Their call comes in a year of record profits for Big Oil as energy prices surged with the world economy reopening from Covid lockdown

Oil prices slide on prospect of Saudi Arabia raising output

Saudi Arabia is preparing to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output, cites a report

OPEC raises long-term oil demand outlook

OPEC boosts long-term oil demand outlook, driven by developing world growth

OPEC expects world oil demand to reach 118.9 million bpd by 2045, which is around 2.9 million bpd higher than earlier projections

Aramco sets price guidance for dollar sukuk bonds

Saudi Aramco sets price guidance for dollar sukuk bonds, term sheet shows

The 5-year bond has price guidance of Treasuries plus around 120 basis points (bps) and the 10-year bond has Treasuries plus about 135 bps

UAE’s Masdar acquires Brookfield’s Saeta Yield for $1.4bn

UAE’s Masdar acquires Brookfield’s Saeta Yield for $1.4bn

The deal consists of a portfolio of 745 megawatts (MW) of predominantly wind assets – 538 MW in Spain, 144 MW in Portugal and 63 MW solar PV assets in Spain

UAE, IRENA partner to help developing nations raise and achieve NDC ambitions

UAE, IRENA partner to support NDC ambitions in 20 developing nations 

Announced during the 79th United Nations General Assembly, the initiative seeks to elevate the climate ambitions of these nations and drive urgent action on sustainability

Saipem secures $2bn offshore contract in Saudi Arabia

Italy’s Saipem wins offshore contract worth $2bn in Saudi Arabia

The contract was signed under the existing long-term agreement with oil giant Saudi Aramco

Saudi Aramco boosts stake in MidOcean, fund new stake in Peru LNG

Saudi Aramco boosts stake in MidOcean, fund new stake in Peru LNG

Aramco is seeking to strengthen its position in the LNG market, which is set to grow by 50 per cent globally by the end of the decade

Italy’s Saipem secures $4bn contract from QatarEnergy

Italy’s Saipem secures $4bn contract from QatarEnergy

The offshore EPC contract will help boost production at the North Field offshore natural gas field, which lies off the northeastern coast of Qatar

Abu Dhabi's TAQA Group unveils new brand identity

TAQA Group unveils new brand identity, consolidates operations

The integration aims to scale TAQA’s customer-facing business, enabling the company to expand its services, introduce new products, and explore growth opportunities both locally and abroad

Acwa power solar panels

AMEA Power to develop Africa’s largest solar PV project

The projects will bring AMEA Power’s total capacity in Egypt to 2,000MW of solar and wind power, accompanied by 900MWh of battery energy storage systems

Egypt signs power purchase deal with Norway-based Scatec

Scatec secures power purchase deal for Egypt’s first hybrid solar project

The renewable energy firm signed a US dollar-denominated 25-year PPA for a 1 GW solar power plant and 100 MW battery storage project

Bapco Energies sells stake in Saudi Bahrain Pipeline to BlackRock fund

Bapco Energies sells stake in Saudi Bahrain Pipeline to BlackRock fund

Bapco Energies and BlackRock signed another MOU to explore Bahraini infrastructure and decarbonisation projects in the future

Mubadala Energy strengthens position in Andaman Sea

Mubadala Energy strengthens position in Andaman Sea exploration

Mubadala Energy completed the appraisal of the Layaran discovery in South Andaman, marking the safe conclusion of its drilling campaign

RUSSIA-SAUDI-SPA OPEC TALKS

Saudi crown prince, Russia’s Lavrov discuss OPEC+ cooperation in Riyadh

Lavrov arrived in Saudi Arabia on an official visit on Sunday

ENEC, India's NPCIL to explore civil nuclear energy collaboration

UAE’s ENEC, India’s NPCIL to explore civil nuclear energy collaboration

The MoU allows for future investment opportunities further reinforcing the special strategic relationship between the UAE and India

Aramco-gain-summit

Saudi Aramco unveils 6 new initiatives to drive digital development

Aramco noted that its deployment of supercomputing infrastructure supports development of AI solutions

Oil prices surge after OPEC + extends output cuts

Oil hovers below $70 for second day

Oil benchmarks fell nearly $3 on Tuesday, with Brent hitting its lowest since December 2021 and WTI falling to a May 2023 trough

ADNOC Group to acquire Covestro for about $15.9bn: FT reports

ADNOC to acquire Covestro for about $15.9bn: FT reports

Covestro said in June it was stepping up talks with ADNOC after the UAE’s national energy company made an improved takeover bid

ADNOC signs multi-year LNG supply agreement with IndianOil

ADNOC signs multi-year LNG supply agreement with IndianOil

The LNG will primarily come from the state-owned energy firm’s lower-carbon Ruwais LNG project

QatarEnergy expands fleet with six new QC-Max LNG vessels

QatarEnergy expands fleet with six new QC-Max LNG vessels

The ships, which will be built at China’s Hudong-Zhonghua shipyard, are the largest LNG vessels ever built, with a capacity of 271,000 cubic metres each

OQ Exploration and Production to float IPO on Muscat Stock Exchange

Oman IPO: OQ Exploration and Production to float 25% stake on MSX

The subscription period is expected to commence this month, with the listing anticipated in October

Kuwait - jet fuel

Kuwait Petroleum became top jet fuel supplier to northwest Europe in 2024

The increase in the European jet fuel market share comes as Kuwait increased its exports of fuel oil, diesel, and jet fuel to Europe by five times until May 2024

Saudi Arabia sees Italy as partner of choice on green products

Saudi Arabia sees Italy as partner of choice on green products

The kingdom aims to grow its production capacity for low-carbon products to diversify away from oil and gas business

OPEC+ agrees to delay October oil output hike for two months

OPEC+ agrees to delay October oil output hike for two months

The remaining OPEC+ cuts of 3.66 million bpd, agreed in earlier steps, are staying in place until the end of 2025

Barakah Nuclear Plant Unit 4 begins commercial operations

Barakah Nuclear Plant’s Unit 4 begins commercial operations

The Barakah plant is generating a quarter of the UAE’s electricity needs, providing a stable pipeline of power for the next 60 years

ADNOC to buy 35% stake in Exxon’s Texas hydrogen plant

ADNOC to acquire 35% stake in Exxon’s Texas hydrogen plant

The production facility aims to produce up to 1 billion cubic feet per day of low-carbon hydrogen, with around 98 per cent of carbon dioxide removed

Aramco maintains 10% stake in Renault-Geely JV, eyes more partnerships

Aramco plans to maintain 10% stake in Renault-Geely JV, eyes more partnerships

The state-owned energy firm is expected to finalise the stake purchase later this year

GE Vernova acquires GESAT

GE Vernova acquires Saudi’s GESAT after Dussur share sale

GESAT has produced over 200 gas turbine modules, supporting power generation in up to 10 countries, including Saudi Arabia

TAEF's (The Arab Energy Fund) H1 net income surges 37 per cent, reaches $121m

The Arab Energy Fund’s H1 net income rises 37% to $121m

Environmentally and socially linked projects now represent 20 per cent of TAEF’s $5.3bn loan portfolio, up from 18 per cent last year

QatarEnergy plans to double annual urea production

QatarEnergy plans to double annual urea production

The construction of four new production lines for urea, a key ingredient in fertilisers, would boost output by 106 per cent