Brent crude, the international benchmark, fell 2.5 per cent to $41.23 a barrel at 4.29pm in London, erasing earlier gains
In this year’s Forbes list of the Middle East’s Top 100 Companies 2020, Saudi Arabia led the pack with 33 entries
Brent crude, down 36 per cent this year, has clawed back some of its losses and ended trading on Friday at more than $40 a barrel
All the member nations signed off on a new deal for a production cut of 9.6 million barrels a day next month
The energy sector continues to be the biggest pillar powering the growth of GCC economies. But as it reels with the impact of the historic oil price drop and the Covid-19 pandemic, is the outlook for the future brighter?
Global temperatures have risen 1.1 degrees Celsius since pre-industrial times and at current levels of greenhouse gas emissions, are set to rise by 3 degrees Celsius by the end of the century
While crude has now doubled from its low in mid-April, the path back to pre-virus levels of oil demand still looks uncertain
In 2020, a total of 10 ‘ADNOC On the go’ stations have been opened across Abu Dhabi and Al Ain
A deal could value the pipelines at more than $15bn, including debt
In the wake of the pandemic, public and private power companies in the MENA region need to adjust their strategies
The total installed capacity is 11,700MW of electricity
Production cuts are meant to be eased to about 7.7 million barrels a day in July
This is the second month in a row that prices have remained unchanged
Oil is still up almost 70 per cent this month as supply curbs trim a global glut and pockets of demand emerged after the easing of lockdown restrictions
Producers have lowered global oil supply by around 14-15 million barrels a day
Oil has surged about 75 per cent this month as pockets of demand return
Aramco’s recovery has been achieved on much smaller share volumes than its international counterparts
ENEC is currently in the final stages of construction of units 2, 3 and 4 of the plant, while the overall construction of four units is more than 94 per cent complete
There’s still a risk, however, that oil’s recovery could be derailed if the pandemic worsens
OPEC+ will look at all options when it meets again in June, Mohammad Barkindo said
Crude demand of about 100 million barrels a day prior to the pandemic plummeted by about 30 per cent last month
Its underlying EBITDA grew 4.7 per cent year-on-year to $171m in the first quarter of 2020
Saudi Arabia aims to pump just under 7.5 million barrels a day in June, compared with an official target of about 8.5 million a day
Aramco is weighing pushing out payments for the 70 per cent holding in SABIC and reducing the size of the initial installment to PIF
Prices for benchmark Brent crude have slumped 52 per cent this year, falling far below levels that most governments in the region need to balance their budgets
US crude stockpiles rose for a 15th week, although at a slower pace, while supplies at the Cushing storage hub expanded
The company’s first-quarter sales dropped 18 per cent to SAR30.83bn
The PIF is looking into “any opportunity” arising from the economic wreckage of the crisis
While all sources of energy — oil, coal, natural gas, and even nuclear — will see a decline, renewable energy is likely to be the bright spot
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