Updated: Brent nears $50 as Opec+ agrees more moderate production increase
Brent crude neared $50 per barrel this morning after the Opec cartel and its allies agreed to a more gradual easing of production cuts next month.
UAE
OPEC+ meets to seek compromise on plan to delay output hike
OPEC+ began two days of potentially complicated talks to hash out the size of its oil-production cuts next year, with the group’s president calling for caution in a fragile market.
BP to invest more in Middle East’s ‘world-leading’ oil fields
BP said it will invest more money in Middle Eastern oil and natural-gas fields even as it transitions to renewable energy and tries to lower emissions.
Russia and Saudi Arabia power risks OPEC+ break-up
Frustrated UAE representatives are sending subtle but strong signals that they may be the first in the OPEC+ oil producers group to break free and go it alone.
Abu Dhabi plans $122bn in oil spending to boost output
Abu Dhabi will invest 448 billion dirhams ($122 billion) in oil and natural gas over the next five years as it seeks to raise production capacity, even while OPEC restricts its output.
Abu Dhabi said to near pipeline deal with GIP-backed group
Abu Dhabi’s state-owned energy producer is close to selling a multibillion-dollar stake in its natural gas pipelines to an investor group backed by Global Infrastructure Partners and Brookfield Asset Management Inc., in what is set to be one of the year’s biggest infrastructure deals.
Failure of Tripoli offensive sees Libya headed for stalemate
The Libyan National Army (LNA) has suffered major setbacks in its attacks on Tripoli, home of the Government of National Accord (GNA).
Sonatrach plans gradual resumption
Sonatrach workers will return to work in compliance with directives set out by the public authorities, the company said, attempting to quash rumours that this would occur on May 31.
ADNOC sees rebalancing signs
There are “signs that the market has tightened in recent weeks and the OPEC++ agreement … is working to start to rebalance the market,” ADNOC’s CEO Sultan Ahmed al-Jaber said in comments at the company’s ‘Virtual Majlis’.
MEA banks under oil price pressure
Middle East and African banks face mounting pressure from the gathering macroeconomic storm and oil price pressure, Fitch Ratings has said.
Dana considers demerger, sukuk payment
Dana Gas has taken a step towards splitting its upstream and midstream businesses off from each other, following approval for the plan from its shareholders at an AGM vote.
Lamprell to close UAE facilities
Lamprell is in the process of shutting two of its three facilities in the United Arab Emirates (UAE) in order to reduce overheads.
UAE contravenes UN embargo, Libya’s NOC alleges
Libya’s National Oil Corp. (NOC) has accused the United Arab Emirates of contravening the United Nations arms embargo by delivering fuel to Benghazi.
KBR takes PMC work on Ghasha
KBR has won project management consultancy (PMC) work from ADNOC on the Ghasha concession.
Libya’s well-timed oil blockade
The Libyan National Army’s (LNA) decision to halt exports from a number of ports brings more pressure to bear on the Tripoli-based Government of National Accord (GNA) but does little to upset the international oil market.
Libyan output reduced to near zero
As world powers met in Berlin to hash out a way forward in Libya, local pressures in the North African state took virtually all of its oil production offline.
Hopes for Libyan peace shift to Berlin
The Russian-Turkish ceasefire talks for Libya fell apart on the opposition of General Khalifa Haftar on January 13, with the head of the Libyan National Army (LNA) walking away from meetings in Moscow.
Turkish mercenaries turn up the pressure in Libya
The civil war in Libya is escalating as mercenaries, supplied by Turkey, have been mobilised to support the Tripoli-based Government of National Accord (GNA).
The great decoupling of energy stocks from oil creates carnage
This year has been one of moderate gains for the price of oil, but it has been bleak for producers.
APICORP alarmed on declining MENA gas spend
Gas investments in the Middle East and North African (MENA) region are declining, according to a report from Saudi Arabia-based Arab Petroleum Investments Corp. (APICORP).
N-Sea wins contracts worth £11.6m in Middle East
Subsea inspection, maintenance and repair (IMR) firm N-Sea has won a series of contracts out of its Middle East base worth a combined £11.6m.
N-Sea wins contracts worth £11.6m in Middle East
Subsea inspection, maintenance and repair (IMR) firm N-Sea has won a series of contracts out of its Middle East base worth a combined £11.6m.
Lukoil signs up for Ghasha work with ADNOC
Lukoil has signed up for a 5% stake in the Ghasha concession, as a part of a broader package between the United Arab Emirates and Russia.
GMS battles forward
Gulf Marine Services (GMS) has made progress in shoring up its future but much rests on its negotiations with lenders.
Aker Solutions bags £65m Adnoc deal
Aker Solutions has won a £65 million order from Adnoc to deliver subsea umbilicals for the Dalma gas development project located offshore UAE in the Persian Gulf.