.

July 5, 2021

Oman’s state energy company seeks $1.5 bln in financing

According to two sources, Energy Development Oman is in talks with banks to raise $1.5 billion in debt financing. The company is working with JPMorgan on its financing plan, and there is strong interest from lenders in the UAE to be part of the deal.

July 4, 2021

Qatar Petroleum to join France’s TotalEnergies in three South African exploration blocks

Qatar Petroleum signed an agreement with France’s TotalEnergies to acquire an interest in three South African offshore exploration blocks. QP is the world’s biggest LNG producer and has moved in the past few years to expand its overseas footprint and recently stepped up its activity to grow a gas-focused worldwide upstream portfolio.

July 4, 2021

Saudi Arabia is looking to develop its hydrogen industry

With recent investor pressure to adopt greener practices, Saudi Arabia is looking to develop its hydrogen industry, focusing on hydrogen projects relying on fossil fuels and carbon capture technology, creating so-called blue hydrogen. The country has already invested in carbon capture technology to ensure its oil production has a low carbon intensity. The same technology is used for the production of blue hydrogen.

July 3, 2021

Iraqi minister says BP considers withdrawing from Iraq, Lukoil wants to sell up

Iraqi Oil Minister Ihsan Abdul Jabbar said that BP was considering withdrawing from Iraq, and that Russia’s Lukoil had sent a formal notification saying it wanted to sell its stake in the West Qurna-2 field to Chinese companies.

July 2, 2021

OPEC+ seeks oil policy consensus as UAE demands changes

An OPEC+ deal to release more oil to the market and extend its supply management policy to the end of 2022 hinges on agreement from the UAE, which effectively blocked a deal agreed by top producers Saudi Arabia and Russia to ease oil cuts by 2 million bpd by the end of 2021 and extend the remaining cuts to December 2022 from April 2022. The UAE is arguing that the new deal needs to acknowledge that the UAE has higher production from which cuts are being made.

June 30, 2021

QP to spend $200 million on emissions reduction technology for LNG expansion project

Qatar Petroleum is set to spend $200 million on emissions reduction technology for its North Field LNG expansion project. According to the company’s bond prospectus, the new technology is expected to achieve approximately a 30% reduction in GHG emissions compared to similar existing LNG facilities.

June 30, 2021

Saudi regulator approves ACWA Power IPO

Saudi Arabia’s Capital Market Authority has approved an initial public offering of an 11.1% stake in ACWA Power, a listing that has been expected for years. ACWA Power leads a consortium that will build and operate renewable power-based utilities at Saudi Arabia’s flagship Red Sea tourism project.

June 30, 2021

UAE’s Nawah and French Framatome sign maintenance agreement

The United Arab Emirates’ based Nawah Energy Company responsible for operating and maintaining UAE’s Barakah nuclear power plants and French company Framatome have signed a maintenance and engineering services agreement. Framatome will provide needed maintenance, engineering, training, technical and operational support and fuel services to the Barakah plants.

June 29, 2021

Basrah Gas signs loan agreement with IFC for project to limit gas flaring

Iraq’s Basrah Gas Co. signed an agreement with the International Finance Corporation for a loan to fund a project to limit the flaring of natural gas, which is a source of nearly $2.5 billion in lost revenue for the government, according to the World Bank.

June 29, 2021

Iraq to receive $360 mil World Bank loan to help expand gas flaring reduction from south

Iraq ‘s Basrah Gas Co. will receive $360 million from the World’s Bank’s private sector financing arm to help the world’s second worst gas flaring nation in 2020 to reduce gas flaring from its southern oil fields. The International Finance Corp. and BGC signed the 5-year loan agreement in order to boost the latter’s current capacity to treat and process associated gas by 40%, or 400 MMcf/d.

June 29, 2021

Iraq’s Minister of Electricity resigns

Iraq’s Minister of Electricity, Majed Mahdi Hantoosh, submitted his resignation to Prime Minister Mustafa Al-Kadhimi, following an escalation of protests over the repeated power outages in the country. The resignation comes two days after the leader of the Sadrist movement, Muqtada Al-Sadr, called for Hantoosh to be sacked.

June 22, 2021

Iraq is in talks with Saudi and UAE firms to deliver clean energy

According to Iraq’s oil minister Ihsan Abdul Jabbar, the country is in talks with Masdar to implement solar energy projects targeting an electricity capacity of up to 2 gigawatts. The Minister added that there are also discussions with Saudi ACWA Power to implement renewable energy projects, expecting to sign contracts for renewable energy until 2025, targeting the production of between 10 and 12 gigawatts, which represents about 25% of Iraq’s electricity needs.

June 21, 2021

Iran stores more oil on tankers as it prepares for an eventual restart

Iran has been moving oil into place to prepare for an eventual restart, given the U.S. lifting sanctions if a nuclear deal is reached. According to energy consultancy and monitoring firms, the country could quickly export millions of oil barrels, as the National Iranian Oil Company (NIOC) is expected to export from onshore and offshore storage that contains as much as 200 million barrels.

June 21, 2021

Gulf states will take at least 10 years to end oil dependence

Gulf states will remain heavily dependent on hydrocarbon production for at least the next ten years as efforts to diversify economies have made limited progress since the 2014-2015 oil price shock. Oil and gas account for over 20% of gross domestic product and at least 50% of state revenues in most Gulf countries, and according to the rating agency Moody’s, reliance on the energy sector will be the “key credit constraint” for the countries forming the Gulf Cooperation Council.

June 18, 2021

Chevron, consortium of Total and Qatar Petroleum win Suriname oil bids

Suriname’s state oil company Staatsolie said that Chevron Corp and a consortium of France’s TotalEnergies SE and Qatar Petroleum submitted the most favorable bids to develop offshore oil blocks, after it invited companies to bid for exploration rights in eight offshore shallow water blocks in November. The winning companies are now in the process of negotiating production-sharing contracts.

June 17, 2021

Iraq to boost production capacity of West Qurna 1 by 40% in five years

Iraq’s state-run Basrah Oil Co. signed a contract with ExxonMobil and Schlumberger to boost West Qurna 1 field’s production capacity by 200,000 b/d by drilling 96 wells, as the country plans to boost the production capacity of the field by 40% to more than 700,000 b/d over the next five years. Iraq is in talks with ExxonMobil to take over its 32.7% stake in West Qurna 1, which currently produces 380,000 b/d.

June 17, 2021

Oman’s OQ aims to replace 40% of its 3 GW of power consumption with renewables

Salim al-Huthali, CEO of Alternative Energy at Oman’s OQ, told S&P Global Platts that the sultanate-owned company is looking to replace 40% of its 3 GW power consumption with renewable energy projects, in order to free up gas volumes to be deployed elsewhere. OQ is also developing green hydrogen, green ammonia, green methanol and green steel projects, as well as blue hydrogen and ammonia.

June 17, 2021

Saudi Arabia’s April crude exports slip to 10-month low

Official data from Riyadh showed that Saudi Arabia’s April crude oil exports fell to their lowest level since June 2020, with crude exports from the world’s top exporter slipping to 5.408 million bpd from 5.427 million bpd in March, while crude output edged lower to 8.134 million bpd in April from 8.138 million bpd the previous month.

June 16, 2021

SABIC integration into Saudi Aramco will not entail asset disposals

Saudi Basic Industries Corporation’s CEO Yousef Al-Benyan said the company’s integration into Saudi Aramco will not entail asset disposals, as the chemicals producer is looking to expand its production volumes. In addition to investments in Saudi Arabia, SABIC is looking to expand its footprint in the United States, Asia, and Africa, Benyan said, as the company expects to update its long-term strategy by Q3.

June 15, 2021

ADNOC awards $510 mil contract to Saipem to expand Shah sour gas plant capacity

Abu Dhabi National Oil Co. has awarded a $510 million contract to Italy’s Saipem to expand the capacity of Shah sour gas plant. The contract will increase the capacity of the Shah gas plant by 13%, as the UAE’s biggest energy producer seeks gas self-sufficiency.

June 15, 2021

Oil steadies after hitting 2-year high

After oil prices hitting their highest levels in more than two years, they ended mostly unchanged on Monday. Growing U.S. crude production and Britain’s delayed COVID-19 reopening damped expectations for fuel demand growth and tighter supplies. OPEC+ has been restraining production to support prices after the pandemic significantly reduced demand in 2020.

June 15, 2021

Saudi Arabia To Boost Oil Production To 10 Million Bpd

Goldman Sachs expects Saudi Arabia to hike its crude oil production to 10 million barrels per day (bpd) by the end of 2021, up by 1.5 million bpd from May. The forecasted increase stems from the global demand rebound and the strong domestic recovery in oil demand, which also prompted the investment bank to raise the expected percentage growth of the Saudi economy by 4.5 percent in 2021, compared to an earlier forecast of 2.5 percent growth.

June 14, 2021

Energy majors bid for Qatar LNG project despite lower returns

Six top western energy firms – Exxon Mobil, Royal Dutch Shell, TotalEnergies, ConocoPhillips, Chevron and Italy’s Eni – are vying to partner in the vast expansion of Qatar’s LNG output. This comes despite Qatar Petroleum offering international bidders returns of around 8% to 10% on their investment, down from around 15% to 20% returns Exxon, Total, Shell and Conoco have seen from earlier LNG facilities.

 

June 11, 2021

Oil prices hits multi-year high

Oil prices reached multi-year highs on Friday, settling at $72.69 a barrel, rising 17 cents after reaching their highest since May 2019. According to the IEA, OPEC+ “needs to open the taps to keep the world oil market adequately supplied,” amidst an improved outlook for worldwide demand as rising COVID-19 vaccination rates help lift pandemic curbs.

June 11, 2021

Saudi Arabia to supply full July crude oil volumes to buyers in Asia

Saudi Arabia will supply full volumes of July-loading crude to its Asian customers, five sources with knowledge of the matter told Reuters. OPEC+ agreed in April to gradually ease oil output cuts from May to July and confirmed the decision at a meeting on June 1.

June 11, 2021

Saudi Aramco raises $6 billion with debut sukuk

Saudi Aramco raised $6 billion as it returned to the international debt markets with its first U.S. dollar-denominated sukuk sale. The debt issuance will help fund a $75 billion dividend commitment that will mostly go to the government. Aramco last year maintained its promised $75 billion annual dividend to shareholders despite lower oil prices. 

June 10, 2021

OPEC Raised Oil Production By 400,000 Bpd In May

OPEC’s crude oil production rose by 390,000 bpd to 25.46 million bpd in May 2021. According to OPEC’s secondary sources, the largest monthly increases in oil production came from Saudi Arabia, which boosted its production by 345,000 bpd to 8.466 million bpd. However, Saudi Arabia self-reported higher production and told OPEC that its crude oil production rose by 410,000 bdp from April to an average of 8.544 million bpd in May. 

June 8, 2021

Oman LNG signs deal with Shell to ship Middle East’s first carbon-neutral LNG

Oman LNG announced a deal signed with Shell to deliver the country’s first carbon-neutral LNG cargo. According to the company, “the cargo is the first carbon-neutral LNG from the Middle East using nature-based carbon credits to offset full lifecycle CO2 emissions generated across the LNG value chain.” Oman LNG did not provide details on which company is responsible for offsetting the carbon by planting trees or where this project would be located.

June 8, 2021

Saudi Arabia and Russia will continue to invest in oil and gas

The leaders of the OPEC+ group, Saudi Arabia and Russia, said they will continue to invest in oil and gas because the world will still need those resources for decades, following the IEA’s report suggesting no new investment in oil and gas would be required if the world is to reach net-zero emissions by 2050.

June 2, 2021

Aramco is planning a bond sale to fund $75bn dividend

Saudi Aramco has picked around 15 banks to manage a bond sale worth $5 billion to fund its $75 billion dividend commitment. Although Aramco’s profits soared in the first quarter, free cash flow remained too low to fully cover its dividend for the period.

June 1, 2021

Saudi Arabia Launches First Large Scale Desalination Plant To Be 100% Powered By Renewable Energy

The Red Sea Development Company launched the first desalination plant powered entirely by renewable energy in Saudi Arabia, with a planned capacity to produce two million bottles of water a year. It will be the largest of its kind in the world.

May 20, 2021

Oil falls for a third day on possible return of Iranian supply

Oil prices fell for a third day in a row after the Iranian President Hassan Rouhani claimed that sanctions on oil, shipping and petrochemicals had been dealt with in talks. The demand outlook in Asia and the call from IEA to stop oil, gas, and coal financing contributed to the drop in oil prices.

May 18, 2021

InterContinental Energy launches a 25-GW project in Oman

InterContinental Energy has launched a 25-GW project in Oman, focusing on green ammonia exports. Once at full capacity, reached around 2038, the project will produce 1.75 million mt/year of hydrogen, which could make 9.9 million mt/year of green ammonia.

May 18, 2021

Saudi Aramco to co-lead report on cyber resilience in oil industry

Together with the World Economic Forum and Siemens Energy, Saudi Aramco is co-leading a report on cyber resilience in the oil and gas industry. The report is a collaboration involving 40 major industry players aiming to shape the oil and gas industry’s future cyber security.

May 17, 2021

UAE expects 20% of power generation to come from clean energy in three years

Amid plans to diversify its energy mix and lower its carbon footprint, the UAE will have 11 out of 50 GW from renewable and nuclear energy sources in three years. UAE’s energy ministry’s assistant undersecretary for electricity, water and future energy affairs Yousif al-Ali states that working on efficiency is vital for carbon reduction.

May 17, 2021

Oman’s OQ to develop green fuels project with consortium

A consortium including Oman’s state-owned oil firm OQ aims to develop the so-called fuel of the future – green hydrogen. Besides increased access to clean energy, the initiative will transform Oman’s skills base and technical expertise in renewable energy.

May 16, 2021

Iran’s Petropars to develop Farzad B gas field

Iran has signed a $1.78 billion contract with Petropars Group to develop the country’s Farzad B gas field. The development comes after failure of talks with Indian companies.

May 10, 2021

Iraq formally asks to buy $350 mln Exxon oilfield share

Iraq has formally asked to buy ExxonMobil’s $350 million share in one of Iraq’s biggest oil fields, West Qurna 1. The oil and finance ministries will now follow up with procedures to secure finance and plans on increasing light production.

May 6, 2021

UAE’s Masdar to develop 65 MW solar PV plant in Greece

UAE’s clean energy firm Masdar aims to make its first investment in Greece and double its renewable energy capacity of 11 GW in two to three years. The PV plant is expected to be completed in 2023 and help Greece reach its 35% renewable energy goal by 2030.

May 6, 2021

India places orders to lift regular supplies from Saudi Aramco in June

After India reduced oil purchases from Saudi Aramco in May, India placed regular supply orders from Aramco in June, mainly drawn by lower prices. India has urged refiners to diversify its crude sources to cut its dependence on oil from the Middle East, mainly Saudi Arabia.

May 6, 2021

Siemens energy and UAE’s Masdar aims to build pilot hydrogen plant by 2022

Siemens Energy and UAE based Masdar aims to build a demonstrator hydrogen plant with a focus on showcasing sustainable aviation fuel. The hydrogen production will be powered by a PV and if successful be scaled-up commercially in the future.

May 4, 2021

Saudi Aramco beats quarterly profit forecast

Saudi Aramco’s net income rose by 30% to $21.7 billion for Q1 2021 from $16.7 billion a year earlier and maintained its dividend payout. Aramco prefers to keep dividends stable and more shares could be sold in the upcoming years.

April 29, 2021

Saudi Arabia’s SABIC expands petrochemical portfolio

SABIC is to take over the sales and marketing of about 5.4 million mt/year of Saudi Aramco’s chemicals and polymer products, ending up with about 900,000 mt/y of new products available for sale. Saudi Aramco has since 2020 worked to integrate SABIC into its downstream business.

April 29, 2021

French energy group Total not considering return to Iran

According to Chief Financial Officer Jean-Pierre Sbrarie, the French energy group Total is not considering a return to Iran for now due to uncertainty regarding sanctions on the country.

April 28, 2021

Saudi Arabia in talks to sell 1% of Aramco

In televised remarks, Saudi Arabia’s crown prince said the kingdom was in discussions to sell 1% of Saudi Aramco to a leading energy company. The crown prince announced in 2016 to list a 5% stake in Aramco, but due to lack of interest beyond the Gulf, ended up selling a 1.7% stake in 2019.

April 28, 2021

Oman’s National Oil Firm To Sell Off Assets To Fund $7.9 Billion In Spending

Oman’s national oil firm OQ aims to sell assets and tap the international debt market to fund its $US7.9 billion expenditures over the next years. Due to the pandemic, OQ suffered losses in 2020 and does not expect to receive funding from the state anymore.

April 28, 2021

Major Chinese investors in talks to take Aramco stake

Major Chinese investors, among them Sovereign wealth fund China Investment Corporation, are in talks to buy a stake in Saudi Aramco. In a televised remark, Crown Prince Mohammed bin Salman said Saudi Arabia was in discussions to sell 1% of Aramco to a leading global energy company and could sell further shares within the next year or two.

April 26, 2021

Saudi Arabia solar target raised

With seven solar projects planned, Saudi Arabia is closer to developing 3.3GW of solar capacity up from its current 300 MW. S&P Global Platts Analytics forecast that 7.7GW will be built by 2026.

April 26, 2021

UAE’s Mubadala in talks to buy $1.1 bln stake in Israeli gas field

Abu Dhabi’s Mubadala Petroleum is in talks to buy a $1.1 billion stake in the Israeli gas field in the eastern Mediterranean natural gas field, Tamar. If the deal is finalised, it would be among the most significant developments since Israel and the United Arab Emirates agreed to normalise ties last year.

April 25, 2021

Qatar Petroleum plans debut dollar public bond sale

Qatar Petroleum (QP) plans its first-ever U.S. dollar-denominated public international bond sale, tapping into debt markets with lingering low oil prices. QP did not respond to comment, but sources claim the deal will likely raise billions of dollars.

April 24, 2021

Saudi Arabia could save over $200 Billion from energy reforms plan

According to Saudi Arabia’s finance minister, the kingdom could save over $200 billion over the next decade by replacing liquid fuel used for domestic consumption with gas and renewable energy sources.

April 22, 2021

Saudi Aramco to refinance $10 billion revolving loans

According to two banking sources, Saudi Aramco is expected to make its third major foray into the loan market by refinancing a $10 billion debt facility. In addition, Aramco is arranging a $10.5 billion loan for investors who buy a stake in its oil pipeline business.

April 21, 2021

Kuwait’s Equate Petrochemical sells $700 million in 7-year bonds

After receiving over $3.6 billion in orders for debt sale, Kuwait’s Equate Petrochemical Company sold $700 million in seven-year bonds. The bonds were launched at 140 basis over U.S. Treasuries, smaller than the initial 170 basis points.

April 20, 2021

China’s Crude Oil imports From Saudi Arabia Up 8.8% y/y In March

Due to a high demand and delayed shipments, China’s crude oil imports from Saudi Arabia rose 8.8% in March compared to a year earlier, retaining its position as China’s top crude supplier for a seventh consecutive month. Shipments from UAE rose with 86% and Oman rose with 60%, on a yearly basis.

April 20, 2021

Abu Dhabi’s TAQA sells $1.5 billion in bonds

Abu Dhabi National Energy Company (TAQA) sold $1.5 billion in dual tranche bonds comprising seven-year tranche and 30-year Formosa notes.

April 15, 2021

Iraq In Talks With U.S. Firms Over Buying Of Exxon Shares In West Qurna 1 Oilfield

Iraq affirmed in a statement that the country is in talks with U.S. oil companies over the possibility of acquiring ExxonMobil’s shares in the southern West Qurna 1 oilfield. No further details, including the names of the companies involved in the potential acquisition, were revealed.

April 10, 2021

Aramco Agrees $12.4 Billion Deal To Sell Stake In Pipelines

Saudi oil producer Aramco has finalised the selling of 49% of stakes in its pipelines to a consortium led by U.S.-based EIG Global Energy Partners. The $12.4 billion deal is the company’s largest since its $29.4 billion initial public offering in 2019. Aramco will retain a 51% stake in the new company, as well as operational control of the pipeline, while assuming operational risk and capital expense risk in their entirety.

April 9, 2021

Iran Could Soon Officially Return 2 Million Bpd of Oil To Global Markets

Iran started negotiations with the five powers that, along the U.S., signed the Joint Comprehensive Plan of Action in 2015. The talks were held in Vienna and Iran’s President Hassan Rouhani said they were a success and that they opened a new chapter in efforts to save the so-called Iran nuclear deal. If an agreement is reached on Iran’ nuclear plans thanks to the negotiations, around 2 million bpd of Iranian crude could be added to OPEC’s total.

April 8, 2021

Oman’s State-Owned Company Considers IPO

To reduce its budget deficit, Oman’ government is considering selling a stake in fully state-owned energy company OQ, formulating an IPO, or ditching some of the company’s subsidiaries. OQ is a global integrated energy group that posted total revenues of nearly $20 billion in 2019. Its consolidated assets at the end of 2019 were almost $30 billion.

April 8, 2021

Saudi Arabia signs agreements for seven new solar projects

Crown Prince Mohammed bin Salman stated that Saudi Arabia has signed power purchase agreements with seven new solar projects that will provide electricity to more than 600,000 households. The plan is to produce half the kingdom’s electricity with gas and half with renewables by 2030, the Crown Prince said, also thanks to the newly announced Sakaka solar and Dumat al-Jandal wind projects.

April 8, 2021

Bahrain Due To Start Drilling Wells In New Shale Oilfield At End 2022

Bahrain’s Oil Minister Mohammed bin Khalifa Al Khalifa declared in a statement dated March 2021 that drillings for the first offshore production wells in Bahrain’s Khaleej al-Bahrain field are expected to start at the end of 2022. The discovery of the field was announced by the country in 2018, its largest oil and gas find since 1932.

April 6, 2021

Indian refiners deepen cuts to Saudi oil purchases in May

Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal in a sign of escalating tensions with Riyadh. State-run refiners have placed orders to buy 9.5 million barrels of Saudi oil in May, compared with the previously planned 10.8 million barrels. The tensions stem from the Saudi and other oil producers’ cuts driving crude prices up, as India is recovering from the pandemic.

April 6, 2021

UAE’s First Nuclear Power Plant Begins Commercial Operations

The United Arab Emirates’ leaders announced on Twitter that Barakah nuclear power plant, the country’s first nuclear power station, started commercial operations. Abu Dhabi Crown Prince Mohammed bin Zayed al-Nahyan said it was a historic milestone for the country.

April 5, 2021

Easing OPEC+ output cuts may unshackle Saudi-Kuwaiti Neutral Zone oil production

The reduction of OPEC+ quotas in May will probably have consequences on the Saudi-Kuwaiti shared Neutral Zone oil production, as it is ready to provide a significant source of the two countries’ additional allowed output. Starting from May, Saudi Arabia’s cap will rise by 376,000 b/d, while Kuwait will see its quota increase 96,000 b/d.

April 5, 2021

Oil Down 5% as OPEC+ and Iran boost supply

Oil prices fell down to 3$ per barrel, as Iran and OPEC+ are both boosting supply. OPEC+ has agreed over monthly increments in supply of oil from May to July.

April 1, 2021

U.S. Energy Secretary calls Saudi Energy Minister: Reiterates importance of cooperation

U.S. Energy Secretary Jennifer Granholm said on Twitter that she held a phone call with Saudi energy minister Prince Abdulaziz bin Salman, to reiterate the importance of international cooperation in the energy field.

March 31, 2021

OPEC+ lowered oil demand growth prospects cause concerns

OPEC+ lowered its oil demand growth prospects for this year by 300,000 barrels per day (bpd), causing concerns over the market’s recovery, which were the root of a fall in oil prices.

March 30, 2021

Saudi Arabia announces 1.3$ trillion private sector push led by Aramco and SABIC

Saudi Arabia’s crown prince Mohammed bin Salman has announced that oil firm Aramco and petrochemical firm SABIC will lead investments of 5 trillion riyals ($1.3 trillion) by the local private sector by 2030, under the new Shareek programme aimed at economic diversification in the country.

March 29, 2021

Iran signs agreement with Total for four energy projects

Iraq’s oil minister Ihsan Abul Jabbar said the country signed an agreement with French firm Total over collaboration in four projects involving natural gas, solar energy and seawater reprocessing. Total will design a multi-billion dollar investment for the four projects which will be submitted to the country’s cabinet for approval.

March 27, 2021

Iran seeks to boost oil exports to China with bilateral agreement

According to Iran semi-official news agency Tansim, Iran and China signed a sweeping 25-year trade and security cooperation pact. The agreement signed by the two foreign ministers  provides for China’s assistance and investment in Tehran’s energy sector, including fossil fuels, clean energy and nuclear, in exchange for greater access to Iranian oil.

March 26, 2021

Yemen’s Houthis Attack Facilities of Saudi Arabia’s Aramco

Houthi rebels’ forces have claimed several attacks on Saudi Aramco: a total of 12 drones and eight ballistic missiles hit installations in Ras Tanura, Rabigh, Yanbu and Jazan as well as a military base in Dammam near the company’s headquarters. Aramco issued no immediate comment.

March 25, 2021

Saudi storage tank catches fire near Yemeni border

A missile strike on a Saudi Aramco site near Yemen set a storage tank on fire, the latest in a series of attacks lobbed at Saudi Arabia this month by Yemen’s Houthi group. The Saudi Press Agency condemned the attack for its impact on the kingdom and beyond, threatening the stability of global energy supplies.

March 25, 2021

Suez Canal closure will significantly delay oil trade

Approximately 40 oil and LNG tankers are held up by the blockage of the Suez Canal, including vessels from Saudi Arabia and UAE. Reopening could take days or even weeks, while a detour around the Horn of Africa would take about two weeks.

March 23, 2021

OPEC+ wil reach oil inventory goal later this year

OPEC+ will reach 2019-levels of global oil inventories later this year. The Asia head of Vitol, the world’s largest independent oil trader, stated that demand is recovering in China, and the U.S. has lagged in production growth.

March 21, 2021

Aramco profit falls 44% in 2020; maintains $75 billion dividend

Though it maintained a $75 billion dollar dividend payout, CEO Amin Nasser of Saudi Aramco reported a 44% slump in full-year 2020 results and called it one of the most “challenging years” in recent history. Net income fell from $88.19 billion in 2019 to $49 billion in 2020.

March 21, 2021

Saudi Aramco will prioritize energy supply to China for 50 years

Saudi Aramco’s CEO said at the China Development Forum that the oil giant will ensure that Chinese energy security is its highest priority for the next 50 years. It has held firm onto its status as China’s top supplier of oil so far this year.

 

March 21, 2021

Saudi Public Investment Fund hires senior Goldman Sachs banker

Saudi Arabia’s Public Investment Fund hired a senior Goldman Sachs banker to work on investments. Bloomberg reported the move, though neither PIF nor the alleged banker responded to requests for comments.

March 17, 2021

OPEC supply growth will be outpaced by rise in oil demand

According to the International Energy Agency, OPEC will have to pump oil at near-maximum capacity in the coming years due to rising demand for oil and lackluster upstream investment. OPEC will need to boost crude procession by more than 20% once oil demand rebounds, and the market will be more vulnerable to supply squeezes and disruptions.

 

March 16, 2021

International Renewable Energy Agency claims oil demand may have peaked in 2019

The director general of International Renewable Energy Agency said that global oil demand may have peaked in 2019, with natural gas following suit around 2025. IRENA’s prediction echoes BP’s projection last year that the pandemic may mark a permanent departure from the demand level of about 100 million barrels per day.

March 16, 2021

Saudi Arabia aims for 1 million barrel per day reduction in domestic oil consumption

Saudi Arabia’s Energy Minister stated the country’s intention to repurpose domestic consumption of liquid hydrocarbons by 1 million barrels per day. At the Berlin Energy Transition Dialogue, he discussed the launching of a sustainability program to explore further opportunities for innovation and collaboration.

March 14, 2021

Iraq says Kurdistan has not yet delivered crude barrels to Baghdad, continuing budget stalemate

Iraq continues to wait for barrels of crude from the Kurdistan Regional Government, continuing a budget stalemate regarding crude production and federal revenue. Baghdad has often blamed the KRG for non-compliance with OPEC+ cuts.

March 10, 2021

Iraqi oil production, output rises, breaching OPEC+ quota

Iraq’s oil production in February rose 1.6% from January in a breach of OPEC+’s quota. Both federal and Kurdish production and exports rose, continuing its pattern of failing to comply with OPEC+ agreements.

March 9, 2021

Abu Dhabi seeks new carbon capture and hydrogen partnerships

As oil’s recovery has resparked conversations about climate change mitigation, Abu Dhabi National Oil Company is exploring partnerships on carbon capture and storage technology. It recently partnered with France’s oil giant Total, and is openly exploring hydrogen’s potential as “close to zero-carbon fuel.”

March 8, 2021

Qatar exports condensate to UAE, a first since end of blockade

In the first commercial energy trade since the end of the Gulf blockade, Qatar Petroleum shipped 712,000 barrels of condensate to UAE.

March 8, 2021

Saudi Arabia leads OPEC+ push to 4-month low crude output

With OPEC+ group quota compliance at 113.5%, the coalition has successfully driven output to a four-month low. The crude output for February is estimated to be 37.83 million b/d, the lowest OPEC+ has seen since October. Saudi Arabia’s voluntary additional cuts have played a crucial role in the coalition’s balancing act. OPEC+ is likely to carry on cautiously with supply throughout April, with COVID-19 clouding the prospects for a full market recovery. 

March 8, 2021

In first commercial energy trade since end of blockade, Qatar ships condensate to UAE

According to data analytics from Kepler, Qatar officially conducted its first commercial energy trade since the end of the Gulf blockade in January on March 3. Qatar Petroleum shipped about 712,000 barrels of condensate from Ras Laffan to be received at the ENOC condensate refinery in Dubai on March 5.

March 8, 2021

Crude price surges after Saudi energy facilities attacked

A drone attack on the Ras Tanura port in Saudi Arabia helped launch a rapid rise in prices for crude. An analyst noted that the surge in value could be exaggerated by tight production quotas and an inability on the part of US shale producers to rapidly increase production.

March 7, 2021

Oil Prices Retreat from Earlier Gains after Missile Attacks target Aramco

According to the Brent Crude Oil charts, oil prices have retreated from earlier gains, closing the session in the red. The drop in oil prices comes after the missile attacks that targeted Saudi Aramco facilities. While the attack caused no damage, such acts destabilize the global economy through affecting energy supplies.

March 7, 2021

Saudi Arabia says no damage sustained at Ras Tanura by Houthi attack

Ras Tanura’s three terminals emerged unscathed from the Houthi drone attack, according to the Saudi energy ministry. This includes no injuries, deaths, or property damage.

March 4, 2021

OPEC+ keeps steep oil cuts in place for April

Going into April, OPEC+ is set to maintain current supply levels, with most members and allies agreeing to extend their production cuts into the next month, including Saudi Arabia’s voluntary additional cuts. Russia and Kazakhstan have been allowed to increase their production by  130,000 b/d and 20,000 b/d respectively. With uneven vaccine rollouts and strict lockdown measures, oil demand continues to be precarious, prompting the produced group to maintain its production cuts.

March 4, 2021

Production Levels to Remain Unchanged through April as Saudi Extends Voluntary Additional Cuts

In a showcase of the country’s commitment to the full market recovery of the oil sector, Saudi Arabia extends its one million barrels per day voluntary production cut into April. Current production levels are expected to remain unchanged for most oil producers, except for Russia and Kazakhstan who will be allowed to expand production by 130,000 (Russia) and 20,000 (Kazakhstan) barrels per day. 

March 4, 2021

Houthis take credit for missiles fired at Aramco facilities in Jeddah

The Royal Saudi Air Force intercepted and destroyed ballistic missiles launched by the Houthi militia toward Saudi Aramco facilities in Jeddah, the southern city of Jazan, and the town of Khamis Mushait. 

March 3, 2021

Bullish OPEC+ expectations lead to 2% rise in Crude prices

After a key advisory committee for OPEC+ issued no recommendation on April output levels, oil futures soared at the expected quota increase. Saudi Arabia has continued to urge a conservative approach, while Russia leads several other OPEC+ members in their desire to loosen quotas.

March 2, 2021

Saudi Arabia and Russia yet to Reach a Compromise regarding April Supply Levels

An upcoming OPEC+ meeting will determine oil supply levels for April. Saudi Arabia has been cautioning oil producers against increasing output in an attempt to preserve the market’s fragile recovery. Russia on the other hand has indicated a desire to expand oil production going into April in light of the market’s recent recovery.

February 23, 2021

Oil prices rise after U.S. output shrinks due to Texas winter storm

With the rare winter storm in Texas causing a drop in U.S. crude oil production by more than 10%, oil prices have reached 13-month highs, settling at $67.30 a barrel.

February 22, 2021

Saudi Aramco predicts hydrogen market growth after 2030

Looking to diversify their portfolio to include zero-carbon products, Saudi Aramco said that it expects the hydrogen market to grow once infrastructure and policies are in place in 2030. Their vice president of marketing, sales, and supply planning also asserted their intention to be the “last man standing” among hydrocarbon producers, due to their cost-efficiency and minimally energy-intensive operations.

February 22, 2021

Iraq’s SOMO won’t cut oil exports to India unless forced

Providing 70% of Asia’s crude export market, Iraq will not cut its oil supply to India in order to maintain said control. The deputy director general of Iraq’s SOMO said it would not cut supply unless forced to.

February 16, 2021

Saudi Aramco will sell shares for a second time

Saudi Arabia is expected to sell more shares of Saudi Aramco in order to finance projects aimed at diversifying its portfolio. No timeline or details have yet to be provided, but proceeds would be directed to Saudi Arabia’s Public Investment Fund.

February 10, 2021

Saudi Aramco intends to loan $10 billion to pipeline business buyers

Following the lead of ADNOC’s infrastructure leasing deals, Aramco is also seeking to generate value from its assets. The Saudi oil giant is preparing a $10 billion financing package, potentially to offer to pipeline buyers like BlackRock, KKR and Brookfield Asset Management.

February 9, 2021

Neom forecasts hydrogen-based ecosystem

Neon’s head of energy, Peter Terium, stated that the city will be powered predominantly by hydrogen, providing the basis for clean production of fertilizers, chemicals and oil derivatives. 1.2 million mt of ammonia is expected to be produced from hydrogen, slating high export potential in Asia, the U.S. and parts of Europe, according to Terium.

February 8, 2021

OPEC+ lifts output by 440,000 barrels per day in January

For the seventh straight month, OPEC boosted its crude oil production, rising over 270,000 barrels per day from December to 25.70 million b/d in January. The nine additional members from OPEC+ rose 170,000 b/d to 12.91 million b/d.

February 8, 2021

Qatar awards Japanese company with North Field LNG expansion contract

Qatar announced that the phase 1 contract of its North Field LNG expansion was won by Japan’s Chiyoda Corp. and Technip. The expansion will cost $28.75 billion, boosting production from 77 to 110 mt/year by Q4 2025.

February 7, 2021

Iran’s natural gas output reaches record high despite US sanctions

Iran’s natural gas production reached a record high of 1.04 Bcm/d according to Iran’s oil minister, Bijan Zanganeh, in spite of U.S. sanctions. 

February 5, 2021

Saudi Aramco makes no changes to Asia-bound crude OSPs

Saudi Aramco made no changes to its March prices for Asia-bound crude oil grades from February for its Arab Light, Arab Medium, Arab Heavy, Super Light, and Extra Light crude from February, staying steady against Platts Dubai and DME Oman.

February 3, 2021

Oil Prices Climb with Output Cuts and Falling Inventories

Oil prices are rising as a result of ongoing OPEC+ output cuts, falling inventories, and a drop in the number of Americans filing for unemployment benefits. However, the strengthening of the U.S. dollar is likely to stall the momentum of oil prices and drive a decline in prices. 

February 1, 2021

Iraq’s total oil exports rise to 2.868 million barrels per day

The Iraqi oil ministry reported the rise in total oil exports from 2.846 million barrels per day in December to 2.868 million barrels per day in January.

February 1, 2021

BP sells 20% stake of Oman gas development to Thailand state-owned energy firm

Multinational oil and gas company BP plc agreed to sell a 20% stake in Oman’s Block 61 to Thailand’s national petroleum exploration and production company (PTTEP) for $2.6 billion. The purchase aligns with BP’s goal to reduce debt and shift towards renewables through large asset sales, and agrees with PTTEP’s strategy to increase their gas portfolio.

February 1, 2021

Goldman Sachs predicts tight oil market could push crude to $65

According to Goldman Sachs, with OPEC+ production cuts tightening the oil market and a slow rebound in demand, oil prices could rise to $65 a barrel by July. 

January 29, 2021

OPEC’s Oil Production Rises In January As Cartel Eases Output Cuts

As the OPEC+alliance eases its output cuts in Q1, crude oil production by OPEC has risen by 160k barrels per day in January. Of the 500,000 agreed to be added in January by the collective, OPEC’s share comes out approximately to 300,000 bpd. The three biggest increases, in order, came from Saudi Arabia, Iraq, and Iran.

January 28, 2021

Russian Oil Company Litasco will Finance Iray’s Nassirya oilfield, doubling output

In a 28-month project, Litasco, an oil trading arm of the Russian oil company Lukoil, will finance the doubling of Iraq’s Nassiriya oil production capacity to 200,000 barrels per day. The Iraqi cabinet announced that part of the deal includes building a 100,000 bpd oil production facility and a 42 km oil pipeline by a joint venture between Iraq’s State Company for Oil Projects (SCOP) and Italy’s Progetti Europa & Global.

January 28, 2021

MBS announces Aramco selling more shares

Saudi Crown Prince Mohammed bin Salman said that Saudi Aramco will sell more shares as part of plans to bolster the country’s main sovereign wealth fund. The company is the world’s biggest oil company and completed its first public offering in 2019. Valued at $25.6 billion, it was the world’s largest initial public offering.

January 27, 2021

Iraq and French oil company Total sign memorandum of understanding for large projects

Iraq signed a memorandum of understanding with Total, a French oil and gas company, for collaborations on natural gas and clean energy projects. The Iraqi oil ministry calls the plans “large and promising.”

January 27, 2021

Russian SWF credits Saudi output cut for oil market stabilization

The head of Russian sovereign wealth fund RDIF said that Saudi Arabia’s output cut significantly stabilized the market. President Putin’s speech at the Davos forum also commended the productivity of energy cooperation among Saudi Arabia and the U.S. despite “different and sometimes even opposite views on other global issues.”

January 26, 2021

Oil prices rise alongside European shares amid reports of Riyadh blast

Oil prices creeped up alongside rising European shares, trading near 11-month high, amid reports of a blast in Riyadh. Oil prices are also being supported by geopolitical tensions after two supertankers, including Iranian crew members, were seized on Indonesian waters for suspected illegal oil transfers.

January 26, 2021

Iranian oil exports rise despite sanctions

In a signal that the international market anticipates a more conciliatory Biden administration regarding JCPOA resumption and easing of sanctions, Iran’s oil exports have risen in Q4 and January, according to three firms that derive their estimate from tracking tankers. SVB International estimated that Iranian crude exports increased from 490,000 barrels per day in October to 710,000 in December. Shipments and productions are moving up in January. 

January 26, 2021

Iran asks Indonesia for explanation regarding seizure of tanker accused of illegal oil transfer

Iran has asked Indonesia for details regarding the seizure of an Iranian-flagged vessel off the waters of the West Kalimantan province. Indonesia said its coast guard suspected illegal oil transfers, and that they will be escorted to Riau Island Province for further investigation. 

January 26, 2021

IMF projects stronger-than-expected global recovery, 21% rebound in crude oil prices to ~ $50/b

The International Monetary Fund expects the global economy to post a stronger-than-expected recovery from the pandemic, with oil prices averaging just above $50 per barrel in 2021. Still, it says that “Oil exporters and tourism-based economies face particularly difficult prospects given the subdued outlook for oil prices and expected slow normalization of cross-border travel.”

 

January 24, 2021

Dubai oil crude futures trading on TOCOM more than doubled in 2020

Dubai crude oil futures traded on the Tokyo Commodity Exchange rose 124% in 2020, a record high. Volume rose to 6.01 million, a significant increase from 2.68 million in 2019. Each futures contract is 50,000 liters, equivalent to approximately 314.5 barrels.

January 22, 2021

Iran confident in return to pre-sanction oil market share once US sanctions lifted

So long as US sanctions are lifted, Iranian oil minister Zanganeh is confident that a “more powerful and capable” Iranian oil sector in terms of “marketing, transfer of money,” and market access will help the country regain its pre-sanctions share of the oil market. He asserted that the market itself will approach Iran in pursuit of diversifying its suppliers, and that Asian and European companies have already begun reaching out should sanctions be lifted.

January 21, 2021

Iraq’s dominance over Indian crude market will be tested by Iranian resurgence

The resurgence of Iranian crude, propelled by President Biden potentially lifting sanctions, may challenge Iraq’s double-digit growth of crude exports to India. Its market share rose as high as 25% as Iranian crude inflows zeroed out. A refiner said that, since Indian refiners are used to Iranian crude, they will likely be happy to get back to business if the opportunity presents itself.

January 20, 2021

Emirates Nuclear Energy Corp. anticipates all four nuclear reactors operational in four years

The UAE’s Emirates Nuclear Energy Corp., which in 2020 started one of the four nuclear units, expects all reactors to be operational in four years as OPEC’s third largest producer seeks to diversify its energy mix. The CEO of Emirates Nuclear Energy Corp. expects all four of its nuclear reactors to be operational by 2024, asserting that 25% of UAE’s electricity will be generated by nuclear and clean energy. Its first 1.4 GW nuclear power reactor reached 100% capacity in December. The CEO said that green hydrogen may also be a product of the nuclear reactors one day.

January 20, 2021

Rising Saudi Crude Exports lead to 17-year low domestic stockpile

Saudi Arabia’s crude exports rose to a seven-month high in November, leaving its domestic stockpile at a 17-year low. Exports have increased every month since June when it reached a historic low of 4.98 million barrels per day.

January 20, 2021

OPEC chief pledges deepened ties, productive relationship with Biden administration

OPEC Secretary General Mohammed Barkindo pledged to nurture the relationship between the oil group and the U.S. energy industry under President Biden. Despite not yet being in touch with the President, and some of OPEC’s member countries’ tenuous relationship with the incoming administration, Barkindo expressed his desire to maintain and improve the mutually beneficial productivity of the partnership.

January 20, 2021

Saudi Arabia to generate 50% of power needs from clean energy by 2030

Dr. Khalid Bin Saleh Al-Sultan, the Chairman of King Abdullah City for Atomic and Renewable Energy, says that 50% of Saudi Arabia’s electric energy needs will be met by sustainable clean energy sources by 2030. The Saudi Ministry of Energy approved policies encouraging private sector participation. 

January 20, 2021

OPEC Secretary General Affirms the Coalition’s Intention to Deepen Ties with Biden’s Administration

OPEC’s secretary general Mohammed Barkindo affirmed the coalition’s intention to continue to deepen the relationship with the U.S. energy industry under the administration of president Joe Biden. The election of Biden has triggered some anxiety within OPEC, particularly when it comes to his position on climate change and push for a clean energy transition, as well as his potential return to the Iran nuclear deal.

January 19, 2021

UAE energy minister sees diminished threat from US shale oil rivals

UAE energy minister Suhail al-Mazrouei predicted that US crude production is unlikely to pose a threat to OPEC’s market share in the near-term. The International Energy Agency agreed, saying in its monthly oil market report that many US shale officials could focus on paying down debt and boosting investor returns rather than ramping up production.

January 19, 2021

UAE plans hydrogen capacity building and CCUS projects to fight climate change

At the Abu Dhabi Sustainability Week summit, the CEO of Abu Dhabi National Oil Co. discussed its aim to be one of the “lowest cost and highest producers” of blue hydrogen in the world, with CCUS (carbon, capture, utilization, and storage) projects in the works. 

January 14, 2021

Oman plans to raise oil output post-OPEC+, but still in search of investment

At the expiration of the OPEC+ supply accord, Oman plans to raise its crude production up to 1.1 million barrels per day. The level of investment needed to meet this capacity is unidentified thus far.

January 14, 2021

Saudi Foreign Minister: Saudi-Russian cooperation in OPEC+ helped stabilize oil markets

The Saudi Foreign Minister stated that cooperation with Russia stabilized oil markets and even “protected the global economic system that the dangerous effects that could have happened from instability in these markets.” Russia’s Deputy Prime Minister said that Saudi Arabia’s surprise cuts were a “New Year’s gift” to the oil market

January 14, 2021

The COVID-19 Pandemic Continues to Color Prospects for Oil Recovery

While earlier on, OPEC 2021 forecasts foresaw a healthy recovery in economic activities and a growth in oil demand by 5.9 million barrels per day year on year, OPEC has steadily lowered its demand growth forecasts since. The fluctuation in the forecasts for 2021 is driven by the uncertainty surrounding the COVID-19 pandemic, with the virus spread rate continuing to grow despite the vaccine rollout, and the implementation of new lockdown measures across the world.

January 13, 2021

UAE Warns US Shale Companies Against Pumping More Oil

Any attempt by U.S. shale and other oil producers to boost output this year will probably backfire and lead to lower prices, according to the energy minister of the United Arab Emirates. With demand still fragile, they “are wise not to jump the gun and overproduce during the recovery year” Energy Minister Suhail Al Mazrouei said speaking exclusively to Bloomberg’s Manus Cranny at the forum for Gulf Intelligence.

January 13, 2021

UAE cautions U.S. shale oil companies against output increase

UAE’s energy minister warned U.S. shale producers not to upset the oil market’s rebalancing by rushing to increase production in the wake of rising oil prices. “If every country is looking at market share, we will not balance the market.”

January 11, 2021

Iran signs 8 more oil projects, plans to boost output by 355,000 b/d

The National Iranian Oil Co. signed eight additional oil projects as an extension of a $6.2 billion national program started in January 2019 to increase oil production by 355,000 barrels per day. The eight projects are worth $1.2 billion and could boost production by 95,000 bpd.

January 11, 2021

Kuwait Petroleum Corp. raises Feb crude OSPs to Asia, lowers U.S. and Europe prices

Kuwait Petroleum Corp. raised its February official selling prices for crude bound for Asia, and lowered prices of crude headed to the U.S. and Europe. It also increased its differential for the Asia-bound Super Light and Khafji oilfield crude.

January 11, 2021

Qatar raises February crude OSP differentials

Qatar Petroleum raised the February OSP differentials for its Land and Marine crude by 40 cents per barrel and 50 cents/b. It has used a prospective, rather than retrospective, basis for OSPS since March 2020.

January 10, 2021

Saudi cut to preserve oil market deficit as demand falters

Saudi Arabia’s voluntary oil production cut will bring the oil market into deficit for most of 2021 despite demand being battered by the spread of COVID-19. The announcement boosted oil prices to an 11-month high.

January 7, 2021

Iraq December oil production up 4.7%, breaching OPEC+ quota

Iraq’s December oil production, including from the semi-autonomous Kurdistan region, rose 4.7% month on month to 3.857 million b/d, to be above the country’s OPEC+ quota, data from the State Oil Marketing Organization showed Jan. 7.

January 6, 2021

Iraq still waiting for Iranian gas supply to resume after 90-day US waiver granted

Though the US granted Baghdad a 90-day waiver permitting Iranian gas supply for power generation, Iraq is still waiting for Iran to resume supplying. Iraq owes Iran billions of dollars in unpaid gas imports, which has led to Iran lowering its supply from 50 million cu m/day to 5 million. 

January 6, 2021

Saudis raise Asia, U.S. oil prices after shock output cut

After Saudi Arabia’s shock announcement at an OPEC+ meeting that it would unilaterally cut its oil output, the Kingdom elected to raise oil prices for all grades shipped to Asia and the U.S. in February.

 

January 5, 2021

Saudi Arabia surprises market — 1 million b/d ‘preemptive’ output cut

Saudi energy minister Prince Abdulaziz bin Salman shocked the oil market by holding its crude output 1 million barrels below its quota of 9.119 million barrels per day in order to help bring down the bloated oil inventories due to the pandemic. 

January 5, 2021

Qatari energy trade seen little changed with easing of Gulf rift

Despite the end of the detente between Qatar and three Gulf countries, Qatari energy exports are not expected to get a boost. Qatar is seen as unlikely to rejoin OPEC, as its participation has remained relatively unchanged through OPEC+, and its plans to expand LNG capacity will likely proceed as planned.

January 5, 2021

Saudi Arabia promises extra cuts as OPEC+ agrees to slight increase in output

While most OPEC+ producers have agreed to hold outputs steady for the months of February and March, Saudi Arabia has agreed to extend its voluntary additional cuts over the next two months in support of a strong oil market recovery. The only two producers to increase production are Russia and Kazakhstan, who have been allowed to increase output by a combined 75,000 bpd in February and a further 75,000 bpd in March.

January 5, 2021

OPEC+ to Mostly Hold Output Steady for February

After raising output by 500,000 bpd for the month of January, OPEC+ is likely to hold output steady for the month of February. Having failed to reach a compromise in their most recent meeting, the coalition is likely to commit to steadying supplies in an upcoming meeting. Despite an overall optimistic market environment, Saudi Arabia had advised OPEC+ member to practice caution given the market’s vulnerability to the uncertainty of COVID. While most OPEC+ members favor steadying outputs, Russia and Kazakhstan are pushing for an increase in production.

January 4, 2021

IRGC seizes South Korean chemical tanker

Citing oil pollution, Iran seized a South-Korean-flagged chemical tanker in the Strait of Hormuz, pulling it into an Iranian port. Iran seeks to get South Korea to release almost $7 billion of oil revenues owed to OPEC. Prior to US sanctions, South Korea was one of Iran’s top five crude and condensate buyers.

January 4, 2021

Iran increases uranium enrichment to 20%, defying JCPOA

Iran has resumed 20% uranium enrichment at its underground Fordow nuclear facility, notifying the International Atomic Energy Agency. The level far exceeds the 3.67% that was allowed by the JCPOA. 

January 4, 2021

OPEC+ fails to reach deal on February oil quotas

Caught between “two proposals 180 degrees opposite each other,” OPEC+ could not come to a resolution on whether to increase oil quotas. Some members were concerned predominantly about their market share, while others were wary of ongoing weakened demand.

 

January 3, 2021

Iraq awards unnamed Chinese company with $2 billion oil deal

An unnamed Chinese company won a $2 billion dollar, five-year oil supply contract without destination restrictions from Iraq’s SOMO. The deal includes one-year prepayment, as Baghdad seeks to raise capital, and includes a supply of 4 million barrels per month of Basrah crude starting July 1, 2021.

2020
December 29, 2020

Saudi, Dubai stocks lead broader regional gains on stronger oil prospects

With prospects that the stimulus of a US relief package could increase demand and growth, UAE and Saudi Arabia both saw their stocks rise, in line with the global market, Bahrain, and Oman, and in contrast to Qatar.

December 23, 2020

Google partners with Saudi Aramco to access $10 billion cloud market

In a joint venture with the state-owned oil producer Aramco, Google will open a “cloud region,” to deliver high performance, low latency cloud services to meet rising demand in Saudi Arabia, which is forecast to reach a market opportunity up to $10 billion by 2030.  

December 22, 2020

UAE-based Fujairah to get fourth refinery in 2021

With its third refinery started in April, Fujairah, a UAE-based entity, expects a fourth to be running by 2021. Fujairah’s oil stockpile jumped 6.7% the week of December 14th, its highest since August.

December 14, 2020

Facing liquidity crunch, Kuwait names new oil and finance ministers

Mired in a dire economic crisis and following the resignation of the government, Kuwait’s emir on Monday approved a new cabinet that included new ministers of oil and finance. The supreme petroleum council sets oil policy, so it is yet to be seen how influential these new additions will be.

December 6, 2020

Aluminum Bahrain signs memo of understanding with Chinese alumina supplier

Aluminum Bahrain (Alba) signed a three-year memorandum of understanding with a Chinese company that will supply the Gulf state aluminum producer with raw material alumina. Hangzhou Jinjiang Group Co. has an annual nameplate capacity of 10 million mt., and Alba hopes to increase its 2019 total of 1.35 million mt. to 1.54 million by the end of 2020.

December 6, 2020

Oman sets up new energy company to raise capital

In an effort to offset the impact of lower oil prices, Oman sets up a new state energy company that can raise debt. Energy Development Oman will have a shareholding in Petroleum Development Oman, a state-owned oil and gas exploration and production company, and Block 6, Oman’s largest gas and oil operation.

December 1, 2020

Saudi-UAE standoff leaves OPEC deal hanging in the balance

After heated disagreements about quota management and enforcement led to a several-day delay in OPEC+ meetings, members hope that diplomacy can bring UAE and Saudi Arabia back to the negotiating table. UAE expressed frustration that other members have not been held to their obligations, while Iraq asked for unique consideration based on its economic realities rather than a “one size fits all” approach.

November 16, 2020

Saudi Aramco plans debt market comeback with multi-tranche bond deal

Seeking cash, Saudi Aramco hired banks for a multi-trance U.S. dollar-denominated bond issuance.

November 1, 2020

Head of Vitol Asia says Europe lockdowns could reduce oil demand by hundreds of thousands b/d

Resultant of new lockdowns in Western Europe, the head of Vitol Asia stated that the drop in demand may equal hundreds of thousands of barrels per day. After the first round of lockdowns in April, OPEC+ reigned in oil output by almost 10%.

November 1, 2020

Sudan and UAE sign memo of understanding on construction of solar energy plants

Sudan and UAE sign a memorandum of understanding regarding the construction of solar energy plants with a capacity of 500 megawatts (MW). UAE, represented by one of its private companies, will supply, build, install and operate an undisclosed number of plants for 20 years, while training and employing Sudanese workers.

October 29, 2020

OPEC+ 2021 supply decision garners varying reactions from Gulf states

With Russia and Saudi Arabia in favor of maintaining output cuts and other members of OPEC+ against them, the Kuwaiti Oil Minister expressed his support of whatever was best for the OPEC+ framework.

October 27, 2020

Oil prices drop by more than 5% to three-week low as COVID-19 cases surge

Renewed lockdowns in the U.S. and Europe are sparking concern that the economic recovery will deteriorate, leading oil prices to fall 5% in a three-week low. The drop was compounded by an increase in U.S. and Libyan oil output, and the dwindling hopes of a timely U.S. stimulus package.

October 20, 2020

Qatari stocks rise as most major Gulf markets fall

In a contrast to UAE and Saudi markets and indexes taking a hit, Qatari stocks rose on Tuesday, including the index .QSI, its largest lender Qatar National Bank, and Qatar Gas Transport Company.

October 20, 2020

Israeli pipeline company EAPC to transport UAE oil

Israel’s Europe-Asia Pipeline Co. (EAPC) signed an agreement with a UAE-based company to transport oil from the Gulf state and Eastern markets to the West and back. According to EAPC, the agreement “offers oil producers and refiners the shortest most efficient and cost-effective route to transport oil and oil products from the Arabian Gulf to the consumption centers in the West, and provides access for consumers in the Far East to oil produced in the Mediterranean and Black Sea regions.”

October 19, 2020

IMF lowers 2021 outlook for Middle East economic recovery

In its latest regional outlook report (Oct. 2020) the International Monetary Fund (IMF) lowered its outlook for the region’s economic recovery, predicting a 4.1% contraction. The (IMF) also expects oil prices to remain under pressure, predicting prices in the $40 to $50 range in 2021.

October 19, 2020

Oil exporters to hurt most due to COVID-19

Lower oil prices and decreased demand have set up oil exporters to be among the hardest hit Middle Eastern states economically, according to the International Monetary Fund.

October 19, 2020

Saudi Arabia expects $20 billion investment in renewable energy through 2030

The CEO of the Saudi National Grid expects investments of $20 billion and more over the next decade. The company also anticipates record low prices for its renewable projects.

October 8, 2020

OPEC cuts long-term forecast for oil demand growth

In its annual World Oil Outlook, OPEC extended its forecast period from 2040 through 2045, projecting worldwide oil demand to increase by nearly 10 million barrels per day (b/d) over the long term, rising to 109.3 million b/d in 2040, and to 109.1 million b/d in 2045.  

October 6, 2020

Saudi Aramco doubles down on oil production to outlast rivals

Mindful that a shift to clean energy will make crude much less valuable, Saudi Aramco plans to increase its oil production capacity so that it can capitalize on demand picking up.

 

October 5, 2020

Boosted by Kurdish output, Total oil exports in Iraq edge 1.3% higher in Sept

After August saw the lowest Iraqi exports of oil since 2015, Iraq’s output went up 1.3% to 3.063 million barrels per day, boosted by semi-autonomous Kurdish output.

October 2, 2020

US, Israel and UAE to cooperate in several sectors of energy

In the wake of the Abraham Accords, the US, Israel, and UAE agree to cooperate in several sectors of energy, including oil, gas, and renewable energy. UAE and Israel may also work together on water desalination and solar power.

September 30, 2020

Saudi Economy experiences 7% contraction in Q2 caused by COVID-19 demand destruction

Saudi Arabia’s General Authority for Statistics reported a 7% contraction YoY in the second quarter. The drop is a consequence of the pandemic’s oil demand destruction and reflects the Kingdom’s challenges in diversifying its economy beyond the oil industry. 

September 29, 2020

Saudi Aramco and Russian Oil Company unlikely to bid for stake in Indian Oil Refining Corporation

With low oil prices and weak demand curbing investment plans, sources from Russian oil company and Saudi Aramco report that the two heavyweights are unlikely to bid for a stake in Indian refiner Bharat Petroleum Corporation. After initially showing interest, Aramco has not submitted a formal expression of interest, though the deadline was extended by two months to September 30th.

September 27, 2020

Singapore receives the first oil shipment from Aramco’s Jizan refinery

According to data analytics firm Kepler, Aramco’s Jizan refinery has sent 475,000 barrels of gas oil to Singapore. In a statement made in August, Aramco CEO Amin Nasser had indicated that processing at the Jizan refinery, which has been the target of several Houthi missile attacks intercepted by Saudi, will begin by the first quarter of 2021.

 

September 25, 2020

Oil Tracking Company Projects September Iranian exports at “levels we haven’t seen” in 18 months

Defying U.S. sanctions, TankerTrackers projected Iranian oil exports in September have jumped to twice that of August, and “levels we haven’t seen in a year and a half.” 

 

September 24, 2020

U.S. grants 60-day waiver for Iraq to import Iranian Energy

The U.S. gave Baghdad 60 days to take “meaningful action” to reduce energy reliance on Iran, notably shorter than the usual 90 or 120 day waiver. Analysts believe that the shortened timespan reflects evolving relations between the U.S. and Iran, as American troops stationed in Iraq have come under Iranian-backed militia fire multiple times this year.

 

September 23, 2020

UAE’s Barakah nuclear power plant boosts electricity production to half of capacity

The UAE’s  first nuclear power plant, Barakah, started one of its four units back in August, and has recently boosted its electricity production to half of its capacity. The boost comes after the UAE has linked the plant to its electricity grid as part of its plan to meet up to 25% of the country’s power needs from nuclear energy.

September 22, 2020

Iraq’s Kurdish Region responsible for OPEC quota breach and possible smuggling, claims deputy PM Allawi

In a recent statement, Iraq’s deputy prime minister Ali Allawi attributed the country’s OPEC quota breach to the semi-autonomous Kurdish region, which produces between 450,000 and 470,000 b/d of crude. Moreover, the deputy minister indicated that the region might be a possible source of smuggling.  

September 18, 2020

Saudi Defense Ministry Places blame on Iran for Drone and Missile Strike

After a drone and missile attack forced Saudi Arabia to shut down half of the country’s oil production, the Saudi defense ministry asserted that debris found at the Aramco attack site proved Iranian culpability. “The attack could not have originated from Yemen,” Col. Turki al-Maliki said, because the Houthi rebel fighters did not have the needed range of capability.

 

September 17, 2020

Oil jumps more than 10% following OPEC meeting and decline in US inventory

After Saudi Arabia pressed OPEC members to hold firm on production quotas, Hurricane Sally cut U.S. production, and a Libyan commander announced the removal of a blockade on oil exports, oil prices were mixed. However, a decline in U.S. inventory and the resultant supply deficit contributed to a 10% rise in oil prices.

September 17, 2020

Iraq to raise its refining capacity to 850,000 b/d by the first quarter of 2022

According to Iraqi deputy oil minister Hamed al-Zobai, the country plans to raise its refining capacity from 640,000 b/d to 850,000 b/d by the first quarter of 2022. The main purpose behind Iraq’s push for an increased refining capacity is to reduce dependence on imports of gasoline and gas oil. Iraq’s reliance on imports of gasoline and gas oil is a consequence of the 2013-2017 war with the Islamic State, which caused damage to many of Iraq’s refineries. In order to boost refining capacity, Iraq plans to rehabilitate and develop the Baiji complex north of Baghdad, finance new refining projects in Karbala and Qayara, and introduce

September 17, 2020

Oil jumps 10+% after OPEC meeting and decline in U.S. inventory

Resultant of an OPEC meeting where Saudi Arabia pressed allies for better compliance with output cuts, Hurricane Sandy cut U.S. production, and major banks projected a supply deficit, oil futures rose by more than 10%. Eastern Libya commander Khalid Haftar also announced he would lift his oil output blockade for one month, though it is yet to be seen how quickly Libya can ramp up production.

September 17, 2020

OPEC+ Meeting Addresses Need for ‘full conformity’ to production cuts

Though OPEC+ did not commit to any changes in oil output, the international group urged flexibility in the face of uncertain Covid futures around the world. Members have thus far adapted to output constraints to varying degrees of compliance, with Iraq compensating for overproduction earlier in the year and Saudi Arabia and Russia urging stricter adherence.

September 15, 2020

SABIC issues two $500 million dollar bonds to purchase long-term debt

In a hotter debt market post-summer, Saudi Basic Industries Corp (SABIC) sold $500 million dollars worth of 10-year bonds and $500 million worth of 30-year Formosa bonds. This June, Aramco completed its $69.1 million dollar purchase of a 70% stake in SABIC. As long-term investments are more insulated to oil volatility, fund managers and bankers expect the regional debt supply to continue over the coming months.

September 15, 2020

The International Energy Agency cuts oil demand outlook in light of Coronavirus

In light of concerns around COVID-19, the International Energy Agency decreased its oil demand outlook by 300,000 b/d for 2020. While oil production for OPEC+ members has seen a recovery since production cuts have eased in August, the Paris-based agency expects non-OPEC supply to drop by 2.6 million b/d in 2020. Overall, the IEA foresees stock draws in the second half of the year at about 3.4 mb/d. 

September 14, 2020

International Atomic Energy Agency discusses tougher nuclear checks with Saudi Arabia

Though Saudi Arabia has stated it will only pursue nuclear weapons if Iran acquires them, the International Atomic Energy Agency has discussed revising its arrangements with Saudi Arabia as it expands its nuclear program. An extra agreement, known as the Additional Protocol, would provide tougher checks such as snap inspections at undisclosed locations

September 14, 2020

As supply recovers, OPEC revises down projections of global oil demand

In its latest oil market forecast, issued on September 14, OPEC slashed its projection of global demand by 400,000 b/d for 2020 and by 770,000 b/d for 2021. The supply side continues to increase above OPEC’s previous forecasts, since coordinated production cuts of OPEC+ members have relaxed in August.

September 13, 2020

Abu Dhabi plans to generate a 1/3 of its power from clean energy by 2024

In a statement made by a government official to S&P Global Platts, Abu Dhabi is looking to produce a third of its power from clean energy in four years. The UAE has been undertaking various projects targeting clean and renewable energy, including nuclear power, in an attempt to generate 50% of its power from clean energy by 2050.

September 9, 2020

With production cuts relaxing, OPEC+ oil outputs increase in August

According to a recent S&P survey, OPEC+ oil outputs have increased in August, as production cuts ease to 7.7 million b/d for the rest of the year from August on. The rise in oil output has been led by an increase in production by Saudi Arabia, Russia and the UAE. While Saudi Arabia remained under its quota, Russia and the UAE went over their cap. To make up the difference, UAE’s ADNOC said it will lower its October term allocations by 30% to make up for the excess output. 

September 8, 2020

Saudi Arabia cuts October Official Selling Prices as refinery margins weaken

In response to weakening refining margins, Saudi Arabia cut its October Official Selling Price to Asia in order to incentivize more crude buying from refiners, where Russia remains a primary competitor. Saudi Arabia also cut its Official Selling Price to U.S.  (60 cents/b less) and European (20 cents/b less) buyers, however price cuts to European buyers were by far the smallest.

September 2, 2020

UAE’s ADNOC signs $5.5 billion dollar real estate investment partnership

Abu Dhabi National Oil Company announced a $5.5 billion dollar real estate investment partnership with a consortium led by Apollo Global Management Inc. ADNOC will retain a 51% stake, maintaining full ownership and control over the select real estate and social infrastructure assets.

September 1, 2020

Iraq’s August oil export down by 6%

According to a statement made on Sept. 1st by the Iraqi oil ministry, oil exports have fallen to 2.597 million b/d in August from 2.763 million b/d in July, a 6% decrease. The drop in exports comes after Iraq has pledged to cut an extra 400,000 b/d in the month of August and in September to make up for overproduction in May through July.

August 31, 2020

Abu Dhabi National Oil Company slashes oil exports by 30% for all crude grades

Abu Dhabi National Oil Company informed its term customer that it would slash the quantity of volumes available for export over October by 30% for its Murban, Um lulu, Upper Zakum and Das Blend grades. This comes after the UAE joined other OPEC+ members in enacting voluntary additional cuts to their output quotas.

August 30, 2020

Saudi Energy Minister announces discovery of two new oil and gas fields

Saudi Arabia’s energy minister announced that the state oil company Saudi Aramco discovered two new oil and gas fields in the northern region. The Abraq al-Toloul field flows with a daily rate of 3,189 barrels per day of Arab light crude oil, in addition to 3.5 million cubic feet of natural gas; the Hadabat al Hajara gas field yields 1944 bpd of oil condensate, and produces 16 million cubic feet of natural gas daily.

August 22, 2020

Iraqi deputy PM alludes to lower reliance on Iranian power next year

Iraq’s dependence on Iranian gas and electricity  import may significantly subside if the country successfully implements its $8 billion deals with US companies and attracts Saudi investment. Iraq hopes to advance the Ar Ratawi gas project to meet the domestic energy demand as well as link its power grid to the Gulf’s grid through Saudi Arabia and Kuwait.

August 20, 2020

Saudi June crude output hits 17-year low

According to data released in August 2020 by the Joint Organisations Data Initiative (JODI), Saudi Arabia’s June crude oil export dropped to the lowest on record since data collection started in January 2020, coming to a total of 4.98 million b/d. The drop in exports reflects the country’s leading role in the production cuts enacted by the OPEC+ coalition to prevent an oil price collapse.

August 20, 2020

General Electric signs $1.2 billion power agreement with Iraq

General Electric Company has signed two new agreements with the Iraqi Ministry of Electricity to bolster transmission networks and conduct maintenance programs across key Iraqi power plants, valued at $1.2 billion USD. GE is also working with multiple export credit agencies to facilitate $1 billion USD of financing for the projects.

 

August 20, 2020

OPEC+ to Offset Oversupply in May and June

On August 20, an internal OPEC+ report showed that countries that overproduced oil in May and June will have to slash output by over a million barrels per day for two months to compensate for the oversupply.

August 19, 2020

UAE nuclear power plants connects to national grid, a regional milestone

The culmination of a 12-year plan by Emirates Nuclear Energy Corporation (ENEC) has given UAE’s Barakah plant, the Arab world’s first nuclear energy plant, its first unit connected to the national power grid. The milestone enables ENEC to provide cleaner electricity to millions of residents and will reduce reliance on fossil fuels.

August 18, 2020

Saudi Cabinet Approved Neutral Zone Agreement with Chevron

On August 18, Saudi Arabia approved amending and extending an agreement with Saudi Arabia Chevron on the Neutral Zone, a previously disputed border area between Saudi Arabia and Kuwait, where an agreement last year restarted production in the area’s jointly-run Wafra and Khafagi oil fields. The Neutral Zone produces up to 0.5% of the world’s oil supply.

August 17, 2020

Iran Signs Deals to Boost Oil Production Capacity

On August 17, Iran signed 13 oil contracts with 14 domestic firms which will raise Iran’s oil production capacity to 185,000 barrels per day. The contracts are worth a total of $1.78 billion USD.

August 17, 2020

Chevron and Iraqi Government Pursue Exploration Deal

On August 17, reports surfaced that Chevron and the Iraqi government are discussing an exploration deal for Iraq’s southern Nassiriya oilfield which is one of Iraq’s largest oil fields and holds an estimated 4.4 billion barrels of crude. 

August 14, 2020

US seizes multimillion-dollar Iranian fuel shipment bound for Venezuela — DOJ says largest ever

With the assistance of foreign partners, the U.S. Justice Department announced it had seized 1.1 million barrels of Iranian petroleum from four foreign-flagged oil tankers bound for Venezuela. The two states have helped each other circumnavigate U.S. sanctions in the past, and in June, five Iranian oil tankers brought almost 1.5 million barrels per day to Venezuela, whose 1.3 million bpd refining network has almost completely broken down.

August 13, 2020

International Energy Agency forecasts lower oil demand due to surging COVID-19 cases and stalling mobility

After the world’s largest oil and gas firms reported historic Q2 losses, the International Energy Agency lowered its global oil demand forecasts to 91.1 million barrels per day, an 8.1 million bpd year-on-year decrease. The revision is 140,000 bpd lower than its most recent projection, and 2021 global estimates were revised down by 240,000 bpd to 97.1 million bpd.

August 13, 2020

Japan offers $330 million for a mega solar power plant in Qatar

On August 13, Japan confirmed that the state-backed Japan Bank for International Cooperation and Mizuho Bank will offer $330 million USD for a mega solar power plant in western Qatar. The solar power plant is expected to be operational in April, 2022.

 

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