ADNOC Gas has signed a USD 1.34-billion contract with Petrofac and its partners for expansion of its pipeline network in the UAE, the Emirati state-owned gas entity announced on Monday.
An official source from the Ministry of Energy announced that Saudi Arabia will extend the voluntary oil cut of one million barrels per day, which had gone into effect in July, for another month to include August.
Oil and gas companies are reinvesting record profits from the fossil fuel price surge driven by the Ukraine war to intensify the hunt for new deposits despite repeated calls by the United Nations to phase out hydrocarbons to avoid a climate crisis.
Saudi Arabia on Monday extended its oil-export cut of 1 million barrels per day for another month and Russia said it will cut 500,000 bpd from its oil exports in August, in moves that could support prices at comfortable levels for producers.
India’s crude oil imports from Russia hit a new record high of 2.2 million barrels per day (bpd) in June, having risen in 10 consecutive months, per data from analytics firm Kpler cited by Bloomberg.
Reports of Iran/U.S. talks have surfaced repeatedly over the last couple of years, spooking the markets each time it’s suggested that Iran’s oil could return to the market. But Iran’s crude oil does add a mystery element to the oil markets that transcends demand forecasts.
Long-term contracts for LNG supply are back after a year of record-high prices and energy crises.
OPEC last week underlined that Asia’s continued strong economic growth would account for virtually all the growth in demand for oil this year.
Back in March, Saudi and Iran announced they had agreed to restore diplomatic ties in a deal brokered by China, ending a seven-year rift. The Saudi Arabia-Iran deal–one of the latest in a series of geopolitical realignments that have lately been going on in the Middle East–has been widely lauded, with the U.S. National Security Council spokesman John Kirby saying, “To the degree that this arrangement can lead to an end to the war in Yemen, to the degree that it can help prevent Saudi Arabia from having to defend itself against attacks, to the degree that could deescalate tensions – all that’s to the good side of the ledger.
Crude oil prices moved modestly higher in Asia pre-noon trade today following the news that Saudi Arabia would extend its voluntary oil production cuts through August.