Tag Archives: The National

The International Energy Agency has revised down its prediction for oil demand growth this year, due to lower-than-expected consumption and a decline in industrial activity in Organisation for Economic Co-operation and Development member countries. Demand for 2024 was adjusted lower to 1.2 million barrels per day, about 100,000 bpd lower …

Adnoc has signed a 15-year agreement with ENN LNG, the Singapore subsidiary of China’s ENN Natural Gas, for the delivery of at least a million metric tonnes a year of liquefied natural gas. The LNG will primarily be sourced from Adnoc’s Ruwais LNG project in Abu Dhabi, with deliveries expected …

Global energy companies operating in the UAE are optimistic that a consensus can be reached around the Cop28 pledge of tripling renewable energy capacity and doubling energy efficiency by 2030. The US, EU and UAE are rallying other governments to join a global deal on renewables at the UN climate …

Oil prices fell in morning trading on Monday after China’s set a modest target for economic growth for this year. Brent, the benchmark for two thirds of the world’s oil, was trading 0.71 per cent lower at $85.26 a barrel at 9.58am UAE time while West Texas Intermediate, the gauge …

Oil prices are likely to rebound to $125 in the coming months due to tight market supply, declining spare capacity and low oil inventories, according to Swiss bank UBS. In a research note on Thursday, UBS strategists said the latest remarks by Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman …

Oil prices rose on Tuesday after Saudi Arabia, the world’s largest exporter of crude, said the OPEC+ group can cut output if required to deal with the current volatility in oil markets. Brent, the global benchmark for two-thirds of the world’s oil, was trading 0.51 per cent higher at $96.97 …

Russia plans to put the Nord Stream 2 gas pipeline to domestic use after the fuel exports to Germany and Europe that were envisaged in its decade-long construction were called off because of the war in Ukraine. The Baltic Sea pipeline was completed last year but had not yet entered …

Saudi Arabia raised oil prices for all regions after crude surged following Russia’s military offensive in Ukraine to more than $115 a barrel. State-controlled Saudi Aramco increased its Arab Light crude price for next month’s shipments to Asia to $4.95 a barrel above the benchmark it uses. That is an …

International Energy Agency (IEA) member countries have committed to release 61.7 million barrels of oil reserves as of Friday as part of the emergency stock release announced by the agency on Tuesday. The amount exceeds the 60 million barrels of oil that IEA countries had pledged to release from emergency …

The Swiss-based company that built the Nord Stream 2 gas pipeline from Russia to Germany is considering filing for insolvency, sources said, as it tries to settle claims before a US sanction deadline for other entities to stop dealing with it. The US imposed sanctions on Nord Stream 2 AG …