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Energy Markets

Oil & Gas

Oil & Gas

OPEC+ starts official talks at 1100 GMT Thursday; sources see oil cuts extended

OPEC+ is likely to extend its latest round of oil production cuts by a minimum of 3 months from January when it satisfies online at 1100 GMT on Thursday, OPEC+ sources informed Reuters, to offer additional assistance for the oil market. OPEC+, which pumps about half the world's oil, was preparing to start relaxing output cuts through 2025. However, a downturn in global need and rising output outside the group position hurdles to that strategy and have weighed on rates. Among the OPEC+ sources stated the group was also looking at a choice to extend the cuts throughout the very...

Oil Refineries

Saudi Arabia enhances petroleum share in Asia at Russia's expense: Russell

Saudi Arabia clawed back market share of Asia's crude oil imports in November, while Russia surrendered a few of its barrels in what might be an early sign of a shift in market characteristics. Asia's imports from Saudi Arabia, the world's biggest crude exporter, rose to 5.83 million barrels per day (bpd) in November, up from 5.28 million bpd in October, according to data put together by LSEG Oil Research Study. On the other hand Russia's products to Asia, the top-importing region, dropped to 3.51 million bpd in November, down from October's 3.96 million and the lowest given that January,...

Electric Utilities

Abu Dhabi's IHC states its outlook on Adani Group investments is the same

International Holding Co's (IHC). outlook on investments in India's Adani Group stays. unchanged, the Abu Dhabi conglomerate stated following the U.S. indictment of billionaire Gautam Adani. Our partnership with the Adani Group reflects our. self-confidence in their contributions to the green energy and. sustainability sectors, IHC, among the Indian company group's. key foreign financiers, said in a declaration on Wednesday. Just like all our investments, our team continues to assess. relevant information and developments. At this time, our outlook. on these investments stays the same. Adani Green shares rose a more 7% in early trade on. Thursday, following a 10%...

Oil & Gas

Qatar cuts Jan al-Shaheen oil term cost, sources say

QatarEnergy sharply cut the term cost for alShaheen petroleum loading in January, trade sources said on Friday, in line with a current fall in Middle East area premiums. The January term rate was up to 73 cents a barrel above Dubai quotes, the sources stated, down for a second straight month and at a multi-month low. The sources decreased to be named as they are not authorised to consult with the media. The term cost for December freights was at a premium of $ 1.93 a barrel. For its January tender, QatarEnergy offered 5 cargoes at premiums between 40 and...

Renewable Energy

IMF, World Bank leaders pledge at UN environment summit to deal with Trump

The heads of the World Bank and International Monetary Fund on Tuesday stated they would deal with the incoming U.S. president, Republican Donald Trump, highlighting the value of private sector funding for establishing nations struck by environment modification. IMF chief Kristalina Georgieva informed a panel during the U.N. COP29 climate summit in Azerbaijan that the global lending institution had dealt with Trump during his previous term and eagerly anticipated doing so again. They have a mandate from the American people, she said. Asked about the impact of Trump's election on the IMF's. environment work, Georgieva stated she was positive that...

Oil & Gas

QUOTES-COP29 leaders speak as summit officially opens

The yearly U.N. environment top kicked off Monday with countries preparing for hard talks on finance and trade, following a year of weather condition catastrophes that have pushed developing nations in their needs for climate money. Here's what the summit leaders had to say at the opening ceremony: COP29 PRESIDENT MUKHTAR BABAYEV Colleagues, we are on a road to ruin. However these are not future problems. Environment change is currently here. Whether you see them or not, people are suffering in the shadows. They are passing away in the dark and they need more than compassion, more than prayers and...

Oil & Gas

QUOTES-COP29 leaders speak as top officially opens

The annual U.N. climate top kicked off Monday with nations preparing for difficult talks on finance and trade, following a year of weather disasters that have actually pushed establishing nations in their demands for climate money. Here's what the top leaders had to say at the opening event: COP29 PRESIDENT-ELECT MUKHTAR BABAYEV Colleagues, we are on a road to destroy. But these are not future issues. Environment modification is currently here. Whether you see them or not, individuals are suffering in the shadows. They are dying in the dark and they need more than empathy, more than prayers and documentation....

Oil & Gas

Adnoc has expressed interest in Cyprus gas, minister states

United Arab Emirates energy giant Abu Dhabi National Oil Co. (Adnoc) has revealed interest in Cyprus' emerging natural gas sector, the country's energy minister informed Reuters on Monday. Major gas discoveries and advancements off Egypt and Israel have actually brought in companies to offshore advancements in the eastern Mediterranean in the last few years, while state-owned Adnoc sees gas and melted gas (LNG) as a pillar for development. Cypriot Energy Minister George Papanastasiou stated Adnoc had not made any formal request or proposition to the government, though it had actually expressed interest rather a number of times. They revealed interest...

Oil & Gas

OPEC actions increasing volatility and hindering new financial investment in oil and gas, Eni CEO states.

OPEC+ oil supply cuts and recent efforts to unwind them have increased volatility in energy markets and hampered financial investment in brand-new production, the CEO of Italian energy business Eni stated on Monday. Speaking at an industry occasion in Abu Dhabi, Claudio Descalzi said he expected high volatility in the energy markets experienced in recent years to extend into 2025. 8 members of OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies settled on Sunday to postpone a prepared December oil output increase by one month due to weak demand in China and rising...

Oil & Gas

UAE'S ADNOC to deploy autonomous AI in the energy sector for the first time

UAE energy giant ADNOC will use extremely autonomous agentic expert system in the energy industry for the first time, in collaboration with G42, Microsoft and AIQ, its CEO Sultan Al Jaber said on Monday at a market event in Abu Dhabi. The UAE, a rich oil manufacturer and longtime security partner of the U.S., is expecting greater access to American technology to develop its own advanced tech market. The push is led by the government-backed G42, which in April got a $1.5 billion investment from Microsoft , which intends to diversify the UAE's economy away from oil. The rapid development...

Oil & Gas

Dependence to move Dubai crude team back to India in worldwide trade rejig, sources say

India's Reliance Industries Ltd, operator of the world's greatest refining complex, is reorganizing its trading operations, including moving the majority of its Dubai crude oil trading team back to Mumbai, 2 sources familiar with the strategy said. The moving of its crude trading team by the end of this year comes after the private refiner protected long-lasting oil materials from Russia, reducing the requirement to purchase spot freights, said among the sources, who spoke on condition of anonymity as the information was private. Now Dependence has an unrefined import deal with Russia. It likewise has actually evergreen sort of crude...

Oil & Gas

Fertiglobe to more than double net ammonia capacity as ADNOC becomes top investor

Fertiglobe expects to more than double its net ammonia production capability as it incorporates ADNOC's portfolio of low carbon ammonia tasks following the energy giant's purchase of a majority stake in the fertiliser maker on Tuesday. Fertiglobe CEO Ahmed El-Hoshy told Reuters the offer conclusion, which saw ADNOC buy simply over a 50% stake in the business from European chemical manufacturer OCI for $3.62. billion, would speed up Fertiglobe's path towards ending up being a. low carbon ammonia powerhouse. The deal, which raises ADNOC's stake to 86.2%, is the most recent. relocation by the state-owned Abu Dhabi group to broaden...

Fossil Fuels

Fossil Fuels

OPEC+ will postpone oil output trek at conference, source says

OPEC+ will postpone its plan to raise oil output, currently set to start in January, during its online meeting on Thursday, an OPEC+ source told Reuters, to supply additional support for the oil market in 2025. OPEC+, which pumps about half the world's oil, was preparing to begin relaxing output cuts through 2025. However, a slowdown in international demand and rising output outside the group posture difficulties to that strategy and have actually weighed on prices. Numerous OPEC+ sources have told Reuters an extension of the output cuts for three months is the most likely result, while others have stated...

Fossil Fuels

UAE's Abu Dhabi sets out steps to help organization avoid oil

Abu Dhabi, the capital of the United Arab Emirates (UAE), set out procedures on Wednesday to simplify procedures for services as it strives to diversify its economy far from oil. The oil-rich city emirate, which holds more than 90% of the UAE's oil reserves, announced a centralised service computer registry authority - the Abu Dhabi Registration Authority (ADRA) - that will be the single point for business registration, a statement said. In typical with other oil exporters in the region, Abu Dhabi has actually sped up efforts to diversify into sectors including tourist, logistics, manufacturing and market, to seek future...

Fossil Fuels

Hamas authorities states group 'appreciates' Lebanon's right to reach contract

Hamas main Sami Abu Zuhri stated on Wednesday the group appreciates Lebanon's right to reach an agreement that safeguards its individuals, and it hopes for a. deal to end the war in Gaza. A ceasefire in between Israel and the Lebanese Hezbollah. movement entered into effect on Wednesday after both sides accepted. an arrangement brokered by the United States and France, an uncommon. triumph for diplomacy in an area traumatised by 2 wars for. over a year. Hamas values the right of Lebanon and Hezbollah to. reach an agreement that safeguards the people of Lebanon and we. hope that this...

Crude Oil

Environment

Environment

British Organization - Nov. 21

The following are the top stories on business pages of British papers. Reuters has not validated these stories and does not vouch for their accuracy. The Times - Another 800 jobs are being cut at Ford, which represents 15% of the remaining individuals the business uses in the UK, simply 18 months after the company cut one fifth of its UK labor force. - Abu Dhabi-backed RedBird IMI is thinking about offering financial support for a sale of The Telegraph papers to New York business owner Dovid Efune as he struggles to secure support for a quote. The Guardian -...

Climate Change

Taliban administration officials to participate in UN environment conference in Azerbaijan

Afghan Taliban authorities will participate in a major United Nations climate conference that starts next week, the Afghan Foreign Ministry stated on Sunday, the very first time they have actually gone to considering that the previous insurgents took power in 2021. The COP29 climate top in Azerbaijan's capital Baku will be amongst the highest-profile multilateral occasions attended by Taliban administration officials considering that they took control in Kabul after twenty years of combating NATO-backed forces. The U.N. has not permitted the Taliban to use up Afghanistan's seat at the General Assembly, and Afghanistan's. government is not formally recognised by U.N....

Environment

COP29 host Azerbaijan promoted fossil fuel offers ahead of environment top, NGO says.

An official with Azerbaijan's. Presidency of next week's United Nations COP29 environment top. appeared to provide to assist in speak about new nonrenewable fuel source. deals ahead of the conference, according to a video secretly. tape-recorded by an advocacy group. In an examination initially reported by the BBC, non-profit. group Global Witness, which advocates against corruption, said. it had established a fake business to express interest in buying. Azerbaijan's national oil and gas business SOCAR, and in. sponsoring the yearly climate top. In the video, tape-recorded by Worldwide Witness, Elnur Soltanov,. CEO of the COP29 talks in Baku aimed at...

Pollution

SHORT TAKE-UAE promises to cut emissions by 47% by 2035.

The United Arab Emirates dedicated to cut its planetwarming emissions by 47% compared with 2019 levels by 2035 in its new national environment strategy released on Thursday, ahead of next week's United Nations COP29 climate top in Azerbaijan. The UAE, which hosted last year's U.N. environment top in Dubai, is the very first major emitter to send its upgraded strategy, referred to as Nationally Determined Contributions (NDCs),. ahead of the February 2025 due date. WHY IS THIS IMPORTANT? The UAE is among the world's 10 biggest oil producing. nations. NDCs are the structure of the Paris Agreement. They are. meant...

Environment

REFILE-Pakistan demands $1 bln in IMF environment money and sees reserves rising

Pakistan is targeting around $1 billion in an official request for funding from the IMF center that assists low and middle earnings countries reduce climate threat, its finance minister told Reuters. We have officially asked for to be considered for this center, Financing Minister Muhammad Aurangzeb said in an interview on the sidelines of the IMF/World Bank autumn conferences in Washington. The International Monetary Fund had actually currently concurred a $7. billion bailout for Pakistan, however has even more moneying offered. through its Resilience and Sustainability Trust (RST). The RST, developed in 2022, provides long-lasting concessional. money for climate-related spending,...

Environment

EU, seeking allies, holds first top with Gulf states

The European Union held its initially summit with the Gulf states on Wednesday, part of EU diplomatic courting of less familiar buddies as it seeks brand-new financial allies and gets global support to isolate Russia. Considering that Moscow's intrusion of Ukraine, the 27-member EU has connected to other regional blocs, holding its first top with the Association of Southeast Asian Nations (ASEAN) and its first in 8 years with the Neighborhood of Caribbean and Latin American Nations (CELAC). Its goal in satisfying the 6 rich Arab states in the Gulf Cooperation Council was to deepen cooperation and recognise those countries'...

Environment

Suez, Siemens and Abu Dhabi National Energy Business join up in desalination initiative

French energy business Suez, German business Siemens and Abu Dhabi National Energy Business have signed a memorandum of understanding (MoU) to participate in a desalination initiative to help emerging market countries. WHY IT MATTERS: Global warming and droughts have actually put pressure on the amount of drinking water materials around the world. In 2021, the United Nations said water shortage and drought might wreak damage on a scale to equal the COVID-19 pandemic. Desalination innovations can play an essential role in dealing with this issue, by making sea water drinkable. CONTEXT: This in turn has actually led to business chances...

Environment

ADNOC to take 35% stake in Exxon's Texas hydrogen plant

Abu Dhabi state oil giant ADNOC will acquire a 35% stake in a prepared Exxon Mobil largescale hydrogen plant in Texas, the business said on Wednesday. The production center intends to produce approximately 1 billion cubic feet per day of low-carbon hydrogen, with around 98% of co2 eliminated, they said in a declaration, without divulging a value for the investment. The task becomes part of Exxon's efforts to produce a brand-new organization to make money out of cutting greenhouse gas emissions by other companies wanting to decarbonise their own operations. ADNOC Executive Vice President of Low Carbon Solutions and Service...

Climate Change

Countries still far apart on COP29 financing goal

With less than three months up until this year's COP29 UN climate settlements, nations stay far from agreement on the top's biggest job: to concur a new funding target to help establishing countries deal with climate change. A negotiations document published by the U.N. climate body on Thursday set out the splits between countries, ahead of a. meeting in Baku next month, where mediators will attempt to. inch forward some of the stickiest issues. The document recommends 7 choices, showing countries'. completing positions, for a possible COP29 offer. The brand-new target. will replace wealthy countries' present dedication to supply $100....

Environment

Nations still far apart on COP29 finance objective

With less than three months up until this year's COP29 UN environment settlements, nations stay far from arrangement on the summit's greatest task: to concur a brand-new funding target to assist developing nations handle environment change. A settlements record published by the U.N. environment body on Thursday set out the splits in between countries, ahead of a. meeting in Baku next month, where arbitrators will attempt to. inch forward some of the stickiest problems. The file suggests seven choices, showing nations'. competing positions, for a possible COP29 offer. The brand-new target. will change rich nations' existing commitment to supply $100....

Environment

Japan's Mitsui to construct ammonia plant in UAE, starting production in 2027

Mitsui & & Co has started construction of an ammonia plant in the United Arab Emirates (UAE) with partners consisting of an Abu Dhabi National Oil Business (ADNOC) unit, it stated on Tuesday. The relocation comes as the Japanese trading home steps up its efforts to develop worldwide supply chains of greener fuels such as hydrogen and ammonia to assist advance energy transition and deal with environment change. Mitsui has likewise signed a loan arrangement with the Japan Bank for International Cooperation (JBIC) to fund the advancement of the project, it said in a declaration. Mitsui's partners are TA'ZIZ, which...

Climate Change

Dubai to improve rainwater drain system with $8.2 billion task

Dubai will spend 30 billion dirhams ($ 8.2 billion) to enhance its rainwater drain system after the Gulf city was struck by the heaviest rainstorms tape-recorded in the UAE in 75 years in April. Dubai, extensively thought about the Gulf's tourist and business center, was brought to a standstill as rains created chaos, destructive roads, stores and homes, and forcing its Dubai International Airport, one of the world's busiest, to sharply reduce capability. The turmoil resulted in four deaths and raised questions about how Dubai would face extreme weather condition events in the future. Researchers prepare for that climate change...