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☆ JPMorgan’s calls for a reality check on energy transition are sensible, UAE energy minister says
▼ + stars: | 2024-04-29 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

JPMorgan's calls for a "reality check" on the world's energy transition goals and pathway is a "sensible," the UAE's energy minister told CNBC. "We need always, whenever we put up predictions, especially long term ones, to have a reality check," Suhail Al Mazrouei told CNBC's Dan Murphy in Riyadh, Saudi Arabia on the sidelines of the World Economic Forum. In a recent note to client, JPMorgan warned that the world needed a "reality check" on its efforts to move from fossil fuels to renewables, pointing out that it could take "generations" to reach net-zero targets. "I think it's a very sensible article," said Al Mazrouei. The minister, however, highlighted that the circumstances and financial capabilities of each country on undertaking the energy transition goals will vary.

Persons: Al Mazrouei, CNBC's Dan Murphy Organizations: CNBC, Economic, JPMorgan Locations: Riyadh, Saudi Arabia, Ukraine

☆ UAE energy minister on JPMorgan urging the need for a 'reality check' on the energy transition
▼ + stars: | 2024-04-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUAE energy minister on JPMorgan urging the need for a 'reality check' on the energy transitionSuhail Al Mazrouei, the UAE energy minister, comments on JPMorgan calling for a “reality check” on the energy transition.

Persons: Al Mazrouei Organizations: UAE, JPMorgan Locations: UAE

☆ Middle East Crisis Amid Fears of Expanded War, U.S. Renews Push for Hostage and Cease-Fire Deal
▼ + stars: | 2024-04-06 | by ( Peter Baker | ) www.nytimes.com time to read: +4 min

Since the start of the war in Gaza in October, the aid group said, it had delivered more than 43 million meals there. Mr. Al-Asaad knows many people relied on meals from World Central Kitchen, which often consisted of rice and beans and sometimes meat or chicken. His family rarely got the meals “because the demand was more than the supply,” Mr. Al-Asaad said in an interview on Friday. “Eggs cost more than gold,” Mr. Al-Asaad, 45, wrote in the caption. The World Food Program, an arm of the United Nations, says that famine is imminent in northern Gaza.

Persons: Suhail Al, Asaad, José Andrés, Mr, Biden, Israel, ”, Mohammad al, Masri, doesn’t Organizations: Mr, Food Program, United Nations, World Health Organization Locations: Gaza City, Rafah, Gaza, WhatsApp

☆ Gazans Describe Search for Food and Wonder If It Will Get Worse
▼ + stars: | 2024-04-05 | by ( Raja Abdulrahim | ) www.nytimes.com time to read: +1 min

Mr. Al-Asaad and his family, like so many others, were displaced from their home by Israel’s intense bombardment and invasion and now sleep in a tent in Rafah, in the southern Gaza Strip. He spends his days struggling to find food for himself, his wife, their three children and his sick mother. Since the start of the war in Gaza in October, the aid group said, it had delivered more than 43 million meals there. Mr. Al-Asaad knows many people relied on meals from World Central Kitchen, which often consisted of rice and beans and sometimes meat or chicken. His family rarely got the meals “because the demand was more than the supply,” Mr. Al-Asaad said in an interview on Friday.

Persons: Suhail Al, Asaad, José Andrés, Mr Locations: Gaza City, Rafah, Gaza

Energy ministers from Saudi Arabia, the United Arab Emirates and Iraq, the three largest members of the Organization of Petroleum Exporting Countries (OPEC), have gathered in the Saudi capital Riyadh for the U.N. MENA climate week. The UAE will host the COP28 climate summit scheduled to take place in Dubai between Nov. 30 and Dec. 12. He has argued for a more inclusive COP that brings the oil and gas industry into the climate debate and allows it to be part of the solution through decarbonisation initiatives. Saudi Energy Minister Prince Abdulaziz bin Salman also said the industry should not be stigmatised and the world still needed hydrocarbons. "There is a case for us to be in oil and gas," he told the audience.

Persons: Sultan Ahmed Al Jaber, Luiz Inacio Lula da Silva, Ueslei Marcelino, Jaber, Suhail, Mazrouei, Sultan al, Prince Abdulaziz bin Salman, Aziz El Yaakoubi, Pesha Majid, Maha El, Toby Chopra, Barbara Lewis Organizations: UAE Industry, Amazon, REUTERS, UAE, Energy, United Arab, Organization of Petroleum Exporting, UAE Energy, Saudi Energy, Thomson Locations: Hangar, Belem , Para State, Brazil, RIYADH, Saudi Arabia, United Arab Emirates, Iraq, Saudi, Riyadh, UAE, Dubai, OPEC, COP28

☆ Oil rally takes a breather ahead of Fed, ECB rate hikes
▼ + stars: | 2023-07-24 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, July 24 (Reuters) - Oil prices eased on Monday as traders await more rate hike cues from U.S. and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel. Fighting also escalated last week in Ukraine after Russia withdrew from a U.N.-brokered safe sea corridor agreement for grains exports. Investors have priced in quarter-point hikes from the Federal Reserve and European Central Bank this week so the focus will be on what Fed Chair Jerome Powell and ECB President Christine Lagarde say about future rate hikes. Market participants also expect Beijing to implement targeted stimulus measures to support its flagging economy, likely boosting oil demand in the world's No. Last week, U.S. energy firms made their deepest oil rig cut since early June, with operating units down by seven to 530, energy services firm Baker Hughes said on Friday.

Persons: Brent, Jerome Powell, Christine Lagarde, Suhail, Mazrouei, Baker Hughes, Florence Tan, Tom Hogue Organizations: Brent, . West Texas, National Australian Bank, Federal Reserve, European Central Bank, United Arab Emirates Energy, Thomson Locations: SINGAPORE, Ukraine, Russia, China, Beijing

☆ Oil rally takes a breather ahead of Fed and European Central Bank rate hikes
▼ + stars: | 2023-07-24 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased on Monday as traders await more rate hike cues from U.S. and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel. Fighting also escalated last week in Ukraine after Russia withdrew from a U.N.-brokered safe sea corridor agreement for grains exports. Investors have priced in quarter-point hikes from the Federal Reserve and European Central Bank this week so the focus will be on what Fed Chair Jerome Powell and ECB President Christine Lagarde say about future rate hikes. Market participants also expect Beijing to implement targeted stimulus measures to support its flagging economy, likely boosting oil demand in the world's No. Last week, U.S. energy firms made their deepest oil rig cut since early June, with operating units down by seven to 530, energy services firm Baker Hughes said on Friday.

Persons: Brent, Jerome Powell, Christine Lagarde, Suhail, Mazrouei, Baker Hughes Organizations: Brent, . West Texas, National Australian Bank, Federal Reserve, European Central Bank, United Arab Emirates Energy Locations: Ukraine, Russia, China, Beijing

"The oil market is starting to slowly price in a looming supply crunch," Price Futures Group analyst Phil Flynn said. "Global supplies are starting to tighten and that could accelerate dramatically in the coming weeks. A shutdown of the grain corridor could hit supplies of ethanol and biofuels that are blended with oil products at a time that global grain markets are already tightening, which would lead to refiners using more crude oil, Flynn said. Meanwhile, U.S. energy firms this week reduced the number of oil rigs by seven, their biggest cut since early June, energy services firm Baker Hughes said. At 530, the U.S. oil rig count, an early indicator of future output, is at its lowest since March 2022.

Persons: WTI, Phil Flynn, Flynn, Baker Hughes, Suhail, Mazrouei, Rob Haworth, Shariq Khan, Natalie Grover, Arathy, Andrew Hayley, Marguerita Choy, David Holmes Organizations: Brent, U.S . West Texas, Futures, Energy Information Administration, EIA, UAE Energy, Reuters, P, U.S, Bank Asset Management, Thomson Locations: Russia, Ukraine, China BENGALURU, U.S, Bengaluru, London, Houston, Beijing

Brent crude futures rose $1.43, or 1.8%, to settle at $81.07 a barrel. U.S. West Texas Intermediate crude futures rose $1.42, or 1.9%, to settle at $77.07 a barrel, the highest since April 25. "The oil market is starting to slowly price in a looming supply crunch as it is on track for its fourth week of price gains," Price Futures Group analyst Phil Flynn said. In the U.S., crude inventories (USOILC=ECI) have fallen, amid a jump in crude exports and higher refinery utilisation, the Energy Information Administration (EIA) said on Wednesday. Data from the world's second-biggest oil consumer suggests the government's 5% annual growth target will be missed.

Persons: Brent, Phil Flynn, Flynn, Suhail, Mazrouei, Jay Hatfield, Rob Haworth, Shariq Khan, Natalie Grover, Arathy, Andrew Hayley, Marguerita Choy, David Holmes Organizations: Friday, Brent, . West Texas, Futures, Energy Information Administration, EIA, UAE Energy, Reuters, Infrastructure Capital Management, P, U.S, Bank Asset Management, Thomson Locations: Russia, Ukraine, China BENGALURU, U.S, China, Bengaluru, London, Houston, Beijing

Brent crude futures rose 90 cents, or 1.1%, to $80.54 a barrel by 11:36 a.m. EDT [1536 GMT]. U.S. West Texas Intermediate futures rose 97 cents, or 1.3%, to $76.62 a barrel. "The oil market is starting to slowly price in a looming supply crunch as it is on track for its fourth week of price gains," said Price Futures Group analyst Phil Flynn. "Global supplies are starting to tighten and that could accelerate dramatically in the coming weeks. Data from the world's second-biggest oil consumer suggests the government's 5% annual growth target will be missed.

Persons: Phil Flynn, Flynn, Suhail, Mazrouei, Jay Hatfield, Shariq Khan, Natalie Grover, Arathy, Andrew Hayley, Conor Humphries, David Holmes Organizations: Brent, . West Texas, Futures, UN, Energy Information Administration, UAE Energy, Reuters, Infrastructure Capital Management, Thomson Locations: Russia, Ukraine, China BENGALURU, U.S, China, Bengaluru, London, Houston, Beijing

☆ UAE says current OPEC+ actions sufficient for now
▼ + stars: | 2023-07-21 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

GOA, India, July 21 (Reuters) - Current actions by OPEC+ to support the oil market are sufficient for now, UAE Energy Minister Suhail al-Mazrouei said on Friday, and the group is "only a phone call away" if any further steps are needed. "What we are doing is sufficient as we say today," the UAE minister told Reuters in Goa, India, where he is attending G20 energy ministerial meetings. The next OPEC+ policy meeting is not until November, although a panel of key ministers, the Joint Ministerial Monitoring Committee, holds an online meeting on Aug. 4 to review the market. The UAE minister said he was not worried about oil demand and described limited investment as the "biggest challenge." The UAE is among the few OPEC members with sizeable unused oil production capacity.

Persons: Suhail, Mazrouei, Nidhi Verma, Alex Lawler, Jason Neely, Louise Heavens, Conor Humphries, Paul Simao Organizations: UAE Energy, Organization of, Petroleum, Brent, Thomson Locations: GOA, India, OPEC, Russia, UAE, Goa, Saudi Arabia, China

☆ UAE plans to triple its solar capacity before 2030: Minister Suhail Al Mazrouei
▼ + stars: | 2023-07-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUAE plans to triple its solar capacity before 2030: Minister Suhail Al MazroueiThe UAE plans to triple its solar capacity before 2030. Energy and Infrastructure Minister Suhail Al Mazrouei tells CNBC’s Dan Murphy after the country announced its plans to invest $54 billion in a net-zero push.

Persons: Suhail Al, Suhail Al Mazrouei, CNBC’s Dan Murphy Organizations: UAE, Energy, Infrastructure Locations: Suhail Al Mazrouei, UAE

☆ 'We need to be practical,' UAE energy minister says ahead of COP28
▼ + stars: | 2023-07-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'We need to be practical,' UAE energy minister says ahead of COP28“We need to be practical,” UAE’s Minister for Energy and Infrastructure Suhail Al Mazrouei tells CNBC’s Dan Murphy ahead of the COP28 climate summit.

Persons: Al Mazrouei, CNBC’s Dan Murphy Organizations: Energy, Infrastructure Locations: UAE, COP28

Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. OPEC says it does not have a price target and is seeking to have a balanced oil market to meet the interests of both consumers and producers. But Riyadh has repeatedly rebuffed U.S. calls and Prince Abdulaziz said on Wednesday that new joint oil output cuts agreed by Russia and Saudi Arabia this week have again proven sceptics wrong. ENOUGH FOR NOWThe International Energy Agency has said it expects the oil market to tighten in the second half of 2023, partly because of OPEC+ cuts. Additional oil cuts should be enough to help balance the oil market, United Arab Emirates' energy minister Suhail Al Mazrouei told reporters on Wednesday.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Morgan Stanley, Suhail Al Mazrouei, Mazrouei, Dmitry Zhdannikov, Louise Heavens, Jason Neely, Jan Harvey Organizations: Saudi, Saudi Energy, Wednesday, of, Petroleum, Brent, OPEC, Reuters, Bloomberg, Wall Street, International Energy Agency, United, Thomson Locations: Russia, Saudi Arabia, Russia VIENNA, Saudi, OPEC, United States, Ukraine, Riyadh, United Arab Emirates, UAE

☆ 'What worries me is the medium to long-term supply, not the demand,' UAE energy minister says
▼ + stars: | 2023-07-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'What worries me is the medium to long-term supply, not the demand,' UAE energy minister says"What worries me is the medium to long term supply, not the demand," UAE Energy Minister Suhail al-Mazrouei tells CNBC’s Dan Murphy.

Persons: Suhail, CNBC’s Dan Murphy Organizations: UAE Energy Locations: UAE

☆ OPEC+ sticks to 2023 oil production targets as Saudi Arabia announces further voluntary cuts
▼ + stars: | 2023-06-04 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud arrives for the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna on June 3, 2023. The influential Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, on Sunday made no changes to its planned oil production cuts for this year, as coalition chair Saudi Arabia announced further voluntary declines. OPEC+ also announced in a statement that it will limit combined oil production to 40.463 million barrels per day over January-December 2024. The Saudi energy minister described the kingdom's additional 1 million barrel-per-day voluntary reduction as a "Saudi lollipop" and stressed it will implemented. Ahead of the meeting, Saudi oil minister Prince Abdulaziz bin Salman in late May warned oil market speculators to "watch out," in a comment widely read as heralding another supply cut.

Persons: Energy Prince Abdulaziz bin Salman al, Saud, Alexander Novak, Suhail, Prince Abdulaziz bin Salman, Brent Organizations: Energy, Organization of Petroleum Exporting, of, Petroleum, Sunday, Russia's, Reuters, OPEC Locations: Saudi, Vienna, OPEC, Saudi Arabia, Russia, UAE, Moscow, Riyadh

Three OPEC+ sources told Reuters on Friday cuts were being discussed among options for Sunday's session, when OPEC+ ministers gather at 2 p.m. (1200 GMT) in Vienna. The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. If approved, this would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand. The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices. "There is simply too much supply," the JPMorgan analysts said in a note, noting extra cuts could amount to around 1 million bpd.

Persons: Leonhard, Russia's Novak, Hayan Abdel, Ghani, Suhail Al Mazroui, Prince Abdulaziz, Alexander Novak, Novak, Edward Moya, OANDA, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, David Holmes Organizations: Austrian, REUTERS, LONDON, OPEC, Organization of, Petroleum, Reuters, UAE's Energy, Brent, Saudi Arabia's Energy, International Energy Agency, JPMorgan, Thomson Locations: Vienna, Austria, Saudi, OPEC, Russia, Ukraine, China, India, Russian

Three OPEC+ sources told Reuters on Friday that cuts were being discussed among options for Sunday's session. The three sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. If approved, this would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand. Typically production cuts take effect the month after they are agreed, but ministers could also agree a later implementation. Two OPEC sources said the ministers could also discuss new production baselines from which each member performs cuts.

Persons: Leonhard, Hayan Abdel, Ghani, Suhail Al Mazroui, Prince Abdulaziz, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, David Holmes, Frances Kerry, Christina Fincher Organizations: Austrian, REUTERS, OPEC, Organization of, Petroleum, Reuters, UAE's Energy, Brent, Saudi Arabia's Energy, International Energy Agency, JPMorgan, Thomson Locations: Vienna, Austria, Saudi, OPEC, VIENNA, Russia, Ukraine, China, India, West, Nigeria, Angola, UAE

☆ Abu Dhabi shakes up wealth funds with top royals chairing
▼ + stars: | 2023-03-09 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

DUBAI, March 9 (Reuters) - Abu Dhabi announced a reshuffle at the top of its two biggest sovereign wealth funds on Thursday, appointing senior members of the royal family as chairmen. Sheikh Tahnoun bin Zayed Al Nahyan, one of the most powerful members of Abu Dhabi's royal family, was named chair of the Abu Dhabi Investment Authority (ADIA), among the world's largest sovereign wealth funds, the government's media office said. ADIA is estimated by Global SWF to manage $993 billion in assets, while the Sovereign Wealth Fund Institute puts the figure at $790 billion. The wealth fund's last chairman was the previous UAE president, Sheikh Khalifa bin Zayed Al Nahyan, who died last year. MORE NEWCOMERSThe UAE president is appointing his brothers as chairmen at state sovereign wealth funds rather than chairing them himself.

DUBAI, March 3 (Reuters) - A media report that the United Arab Emirates is considering leaving OPEC is "far from the truth," two sources with direct knowledge of the matter told Reuters. Earlier on Friday, the Wall Street Journal reported that the UAE is having an internal debate about leaving the Organization of the Petroleum Exporting Countries. "This is definitely not on the table," another source with knowledge of the matter said, when asked about the WSJ report. OPEC, Russia and other non-member producers, known as OPEC+, have a deal in place to cut production by 2 million barrels per day, about 2% of world demand, during 2023 to support the market. UAE energy minister Suhail al-Mazrouei said last year the UAE's plans to raise its production capacity did not mean the country was going to leave OPEC.

☆ Oil prices slide as the US says it will sell millions more barrels of oil from its strategic reserve into the global market
▼ + stars: | 2023-02-14 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Oil prices fall Tuesday after the US said it plans to sell more oil from the Strategic Petroleum Reserve. The Energy Department will start the sale of 26 million barrels of sweet crude in April. Brent crude oil, the global benchmark, fell 1.5% to $85.40 a barrel but was off lows of the session. The drop in oil prices Tuesday was also taking place as US consumer price inflation data showed prices eased in January, but it was by less than anticipated. OPEC, meanwhile, on Tuesday, raised its 2023 oil demand forecast by 100,000 barrels per day, to 2.3 million barrels, as China reopens its economy after strict COVID-related restrictions.

DAVOS, Switzerland, Jan 19 (Reuters) - International Energy Agency (IEA) head Fatih Birol said on Thursday that energy markets could be tighter in 2023, adding he hoped prices would not rise further in order to ease the pressure on energy-importing developing countries. "I wouldn't be too relaxed about the markets and 2023 may well be a year where we see tighter markets than some colleagues may think," IEA Executive Director Birol said in an interview with the Reuters Global Markets Forum in Davos. Two Gulf OPEC+ producers, UAE energy minister Suhail al-Mazrouei and Saudi Aramco chief Amin Nasser, have said this week they see oil markets as balanced. Birol said Russian oil exports seemed to be more "resilient" than predicted at the beginning of last year, but that they were correct in terms of "the direction of travel". On Russian product price caps which may come into effect next month, Birol said he was concerned about diesel supply.

☆ Why Egypt is asking its people to eat chicken feet
▼ + stars: | 2023-01-18 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +17 min

Abu Dhabi CNN —Egypt’s economic situation is so dire that the government is asking people to eat chicken feet. In Egypt, chicken feet are seen as the cheapest of meat items, considered by most as animal waste rather than food. After the recommendation to switch to chicken feet, the price of one kilogram of the product reportedly doubled to 20 Egyptian pounds ($0.67). But those firms don’t operate like private companies, enjoying special privileges without disclosing their financial data to the public. Experts have questioned why international creditors had not leveraged their loans to drive Egypt’s military out of the economy.

Jan 16 (Reuters) - Oil prices slipped on Monday but were holding near their highest levels this month as easing COVID restrictions in China raised hopes of a demand recovery in the world's top crude importer. U.S. West Texas Intermediate crude was down $1.01, or 1.3%, at $78.85 in thin trade on a U.S. public holiday. "The narrative that Chinese growth is going to add to demand is playing a very large part here. Traffic levels in China are rebounding from record lows after the easing of COVID-19 restrictions, resulting in stronger demand for crude and oil products, ANZ analysts said in a note. The United Arab Emirates' energy minister, Suhail al-Mazrouei, said on Monday that oil markets were balanced.

☆ Qatar, UAE energy ministers say gas will be needed for long time
▼ + stars: | 2023-01-14 | by ( ) www.reuters.com time to read: +1 min

ABU DHABI, Jan 14 (Reuters) - The world will need natural gas for a long time and more investment is required to ensure supply security and affordable prices during the global energy transition, energy ministers of Qatar and the United Arab Emirates said on Saturday. Saad al-Kaabi, Qatari state minister for energy, told the Global Energy Summit in Abu Dhabi that gas "is not a transition fuel" but a destination fuel, adding it was unfair for some in the West to say African countries should not be drilling for oil and gas. UAE Energy Minister Suhail al-Mazrouei, speaking on the same panel, agreed that "for a very long time, gas will be there" and that while more renewable energy would be installed, more investment was needed in gas as a base load. Reporting by Yousef Saba and Rachna Uppal; Writing by Ghaida Ghantous; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

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