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☆ Saudi Arabia, OPEC+ producers announce voluntary oil output cuts
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

DUBAI, April 2 (Reuters) - Saudi Arabia and other OPEC+ oil producers on Sunday announced voluntary cuts to their production, with Riyadh saying it would cut output by 500,000 barrels per day (bpd) from May until the end of 2023, state media reported. Russia's deputy prime minister also said Moscow would extend a voluntary cut of 500,000 bpd until the end of 2023. The United Arab Emirates, Kuwait, Iraq, Oman and Algeria said they would voluntarily cut output over the same time period. The UAE said it would cut production by 144,000 bpd, Kuwait announced a cut of 128,000 bpd while Iraq said it would cut output by 211,000 bpd and Oman announced a cut of 40,000 bpd. The Saudi energy ministry said in a statement that the kingdom's voluntary cut was a precautionary measure aimed at supporting the stability of the oil market.

LONDON/BAGHDAD, April 1 (Reuters) - Iraq's federal government and the Kurdistan Regional Government (KRG) are close to striking a deal aimed at resuming northern oil exports, four sources familiar with the discussions told Reuters on Saturday. Revenues will be deposited in an account managed by the MNR and supervised by Baghdad, the KRG official said. Iraq's oil ministry spokesman could not immediately be reached outside regular business hours. Baghdad and the KRG have agreed to continue meetings following the resumption of oil exports to find solutions to other lingering problems. "[These include] the contracts of the foreign companies operating in Kurdistan and the Kurdish debts," the senior Iraqi oil official said.

Iraq's Oil Minister Hayan Abdel-Ghani, who took office in October, plans to update Iraq's oil production strategies to meet local needs while complying with the OPEC+ agreement, oil ministry spokesman Asim Jihad told Reuters. It is too early for the new government to talk about any significant increases in Iraq's oil production outside the OPEC+ agreement, Jihad said. 'HARD, IF NOT IMPOSSIBLE'For the oil sector, the country has repeatedly delayed a target to reach 7-8 million bpd capacity, from the current 5 million bpd. The beneficiaries were not the international oil companies, but UAE firm Crescent Petroleum and two Chinese companies. Iraq's oil minister this month revived seven investment opportunities in Iraq's refining sector.

Oil prices hit 15-month lows on Monday in response to the banking crisis that followed the collapse of two U.S. lenders and resulted in Credit Suisse being rescued by Switzerland's biggest bank UBS (UBSG.S). Falling oil prices are a problem for most of the group's members because their economies rely heavily on oil revenue. A third delegate said the recent slump in oil prices was related to speculation in the financial market, not market fundamentals. In its most recent monthly report, OPEC upgraded its forecast for Chinese oil demand growth this year but maintained its projection for global demand growth at 2.32 million bpd. Reporting by Ahmad Ghaddar, Maha El Dahan and Alex Lawler Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

The profits follow similar reports in February from international peers BP, Shell, Exxon Mobil and Chevron which have mostly posted record profits for last year. Aramco's capital expenditure rose 18% to $37.6 billion in 2022 and the company said it expects this year's spending to be around $45.0 billion to $55.0 billion including external investments. Aramco declared a dividend of $19.5 billion for the fourth quarter, an increase of 4% from the previous quarter. Free cash flow reached a record of $148.5 billion in 2022, compared to $107.5 billion in 2021. Prices cooled rapidly in the second half of 2022 as central banks hiked interest rates and fanned worries of recession.

Companies Saudi Arabian Oil Co FollowDUBAI, March 12 (Reuters) - Aramco's chief executive Amin Nasser said on Sunday the market would remain tightly balanced in the short to medium term, adding that he was cautiously optimistic. Nasser was speaking to the press after the Saudi Arabian oil giant reported its highest ever annual profit since the company was listed. On recent imports of Russian diesel into Saudi Arabia, Nasser said the kingdom had always been importing products for its domestic market since before the Russian invasion of Ukraine. Nasser said Aramco was looking globally at liquefied natural gas (LNG) market opportunities, when asked about potential acquisitions in the year ahead. "We need to make sure that there is additional supply in the market otherwise this tightness of supply in the mid- to long term will have an impact."

☆ Exclusive: Russian crude oil heads to UAE as sanctions divert flows
▼ + stars: | 2023-03-06 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

Refinitiv Eikon data shows the first Russian crude shipment to the country was in 2022, with a spike in volumes in April 2022. Only one shipment of Russian crude to the UAE has previously been reported. China, India and several African and other Middle Eastern nations have also increased Russian crude and products imports, while many countries have banned or discouraged such purchases. Data seen by Reuters on Eikon ship tracking showed a shipment of Russian crude arrived at the UAE Ruwais refinery in November 2022. "Shipments to UAE are occasional," a Russian crude trading source said.

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.

☆ Exclusive: UAE's Jaber says keeping 1.5 Celsius goal 'alive' is top priority for COP28
▼ + stars: | 2023-02-15 | by ( Maha El Dahan | ) www.reuters.com time to read: +4 min

Jaber's appointment fuelled activist concern that big industry was hijacking the world's response to the global warming crisis. "I have no intention whatsoever of deviating from the 1.5 goal," Jaber said in his first interview since being assigned the role. "Keeping 1.5 alive is a top priority and it will cut across everything I do." As COP28 president, Jaber will help shape the conference agenda and intergovernmental negotiations. "How about for once we capitalise on everybody's capabilities and strengths and fight climate change rather than going after each other," he said when asked about the criticism.

If sealed, this would be the second such deal between major LNG exporter Qatar and the world's no.2 LNG buyer, as Beijing looks to beef up gas supply and diversify its sources in a drive to replace coal and cut carbon emissions. CNPC's talks follow a deal announced last November by China's Sinopec, in which QatarEnergy agreed to supply 4 million tonnes of LNG annually for 27 years, the longest duration LNG supply contract ever signed by Qatar. "This is a good move for CNPC, securing additional long term supply from a reliable and well positioned partner. Sinopec said in November the gas purchase agreement was part of an "integrated partnership", which indicated the Chinese firm could be considering acquiring a stake in Qatar's North Field expansion export facility. Chinese customs data showed the country's imports of Qatari LNG surged 75% last year from 2021 to 15.7 million tonnes, making up a quarter of the nation's total imports, while China's total LNG imports shrank nearly 20%.

[1/2] The main deck of the Floating Storage and Regasification Unit (FSRU) "Neptune" is seen during the official commissioning of the liquefied natural gas (LNG) terminal "Deutsche Ostsee" at the harbour in Lubmin, Germany, January 14, 2023. John Macdougall/Pool via REUTERSLONDON/FRANKFURT, Feb 9 (Reuters) - Germany and Oman are in advanced talks to sign a long-term deal for liquefied natural gas (LNG) lasting at least 10 years as Berlin continues its search for alternatives to Russian fuel supplies, three sources familiar with the matter said. Europe has been scrambling to replace Russian gas since last year against a backdrop of war in Ukraine, with state-run Gazprom (GAZP.MM) progressively reducing and then suspending the lion's share of pipeline supplies to Europe. Germany has been holding talks for months with the world's biggest LNG producer Qatar for additional supplies, but negotiations have been lengthy. While supply deals with Qatar would be positive for Germany, they would not offer an immediate solution to Berlin's energy crisis.

☆ Saudi minister warns sanctions, underinvestment may cause energy shortages
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Feb 5 (Reuters) - Saudi Energy Minister Prince Abdulaziz bin Salman warned on Saturday that sanctions and underinvestment in the energy sector could result in a shortage of energy supplies. The European Union has imposed a series of sanctions against Russia, reducing Russian energy exports, and other Western powers have also imposed measures as they seek to further limit Moscow's ability to fund its war in Ukraine. He said Saudi Arabia was working to send Ukraine liquefied petroleum gas (LPG), which is most commonly used as a cooking fuel and in heating. Asked what lessons had been learnt from energy market dynamics in 2022, Prince Abdulaziz said the most important one was for the rest of the world to "trust OPEC+". Reporting by Nayera Abdallah and Maha El Dahan; Editing by Alexander Smith, David Holmes and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi energy minister warns sanctions could result in energy shortages
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Feb 4 (Reuters) - Saudi Energy Minister Prince Abdulaziz bin Salman warned on Saturday Western sanctions against Russia could result in a shortage of energy supplies in future. The prince also said Saudi Arabia was working to send Liquefied Petroleum Gas (LPG) to Ukraine. The European Union has imposed a series of sanctions against Russia, reducing Russian energy exports, and other Western powers have also imposed measures as they seek to further limit Moscow's ability to fund its war in Ukraine. Asked what lessons had been learnt from energy market dynamics in 2022, Prince Abdulaziz said the most important one was for the rest of the world to "trust OPEC+". Reporting by Nayera Abdallah and Maha El Dahan; Editing by Alexander Smith and David HolmesOur Standards: The Thomson Reuters Trust Principles.

DUBAI/LONDON, Jan 25 (Reuters) - Qatar is in talks to acquire a stake from French company TotalEnergies' (TTEF.PA) $27 billion cluster of energy projects in Iraq, three sources told Reuters, as Baghdad hopes to stem efforts by Western energy companies to exit the country. The TotalEnergies deal with Iraq, which will require an initial investment of $10 billion, followed a visit from French President Emmanuel Macron in September 2021. Sources told Reuters last year that disputes over terms had risked scrapping the project. A senior Iraqi oil ministry official said he was not aware of QatarEnergy plans to acquire a stake in the TotalEnergies' project. One of the sources told Reuters Sudani would also meet TotalEnergies Chief Executive Officer Patrick Pouyanne in a bid to end the deadlock.

☆ Davos 2023: 'Keep it in the ground' Greta Thunberg tells protest at end of WEF
▼ + stars: | 2023-01-20 | by ( Maha El Dahan | ) www.reuters.com time to read: +2 min

[1/2] Climate activist Greta Thunberg takes part in a protest on the last day of the World Economic Forum (WEF) in Davos, Switzerland January 20, 2023. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 20 (Reuters) - Greta Thunberg and around 30 other activists braved sub-zero temperatures on Friday in a protest calling for climate justice as the World Economic Forum (WEF) meeting wound up in Davos. Now" and "Fossil fuels have got to go", while Thunberg held up a sign saying "Keep it in the ground". The 20-year-old Swedish activist stuck to her stance against all new oil, gas and coal developments during the fringe event, that was not part of the official conference agenda. In 2019, the then 16-year-old Thunberg took part in the main WEF meeting, famously telling leaders that "our house is on fire".

☆ Davos 2023: Big oil comes in from the cold on energy transition
▼ + stars: | 2023-01-20 | by ( Maha El Dahan | ) www.reuters.com time to read: +6 min

CHINA OUT./File Photo/File PhotoSummarySummary Companies Energy transition front and centre at Davos meetingEurope energy crisis forces moment of reckoningClimate activists sceptical of oil industry inclusionDAVOS, Switzerland, Jan 20 (Reuters) - A different type of energy transition has taken place at this year's World Economic Forum (WEF) meeting. Unlike 2021's COP26 climate conference in Glasgow, where oil and gas executives were personae non gratae, fossil fuel chiefs and renewable energy bosses sat cheek by jowl in Davos. Thunberg's was not the only voice at Davos with strong objections to the industry's new mantra that the energy crisis justifies new oil investments. Like Birol, British opposition leader Keir Starmer said the oil and gas sector has a role to play in the energy transition. Jaber, who is the founding CEO of Abu Dhabi’s renewable energy firm Masdar and has overseen the UAE's mandate to adopt renewables is not without green credentials.

☆ Davos 2023: Riyadh city developing fast with eye on Expo 2030 bid
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

DAVOS, Switzerland, Jan 19 (Reuters) - Saudi Arabia, which has bid to host the Expo 2030 world fair, is pushing ahead with plans to turn its capital Riyadh into a major global metropolis, a government official said on Thursday. Should Riyadh win Expo hosting rights it would be ready, but the build-up, which includes an additional 120,000 hotel rooms by 2030, was needed regardless to meet tourism goals, he said. The host country for the 2030 Expo is expected to be selected in November. Asked if alcohol would be allowed in Riyadh by 2030, Al Rasheed said: "No, but I think you can ... consider it a wellness detox." If Saudi Arabia wins its bid it would be the second Arab country to host Expo after the United Arab Emirates.

☆ Davos 2023: Greta Thunberg accuses energy firms of throwing people 'under the bus'
▼ + stars: | 2023-01-19 | by ( Maha El Dahan | ) www.reuters.com time to read: +3 min

DAVOS, Switzerland, Jan 19 (Reuters) - The world's most powerful activist confronted the man in charge of regulating global energy in Davos on Thursday, demanding an end to fossil fuel investments. Greta Thunberg urged IEA Executive Director Fatih Birol to stop the global energy industry and the financiers who support them from fuelling carbon investments. "As long as they can get away with it they will continue to invest in fossil fuels, they will continue to throw people under the bus," Thunberg warned. He also said he was less pessimistic than the climate activists about the shift to clean energy. Asked why she did not want to advocate for change from the inside, Thunberg said there were already activists doing that.

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.

☆ Davos 2023: Greta Thunberg to meet IEA chief Birol
▼ + stars: | 2023-01-18 | by ( Maha El Dahan | ) www.reuters.com time to read: +1 min

DAVOS, Switzerland, Jan 18 (Reuters) - Greta Thunberg is set to meet International Energy Agency (IEA) executive director Fatih Birol in Davos on Thursday, the organiser of a planned round-table event told Reuters. The IEA, which makes policy recommendations on global energy, was not immediately available for comment. Thunberg attended the World Economic Forum's (WEF) annual meeting in Davos in January 2020, when she challenged world leaders, including former U.S. President Donald Trump, to act on climate change, saying that "our house is still on fire". Climate change is one of the main items on the agenda for this year's meeting. For daily Davos updates in your inbox sign up for the Reuters Daily Briefing here: https://www.reuters.com/newsletters/daily-briefing/Reporting by Maha El Dahan and Alexander Smith; Editing by editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

DAVOS, Switzerland, Jan 18 (Reuters) - Saudi Arabia's finance minister said on Wednesday the kingdom is changing the way it provides assistance to allies, shifting from previously giving direct grants and deposits unconditionally. "We used to give direct grants and deposits without strings attached and we are changing that. We are working with multilateral institutions to actually say we need to see reforms," the minister said. Saudi Arabia and other Gulf Arab states like the United Arab Emirates and Qatar have increasingly moved towards investing rather than extending direct financial aid. For daily Davos updates in your inbox sign up for the Reuters Daily Briefing here.

☆ Davos 2023: Saudi Arabia changing no-strings aid, finance minister says
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: 1 min

DAVOS, Switzerland, Jan 18 (Reuters) - Saudi Arabia's finance minister said on Wednesday the kingdom is changing the way it provides assistance to allies, shifting from previously giving direct grants and deposits unconditionally. "We used to give direct grants and deposits without strings attached and we are changing that," Mohammed al-Jadaan said at the World Economic Forum in Davos, adding Saudi Arabia was encouraging countries in the region to make reforms. We are taxing our people, we are expecting also others to do the same, to do their efforts. We want to help but we want you also to do your part." Reporting by Yousef Saba in Dubai and Maha El Dahan in Davos; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

☆ Davos 2023: Saudi-US partnership is crucial for global security, says Saudi envoy
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: 1 min

DAVOS, Switzerland, Jan 18 (Reuters) - Saudi Arabia's ambassador to the United States said on Wednesday that maintaining the long-standing strategic partnership between Riyadh and Washington was "beyond critically necessary" for global stability. "Yes there was a moment of conflict and disagreement, but that doesn't take away from the fact that we are both strategic allies and we are friends, and this relationship is critical for the world," envoy Princess Reema bint Bandar Al Saud said at a panel at the World Economic Forum in Davos. Reporting by Maha El Dahan; Writing by Ghaida Ghantous; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

☆ Davos 2023 - Citi CEO Fraser says China opening up is good news for the market
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: 1 min

DAVOS, Switzerland, Jan 18 (Reuters) - China's opening up is important for the world and there is good news from market friendly measures taken there, Citi Group's chief executive Jane Fraser told a panel at the World Economic Forum's (WEF) annual meeting on Wednesday. It is quite a volatile time in the world, Fraser said, adding that central bank tightening is likely to continue. Reporting by Maha El Dahan; Writing by Nadine Awadalla; Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

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