ADNOC, the UAE's gas company, has completed a $2.84 billion share sale.
Abu Dhabi National Oil Co. (ADNOC), the energy giant of United Arab Emirates, announced early Friday that it had completed a 2.84 billion dollar market offering for its ADNOC Gas division. ADNOC said in a press release that the offering price was 3.40 dirhams for each share. The sale is the largest share offering in the Middle East and North Africa region (MENA) since the $12,3 billion follow-on offer by Saudi Aramco last June and the largest of recent years. Parent ADNOC has completed the marketing of 3.1 billion ADNOC Gas shares to institutional investors.
Novak: OPEC+ does not consider a delay in April's oil supply increase
RIA reported that Russian Deputy Premier Alexander Novak stated on Monday that OPEC+ producers do not plan to delay a series monthly increases in oil supplies scheduled to start in April. Bloomberg News reported Monday, citing delegates that OPEC+ (which groups the Organization of the Petroleum Exporting Countries, Russia, and other allies) was examining if it should postpone the increase in supply, despite the calls of U.S. president Donald Trump to reduce oil prices. Three delegates from OPEC+ said that there has been no discussion about delaying the rise.
ADNOC Drilling plans to refinance $1.25 billion worth of debt
ADNOC Drilling, a division of the state oil company in the United Arab Emirates, wants to refinance its debt due later this year, totaling $1.25 billion. Its chief financial officer announced that on Friday. Youssef Salm, the company's CFO, said that it will refinance term loans worth $500 million as well as a revolving loan facility of $750 million due in October 2025. He said that the capital expenditures for 2025 could be more than $1 billion, including mergers, acquisitions and other activities through its subsidiaries.
Ravindra, a New Zealand cricketer who was hit by a ball in the face, is back to training.
Rachin Ravindra, a New Zealand all-rounder who was struck by a ball during a fielding accident and suffered a concussion, has returned to training but still needs to complete the concussion protocol before he can return to the field. Ravindra was struck in the head during a warm up match for the Champions Trophy in Lahore on Saturday after he lost sight of the football in the floodlights while attempting to catch it. Stead said that although Ravindra had passed his initial Head Injury Assessment (HIA), he suffered headaches over the next few days.
OPEC and Saudi Arabia spare oil production capacity
A U.S. official stated on Tuesday that U.S. president Donald Trump would restore his "maximum-pressure" campaign against Iran and bring its oil exports down to zero. This would increase oil prices, and force others to pump even more. Saudi Arabia, the United Arab Emirates and Iraq, along with other members of the Organization of the Petroleum Exporting Countries (OPEC), hold the majority of the world's spare production capacity. This is the idle oil that can be turned on in the event of a war or natural disaster. How much is there?
OPEC+ rolls over oil policy, ditches US government data
OPEC+ decided to continue its policy of increasing oil production gradually from April and removed U.S. Energy Information Administration as a source to monitor their production and adherence with supply pacts. OPEC+ & Donald Trump clashed frequently during Donald Trump's first administration from 2016 to 2020 when the U.S. president demanded that it increase production in order to compensate for the fall in Iranian supply due U.S. sanction. Trump, who returned to the White House after his election…
Sources say that OPEC+ is likely to stick with its plan to increase oil production.
Despite Donald Trump's pleas to lower oil prices, delegates of the producer group said that OPEC+ would likely stick to its current plan to increase output gradually starting in April. Four OPEC+ source said that the Joint Ministerial Monitoring Committee meeting, scheduled to start at 1300 GMT on Monday, is unlikely to recommend an increase in output beyond what OPEC+ has already planned. Sources declined to give their names. The meeting follows the announcement by U.S.
Two Russian sources claim that Saudi Arabia and the UAE are possible locations for a Trump-Putin meeting.
Two Russian sources familiar with the discussions said that Russia is considering Saudi Arabia and the United Arab Emirates as potential venues for a meeting between U.S. president Donald Trump and Russian president Vladimir Putin. Trump said that he would end the conflict in Ukraine as quickly as possible, and that he was ready to meet Putin. Putin congratulated Trump for his election, and said he was ready to meet Trump in order to discuss Ukraine and Energy. Russian officials have denied that they had direct contact with the U.S.
Sources say that OPEC+ is unlikely to alter its output policy at the Monday meeting of the panel.
OPEC+ will not change its plans to gradually increase production when it meets Monday, delegates told the producer group. This is despite President Donald Trump's request to OPEC and Saudi Arabia, which is de facto leader, to lower prices. The top ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia or OPEC+ are scheduled to meet at 1300 GMT, on Monday. This is just days after Trump asked OPEC, Saudi Arabia and other oil-producing countries to pump more.
Mongolia close to signing green energy agreements with Saudi Arabia
Mongolia's deputy premier said that the country expects to sign agreements worth several billions of dollars with Saudi Arabia in the coming months. It is also in discussions with the United Arab Emirates about similar investments. Mongolia, a country rich in copper and coking-coal deposits, is positioning itself to be a new supplier of vital minerals and attract foreign investors. The government has announced 14 mega projects in infrastructure, energy and connectivity that will require investments of $15-30 billion.
Egypt rushes solar energy to catch up as gas prices soar
Egypt, with its few clouds, vast deserts, and well-developed electrical grid, has everything it needs to expand solar energy generation. It is only now that Egypt has begun to take advantage of these resources, as the price of imported natural gas has risen. Last year, a sharp drop in gas production and a growing demand caught the authorities by surprise. This led to rolling blackouts during the hot summer. Ahmed Mortada is the head of energy for the multilateral lender European Bank for Reconstruction and Development in Egypt.
Jordan and Syria will combat the arms and drug smuggling and Islamic State's revival
Jordan's Foreign Minister announced on Tuesday that Jordan and Syria had agreed to create a joint security panel to secure their border and combat drug and arms smuggling. They will also work to prevent a resurgence by Islamic State. Western anti-narcotics authorities say that captagon, a stimulant of amphetamine type, is mass produced in Syria. They also claim that Jordan is used as a transit point to reach the oil-producing Gulf States. Jordanian officials claim that the Jordanian army has carried out several preemptive airstrikes on Syria since 2023.
Vice Minister says Saudi Arabia has extracted lithium in oilfield runoffs
Saudi Arabia has successfully recovered lithium from samples of brine from the oilfields of national giant Aramco and plans to launch soon a commercial pilot program for direct extraction, said the Saudi vice-minister for mining affairs on Tuesday. Khalid al-Mudaifer, CEO of King Abdullah University for Science and Technology's Lihytech start-up, said that Saudi mining companies Ma'aden and Aramco will be collaborating with Lithium Infinity to lead the extraction project.
ADNOC Drilling partners with SLB and Patterson-UTI to form a 'unconventional energy venture'
ADNOC Drilling, a division of the state oil company in the United Arab Emirates, announced on Tuesday that it had signed an agreement for Turnwell Industries - a joint venture between oilfield service firms SLB, Patterson-UTI, and ADNOC Drilling. ADNOC Drilling owns 55% of the company, which was created to access unconventional energy resources such as oil and gas requiring advanced extraction techniques. SLB owns 30% of the company, while Patterson-UTI holds 15%.
Oil rises by 1% in a 3-week period as sanctions on Russia and Iran increase
The price of oil rose by about 1% on Friday to a record high for three weeks, as a result of expectations that additional sanctions against Russia and Iran would tighten up supplies. Lower interest rates in Europe or the U.S. may also boost the demand for fuel. . U.S. West Texas Intermediate crude (WTI), which is a blend of oil from Texas and Louisiana, rose by 79 cents or 1.1% at $70.81. Both crudes were heading for their highest closings since November 22. Brent was on track for a gain of 4% and WTI, a gain of 5%.
What OPEC+ oil production cuts are currently in effect?
OPEC+ made further changes at its meeting on Dec. 5, delaying a planned production increase further into the next year, as it faced a weaker outlook for oil demand. Due to weak demand and increased production outside of the group, the oil producer group pushed the start of rising oil output back by three months. The full unwinding will now take place until the end 2026. Here is a short explanation of how the Organization of Petroleum Exporting Countries (OPEC+) and its allies have reduced their emissions.
Sechin, Rosneft CEO, says that OPEC+ cuts in output made the US the top energy exporter.
Igor Sechin, head of Russia's biggest oil producer Rosneft, said that the OPEC+'s decision to reduce oil production in 2016 and 2020 has helped the U.S. shale sector and made it a major global energy exporter. Sechin said, at a forum held in the United Arab Emirates that Russia and its partners had made the most significant contributions to stabilising the global energy markets in the last 10 years. Sechin, a long-time ally of Russian president Vladimir Putin, has expressed scepticism in the past about Russia's collaboration with OPEC.
Sechin, Rosneft's boss, says that targets and costs are a hindrance to the appeal of green energy.
Igor Sechin is a well-known sceptic of green energy and the boss of Russia's largest oil producer Rosneft. He believes that investors are losing interest in clean energy because of elusive targets, high cost and lack of funding. Russia, the world's largest producer of oil, natural gas and coal, as well as China, have set targets to achieve carbon neutrality in 2060. This is 10 years later than other developed countries. The Russian president Vladimir Putin criticised the green movements in Europe for exploiting people's fears over climate change.
What OPEC+ oil production cuts are currently in effect?
OPEC+ will likely make more changes to its oil policy at its meeting on December 5, delaying a planned production increase further into the next year, as it is facing a weaker outlook for oil demand. In June, the oil producers' group reached a complex agreement to extend production cuts deep into 2025. The agreement has been modified to allow the group to delay a planned production increase by three months to the start of next year. Here is a short…
Russia lifts the ban on exporting gasoline to producers
The Russian government announced on Saturday that it had lifted the temporary ban on gasoline exports from producers. However, the restrictions on other exporters such as independent traders or re-sellers will remain in place until January 31, 2025. The original ban on gasoline exports would expire by the end of the year. The ban excludes supplies of former Soviet states to the Moscow led Eurasian Economic Union, as well as other countries such as Mongolia with whom Russia has intergovernmental agreements for fuel supply.
