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Hardeep Singh Puri, India's minister of Petroleum and Natural Gas, at the ADIPEC conference in Abu Dhabi, United Arab Emirates, on Tuesday, Oct. 3, 2023. Bloomberg | Bloomberg | Getty ImagesIndia keeps global crude prices affordable by buying oil from Russia, India's energy minister said. "The world is grateful to India for buying Russian oil. Such uncertainty would typically push energy prices higher but gains have been limited amid record output from the U.S., and an ongoing global economic slowdown. "The fact of the matter is half the work is in recession," he said, adding that higher oil prices will invariably end up becoming a "self fulfilling prophecy" where higher prices will curtail demand.
Persons: Hardeep Singh Puri, Singh Puri, CNBC's Sri, India's Organizations: Petroleum, Natural, United, Bloomberg, Getty, Natural Gas, India Energy Locations: Abu Dhabi, United Arab Emirates, Russia, India, CNBC's Sri Jegarajah, Goa, Ukraine, Moscow, U.S
In this article BP.-GBMSFTBKR Follow your favorite stocks CREATE FREE ACCOUNTThis image from 2016 shows a carbon capture project in Texas. Other processes in the sector include direct air capture, with firms like Climeworks operating in the space. Climeworks, which specializes in direct air capture and storage, has offices in Switzerland and Germany. Its clients include businesses such as Stripe and Microsoft , and the Microsoft Climate Innovation Fund has invested in the company. While carbon capture has its advocates, the technology is divisive and has been questioned by a range of organizations.
Persons: Baker Hughes, Lorenzo Simonelli, Simonelli, Bill Gates, Gates, Bob Dudley, there'll, We've, Dudley, — that's Organizations: Houston Chronicle, hearst Newspapers, Getty, Hearst Newspapers, CNBC, ADIPEC, U.S . Department of Energy, Microsoft, Innovation Fund, BBC, Breakthrough Energy, International Energy Agency, Greenpeace Locations: Texas, Abu Dhabi, United States, Europe, Switzerland, Germany, Kenya, Paris
Henry Nicholls | Afp | Getty ImagesLONDON — Swedish climate activist Greta Thunberg on Tuesday was detained by police after joining hundreds of protesters to disrupt a major energy conference in London. Thunberg was arrested outside the InterContinental London Park Lane hotel during the "Oily Money Out" protest organized by Fossil Free London and Greenpeace. Their only plan is to profit at our expense," Nuri Syed Corser, an organizer with Fossil Free London, said in a statement. Fossil Free London said 27 people have been arrested so far and protests would continue outside the conference through to Thursday. Climate activists protest outside the InterContinental London Park Lane during the "Oily Money Out" demonstration organised by Fossil Free London on the sidelines of the opening day of the Energy Intelligence Forum 2023 in London on October 17, 2023.
Persons: Greta Thunberg, Henry Nicholls, Thunberg, Nuri Syed Corser, Corser, Vicki Hollub, Amin Nasser, Wael Sawan, We've, Tengku Muhammad Taufik, I'm, Taufik Organizations: InterContinental, Fossil Free, Greenpeace, Energy Intelligence, Afp, Getty, LONDON, Lane, Government, Energy Intelligence Forum, Money, Occidental Petroleum, Shell, The Met Police, Amnesty, Petronas, CNBC, Fossil Locations: Swedish, Fossil Free London, London, Saudi Aramco, Abu Dhabi
ADIPEC: How can the oil and gas industry go green?
  + stars: | 2023-10-05 | 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 EmailADIPEC: How can the oil and gas industry go green? Decarbonization and the world's future energy system have been a major focus at ADIPEC this year.
Peak oil demand refers to the point in time when the highest level of global crude demand is reached, which will be immediately followed by a permanent decline. This would theoretically decrease the need for investments in crude oil projects and make them less economical as other energy sources take over. "Such narratives only set the global energy system up to fail spectacularly," OPEC Secretary General Haitham al-Ghais said in a Sept. 14 statement. The IEA's roadmap calls for daily oil demand to be slashed by 25% in seven years' time. 'We all strive for the same thing'OPEC leaders, meanwhile, point to continuing yearly increases in oil demand, particularly from major emerging markets like China and India.
Persons: Leonard Ortiz, It's, Haitham, Ghais, Claudio Descalzi, Steve Sedgwick, Descalzi Organizations: MediaNews, Orange, Getty, International Energy Agency, OPEC, IEA, Abu Dhabi International Petroleum Exhibition Conference, Abu Dhabi International Progressive Energy Conference, United, Eni Locations: Huntington Beach , California, United Arab Emirates, UAE, OPEC, China, India
Oil prices surged to their highest level in more than a year on Thursday. The U.S. West Texas Intermediate futures reached $95.03 per barrel, marking the highest cost since August 2022. India's minister of petroleum and natural gas warned that there'll be "organized chaos" if oil prices break above $100 per barrel, but said the South Asian nation is well positioned to weather higher costs. "If the price goes above $100, it's not going to be in the interest of either the producing country or anyone's interest. Last week, oil prices surged to their highest levels in more than a year with U.S. West Texas Intermediate futures hitting $95.03 per barrel.
Persons: it's, Hardeep Singh Puri, CNBC's Dan Murphy, We'll, Puri Organizations: U.S . West Texas, United, United Arab Emirates Locations: U.S, Abu Dhabi, United Arab, India, India's, Asia
Arun Sankar | Afp | Getty ImagesFormer BP CEO Bob Dudley on Tuesday said that Bernard Looney's abrupt resignation last month came as a shock and denied any prior knowledge of the latter's past personal relationships with colleagues. Looney succeeded Dudley, who stood down as BP CEO in 2020. He informed the company that he was not "fully transparent in his previous disclosures" about relationships with colleagues before becoming CEO, BP said. "Things at BP are OK. We move forward as you would expect, despite the change that happens," interim BP CEO Murray Auchincloss said Monday during a CNBC-moderated ADIPEC panel session. Dudley — who now chairs the Oil and Gas Climate Initiative, an organization backed by BP, Saudi Aramco, Exxon Mobil and other Big Oil firms — echoed Auchincloss' view.
Persons: Bernard Looney, Arun Sankar, Bob Dudley, Bernard Looney's, Dudley, Looney, Murray Auchincloss, Auchincloss, It's, Dudley — Organizations: Afp, Getty, BP, Financial Times, CNBC, Abu Dhabi International Progressive Energy Congress, BP Plc, Abu, Abu Dhabi International Petroleum Exhibition, United, Bloomberg, Climate Initiative, Exxon Mobil, Big Oil Locations: New Delhi, Abu Dhabi, United Arab Emirates, Saudi Aramco
Oil executives and policymakers convene for ADIPEC energy event
  + stars: | 2023-10-02 | 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 EmailOil executives and policymakers convene for ADIPEC energy eventThe Abu Dhabi International Petroleum Exhibition takes place just two months ahead of COP28 in Dubai.
Organizations: Email Oil, Abu, Abu Dhabi International Petroleum Locations: Abu Dhabi, COP28, Dubai
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailADIPEC 2023: Full interview with OPEC Secretary-General Haitham al-GhaisOPEC Secretary-General Haitham al-Ghais tells CNBC's Dan Murphy that continued investment in oil and gas is "critically important" for the future.
Persons: Haitham, CNBC's Dan Murphy
[The stream is slated to start at 5 a.m. Please refresh the page if you do not see a player above at that time.] Major oil executives, policymakers and ministers convene in Abu Dhabi at ADIPEC this week to discuss energy markets as the world grapples with a transition to clean energy. It comes just weeks ahead of the COP28 climate talks, which will be held in Dubai later this year.
Locations: Abu Dhabi, ADIPEC, Dubai
Executives representing energy majors in the U.S., Europe and Asia speak during a CNBC-moderated panel session at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates. "So, the debate has always been posed here, I'm reminded of an old saying: 'If you want to keep everyone happy, sell ice cream.' We are not in the business of ice cream — and I'm reminded, there are people who are lactose intolerant," Taufik said. "In mitigating climate change, there is also the opportunity to continue to produce oil for our energy security. Wael Sawan, chief executive officer of Shell Plc, speaks during a panel session at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates.
Persons: We've, Tengku Muhammad Taufik, I'm, Taufik, Vicki Hollub, Oxy, Hollub, Patrick Pouyanne, Pouyanne, Wael Sawan Organizations: CNBC, Abu, Abu Dhabi International Petroleum Exhibition, United, United Arab Emirates, Bloomberg, Getty Images, Monday, Big Oil, Amnesty, Petronas, Shell Plc, Getty Locations: U.S, Europe, Asia, Abu Dhabi, United Arab, Paris
Eni CEO discusses its new gas discovery in Indonesia
  + stars: | 2023-10-02 | 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 EmailEni CEO discusses its new gas discovery in IndonesiaClaudio Descalzi, CEO of the Italian energy giant, speaks to CNBC at ADIPEC in Abu Dhabi about its gas discovery in Indonesia.
Persons: Indonesia Claudio Descalzi Organizations: CNBC Locations: Indonesia, Abu Dhabi
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIs there a need for oil demand destruction? We're 'not quite there,' Morgan Stanley saysMartijn Rats, global commodities strategist and head of the European energy team in equity research at Morgan Stanley, speaks to CNBC's Dan Murphy at ADIPEC in Abu Dhabi about the outlook for the oil market in 2024.
Persons: Morgan Stanley, Martijn, CNBC's Dan Murphy Locations: ADIPEC, Abu Dhabi
"If you're in a money management business, you do need returns," said Yergin. "And we've seen that with more North American funds that, yes, we want to do energy transition, we want to do ESG. But we actually need returns as well. In the second quarter of this year, investors have pulled $635 million from U.S. sustainable funds, according to funds research firm Morningstar. That racks up a total outflow of $11.4 billion from these sustainable funds in the past year.
Persons: Dan Yergin, Yergin, Morningstar Organizations: CNBC, Blackrock Locations: U.S
Turkey's Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Turkey, September 14, 2023. Turkish Energy Ministry Press Office/PPO/Handout via REUTERS/File photo Acquire Licensing RightsABU DHABI, Oct 2 (Reuters) - Turkey will restart operations this week on a crude oil pipeline from Iraq that has been suspended for about six months, Turkey's Energy Minister Alparslan Bayraktar said on Monday. "Within this week, we will start operating the Iraq-Turkey pipeline after resuming operations. Turkey has been a reliable transit route for oil and gas, he added. Turkey was weighing legal action against Iraq, which has an outstanding enforcement case against Turkey, Bayraktar said last month.
Persons: Alparslan Bayraktar, ABU, Bayraktar, Maha El, Nadine Awadalla, Louise Heavens, Jonathan Spicer Organizations: Turkey's Energy, Turkish Energy Ministry Press, REUTERS, International Chamber of Commerce, ICC, Iraq, Thomson Locations: Ankara, Turkey, Handout, ABU DHABI, Iraq, Abu Dhabi, Baghdad
London CNN —The head of the Organization of the Petroleum Exporting Countries — a group of the world’s major oil producers — told CNN Monday that a lack of investment in the oil industry posed a danger to global energy security and could send crude prices to $100 a barrel. “By underinvesting, we are actually endangering energy security… Without this [investment], I think there are serious possibilities that prices, the volatility, will be increasing as demand grows,” he said. “We have to make sure that the world has enough energy — stable, affordable, reliable, not intermittent sources of energy,” he added. The comments come just a week after the International Energy Agency predicted that global demand for oil, natural gas and coal was likely to peak by 2030. Al Ghais said hitting that reduction target would be a “monumental challenge” given that fossil fuel consumption as a proportion of global energy demand had barely budged in 30 years.
Persons: , Haitham Al Ghais, CNN’s Becky Anderson, , Brent, Al Ghais, ” Al Ghais, Fatih Birol Organizations: London CNN, Organization of, Petroleum, CNN, International Energy Agency, IEA Locations: Abu Dhabi, Underinvestment, Saudi Arabia, Russia
Australian firm 5B says its 5B Maverick system is "a fully prefabricated, plug-&-play solar farm in a box." It adds that "each 5B Maverick array consists of up to 90 solar modules, mounted on [nine] domed racks between 10 composite steel-concrete beams." BP said it is investing 20 million Australian dollars ($13.53 million) in Australian renewable company 5B, which specializes in solar technology. BP said 5B had deployed over 60 megawatts of solar tech worldwide, with projects based in Europe, Asia, South America and the United States. 'Today's energy system is a hydrocarbon system'CEO Bernard Looney recently said the BP strategy focused on simultaneously investing in hydrocarbons and the planned energy transition.
Solar panels are set up in the solar farm at the University of California, Merced, in Merced, California, August 17, 2022. ABU DHABI, United Arab Emirates — The United States and United Arab Emirates on Tuesday announced the signing of a strategic partnership that will see $100 billion mobilized to develop 100 gigawatts of clean energy by 2035. The deal, signed during the Adipec energy conference in Abu Dhabi, is entitled the "Partnership for Accelerating Clean Energy" (PACE) and encompasses four main pillars: the development of clean energy innovation and supply chains, managing carbon and methane emissions, nuclear energy, and industrial and transport decarbonization. "Today President Biden again demonstrated his deep commitment to ensuring a global clean energy future and long-term energy security as the United States and United Arab Emirates announced a robust partnership to ensure the swift and smooth transition toward clean energy and away from unabated fossil fuels," the White House statement said. The two countries will set up an "expert group" to "identify priority projects, remove potential hurdles, and measure PACE's progress in achieving its goal of catalyzing $100 billion in financing, investment, and other support and deploying globally 100 gigawatts of clean energy," it said.
The global economy is facing an onslaught from multiple sides — a war in Europe, and shortages of oil, gas and food, and high inflation, each of which has worsened the next. But as much concern as there is ahead of this winter, it's really the winter of 2023 that people should be worried about, major oil and gas executives have warned. "It's the next winter I think many of us worry, in Europe, could be even more challenging." watch nowThe CEO of Italian oil and gas giant Eni expressed the same worry. For this winter, Europe's gas storage is around 90% full, according to the International Energy Agency, providing some assurance against a major shortage.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBP CEO: A more diversified energy system is a more affordable systemBP CEO Bernard Looney speaks to CNBC's Hadley Gamble at the Adipec conference in Abu Dhabi.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBig oil executives and ministers convene in Abu Dhabi to discuss energy marketsBig oil executives and ministers convene in Abu Dhabi to discuss energy markets as the world faces a global energy crisis. CNBC's Hadley Gamble and Dan Murphy discuss live from ADIPEC.
Oil is all Russia's economy has left following its invasion of Ukraine earlier this year, according to Amos Hochstein, special presidential coordinator for President Joe Biden. "Oil is the only thing they have left in that economy … Putin has destroyed the rest of the economy," Hochstein told CNBC's Hadley Gamble Monday. "All he's got left is the stuff that comes out of the ground. He won't sell his gas to Europe anymore, so all he has is oil, so that's what funds this war." The Russian economy shrunk by 4% year-on-year over the second quarter, and the Central Bank of Russia expects the downturn to deepen in the quarters ahead.
In this article BP.-GB Follow your favorite stocks CREATE FREE ACCOUNTBP CEO Bernard Looney photographed in Texas on March 8, 2022. During a panel discussion on Oct. 31, 2022, Looney said his firm's strategy was to "to invest in hydrocarbons today, because today's energy system is a hydrocarbon system." F. Carter Smith | Bloomberg | Getty ImagesBP's strategy is centered around investing in hydrocarbons whilst simultaneously putting money into the planned energy transition, the oil and gas supermajor's CEO said Monday. A major producer of oil and gas, BP says it's aiming to become a net-zero company by the year 2050 or before. He described it as "delusional" and called for an abandonment of fossil fuel finance.
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