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☆ Davos 2023: Saudi finance minister says China 'very important', U.S. 'strategic partner'
▼ + 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 that China "is very important for Saudi" and its largest trade partner, "but also the U.S. is a very important and strategic partner". "Our aim is really to bridge the divide, our aim is to be a force of communication and we are encouraging communication, whether it is China, the U.S. or others," Mohammed al-Jadaan said, speaking at the World Economic Forum in Davos. "We are playing our part and you can count on Saudi Arabia to continue playing that part," he said. For daily Davos updates in your inbox sign up for the Reuters Daily Briefing hereReporting by Maha El Dahan in Davos; writing by Yousef Saba in Dubai; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Davos 2023: Saudi FM says Riyadh trying to find path to dialogue with Iran
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

DAVOS, Switzerland, Jan 17 (Reuters) - Saudi Foreign Minister Prince Faisal bin Farhan Al Saud said the kingdom was trying to find a path to dialogue with Iran as the best way to resolve differences. "This is complex question, but we will have to talk about how we find a pathway to ending the conflict," he said. Netanyahu has pledged to pursue formal Israeli ties with Riyadh to build on normalisation pacts signed with the United Arab Emirates and Bahrain in 2020 under his leadership. Gulf powerhouse Saudi Arabia blessed the U.S.-brokered pacts but stopped short of formally recognising Israel in the absence of a resolution to Palestinian statehood goals. Reporting by Maha El Dahan; writing by Ghaida Ghantous; editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ Davos 2023: Qatar says engagement with Taliban needed despite 'disappointing' actions
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: 1 min

DAVOS, Switzerland, Jan 17 (Reuters) - Qatar's foreign minister said on Tuesday that recent measures taken by Afghanistan's Taliban-led administration were "very disappointing" but that Doha would continue engaging as the only way forward to achieve change on the ground. Sheikh Mohammed bin Abdulrahman Al-Thani said Doha was also consulting with other Muslim countries to establish a dialogue with Taliban officials in Kandahar, and while it would "not be an easy job" it was important to keep trying. The Islamist Taliban-led administration, which seized power in Afghanistan in August 2021, has imposed bans on women working for aid groups or attending universities and high school. Reporting by Mahal El Dahan; Writing by Ghaida Ghantous, Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

DAVOS, Switzerland, Jan 17 (Reuters) - A long-running dispute on oil revenue-sharing between Iraq's national government and the semi-autonomous Kurdistan region may be resolved within months with agreement on a hydrocarbons law, Iraqi Kurdish Prime Minister Masrour Barzani said on Tuesday. Agreement on regular budget payments from Baghdad would help authorities in the Kurdish Regional Government resolve payment delays to international oil companies in the region, as well as easing a backlog in salary payments for KRG employees. Asked about the timing for agreement on the hydrocarbon law, Barzani said it should be within months. Under the Iraqi constitution, the KRG is entitled to a portion of the national budget. The standoff has affected the KRG's ability to pay international oil companies (IOCs) operating on its territory and to pay thousands of local employees.

Jan 17 (Reuters) - Montfort has emerged as the top bidder for Uniper Energy's oil refinery in the UAE that produces low-sulphur fuel oil for the shipping industry, multiple sources familiar with the matter said this week. The companies are finalising the deal, some of the sources said, although one source said the deal has been closed. Other companies that were also in the running were Vitol and BB Energy, the sources said. The Fujairah plant processes mainly African sweet, or low-sulphur, crude oil, producing about 5 million tonnes per year of very low-sulphur fuel oil (VLSFO), according to Uniper and Refinitiv data. Montfort has a bunker supplier licence in Fujairah under the entity of Montfort Trading FZE.

According to the document, Aramco's investment would be used to support development of decarbonization technologies for gasoline engines. SUBJECT TO BOARD APPROVALSThe oil company's deal with Geely and Renault still needs approval by the boards of the automakers, one of the people said. For Geely, the deal with Renault extends its pattern of building partnerships to expand beyond China. In that kind of arrangement, gasoline engines could be designed to operate in an "exceptionally efficient mode," one of the sources said. Geely has a previously announced a hybrid gasoline engine development deal with Mercedes-Benz (MBGn.DE) and holds a stake in the German automaker.

☆ Davos 2023: India's ReNew Power exploring Egypt green hydrogen project
▼ + stars: | 2023-01-16 | by ( Maha El Dahan | ) www.reuters.com time to read: +3 min

ReNew Power is now studying green hydrogen opportunities, specifically in Egypt, having signed a framework agreement during the COP27 climate conference last year, Sumant Sinha told Reuters in Davos at the World Economic Forum. The plant would be located around 200 kilometres south of the capital Cairo and the green hydrogen would be shipped through the Suez canal. India also has plans to produce 5 million tonnes of green hydrogen by 2030, which ReNew Power wants to be a part of. "India has very good natural resources also and we can ship out of India just like we can out of Egypt." "One of the big reasons why there is so much volatility in the capital markets especially for clean tech stocks is because interest rates are going up," he said.

☆ Davos 2023: DP World predicts 15-20% freight rate drop as demand slows
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +1 min

DAVOS, Switzerland, Jan 16 (Reuters) - DP World expects freight rates to drop by between 15% and 20% in 2023 as demand slows, the Dubai-based global logistics company's deputy chief executive and chief financial officer Yuvraj Narayan told Reuters on Monday. Freight rates are the prices at which cargoes are delivered by container from one point of the globe to another. Supply chain disruptions were persisting as a result of the war in Ukraine and sanctions against Russia, DP World's Narayan said in an interview on the sidelines of the World Economic Forum in the Swiss resort of Davos. DP World, which is a major ports operator, has been talking to the United Nations and Kyiv about providing safe passage for the transportation of grain out of Ukraine, but had yet to get the necessary approvals, Narayan added. Reporting by Maha El Dahan; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Davos 2023: Climate activists protest over big oil hijacking debate
▼ + stars: | 2023-01-15 | by ( Maha El Dahan | ) www.reuters.com time to read: +2 min

[1/5] Climate activists display a banner during a protest ahead of the World Economic Forum (WEF) 2023 in the Alpine resort of Davos, Switzerland, January 15, 2023. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 15 (Reuters) - Climate activists protested in Davos on Sunday against the role of big oil firms at this week's World Economic Forum (WEF), saying they were hijacking the climate debate. The annual meeting of global business and political leaders officially opens in Davos on Monday. More than a hundred protesters gathered in a snowy Davos square chanted, "change your diet for the climate, eat the rich", while some booed oil firms cited during a speech. Smith was holding a sign saying "Stop Rosebank", a North Sea oil and gas field she is campaigning to halt plans for.

Both Ukraine and the Russia-installed authorities agree that some grain has been exported from occupied Zaporizhzhia via Crimea. Ukraine says at least a part of the grain that passed through Sevastopol was taken from Ukrainian territories after Russia invaded. Prior to the current war, Syria had imported grain from Crimea on previous occasions since Russia took control of the peninsula, Reuters reported. According to the Refinitiv data, Syria imported about 501,800 tonnes of wheat from Sevastopol this year until the end of November, up from about 28,200 tonnes in the whole of 2021. During a visit to Crimea in January, Syria's economy minister said his country needed 1.5 million tonnes of wheat imports, with Russia providing the majority.

☆ Saudi energy minister sees no clear results yet from Russia price cap
▼ + stars: | 2022-12-11 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +3 min

[1/2] Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud speaks at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. "These tools were created for political purposes and it is not clear yet whether they can achieve these political purposes," he said, referring to the price cap. The OPEC+ alliance decision to cut production by 2 million barrels per day on Oct. 5 was proven to be the correct one when recent developments are taken into consideration, he said. Prince Abdulaziz said the alliance would continue to focus on market stability in the year ahead. He also said he insisted that every OPEC+ alliance member take part in decision-making.

☆ OPEC chief says OPEC+ plays instrumental role in supporting market stability
▼ + stars: | 2022-12-10 | by ( ) www.reuters.com time to read: 1 min

CAIRO, Dec 10 (Reuters) - The OPEC+ alliance plays an instrumental role in supporting market stability, OPEC Secretary General Haitham Al Ghais said on the sixth anniversary of the group's formation. "Six years later, the framework continues to play an instrumental role in supporting market stability, which is essential for growth and development, as well as attracting the necessary investment to ensure energy security," Al Ghais said in a statement. OPEC+, which groups together the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia, last met on Dec. 4. Reporting by Maha El Dahan and Moaz Abd-Alaziz; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Arabia wants ties with both China and U.S., says foreign minister
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Dec 9 (Reuters) - Saudi Arabia's foreign minister said on Thursday after a China-Arab summit hosted by Riyadh that the kingdom wants to cooperate with both the United States and China - economic rivals - and that while competition was good, polarisation was not. Prince Faisal bin Farhan Al Saud, asked in a news conference about Washington's denial of Saudi mediation efforts in a Russia-U.S. prisoner swap - said he was aware of Crown Prince Mohammed bin Salman's "personal mediation efforts" to release U.S. basketball star Brittney Griner. Reporting by Maha El Dahan and Aziz El Yaakoubi; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

Leaders of Arab League states spanning the Gulf, Levant and Africa began arriving in Riyadh on Thursday when Xi received a lavish reception by Prince Mohammed and signed a China-Saudi partnership pact with King Salman, demonstrating deepening ties. Oil giant Saudi Arabia is a top supplier to China and the joint statement reaffirmed the importance of global market stability and energy collaboration, while striving to boost non-oil trade and enhance cooperation in peaceful nuclear power. Xi invited King Salman to visit China, Saudi state television reported. Diplomats said the Chinese delegation would sign agreements and memoranda of understanding with several states in addition to Saudi Arabia, which inked an MOU with Huawei on cloud computing and building high-tech complexes in Saudi cities. The Chinese tech giant has participated in building 5G networks in most Gulf states despite U.S. concerns over a possible security risk in using its technology.

☆ UAE's ADNOC, Taqa and Mubadala complete Masdar stake deal
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Dec 8 (Reuters) - Abu Dhabi's National Oil Company [RIC:RIC:ADNOC.UL], Taqa (TAQA.AD) and Abu Dhabi sovereign wealth fund Mubadala Investment Company said on Thursday they would all become shareholders in Masdar, the Emirate's flagship clean energy company. Taqa will hold a 43% share in the company, Mubadala will retain its 33% and ADNOC will hold 24%, the three companies said in a statement. The partnership will see Taqa, which paid $1.02 bln in cash for its stake, take a lead role in Masdar's renewable business while ADNOC will be at the forefront of the firm's green hydrogen plans. The Abu Dhabi Future Energy Company Masdar was established by Mubadala in 2006 to extend the UAE's role in the global energy sector and drive the country's climate action agenda. Under the new partnership, Masdar has a target to grow to at least 100 GW of renewable energy capacity, mostly wind and solar, by 2030.

Summary No discussions of Russian price cap so far - delegatesOil prices have come under pressure from weak economyLONDON/DUBAI, Dec 4 (Reuters) - OPEC+ agreed to stick to its oil output targets at a meeting on Sunday, two OPEC+ sources told Reuters. The decision comes two days after the Group of Seven (G7) nations agreed a price cap on Russian oil. Oil prices have declined since October due to slower Chinese and global growth and higher interest rates. On Friday, G7 nations and Australia agreed a $60 per barrel price cap on Russian seaborne crude oil in a move to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to global markets. Moscow said it would not sell its oil under the cap and was analysing how to respond.

Summary OPEC+ to begin virtual talks at 1100 GMTNo discussions of Russian price cap so far - delegatesWill keep existing cuts in placeLONDON/DUBAI, Dec 4 (Reuters) - OPEC+ is poised to stick to its oil output targets when it meets on Sunday, four OPEC+ sources said as the alliance gathers after the Group of Seven (G7) nations agreed a price cap on Russian oil. Washington accused the group and one of its leaders, Saudi Arabia, of siding with Russia despite Moscow's war in Ukraine. OPEC+ argued it had cut output because of a weaker economic outlook. OPEC met virtually on Saturday without Russia and allies and did not discuss the Russian price cap, sources have said. OPEC+ begins talks at 1100 GMT with a meeting of the advisory Joint Ministerial Monitoring Committee (JMMC) panel, followed by the full ministerial conference.

On Friday, G7 nations and Australia agreed a $60 per barrel price cap on Russian seaborne crude oil in a move to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to global markets. OPEC virtually met on Saturday without allies such as Russia and discussed mostly administrative matters, sources said. The ministers did not discuss the Russian price cap. Five OPEC+ delegates said on Saturday the OPEC+ meeting on Sunday would likely approve a policy rollover. On Friday, two separate OPEC+ sources said a further output cut was not completely off the table given concern about economic growth and demand.

"It is unlikely there will be any change to the policy," an OPEC+ source said. Talks begin on Saturday when OPEC ministers hold a virtual meeting at 1100 GMT. Some OPEC+ delegates and analysts are not ruling out a surprise at Sunday's meeting. JPMorgan, in a report this week, said OPEC+ was likely to hold the line at the meeting while leaving the door open to a cut of more than 500,000 bpd if demand deteriorates further. Reporting by Alex Lawler, Maha El Dahan, Ahmad Ghaddar and Rowena Edwards; Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ OPEC+ decision to hold virtual meeting signals little likelihood of policy change, cap on Russian oil awaited - source
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Nov 30 (Reuters) - The OPEC+ decision to hold its Dec. 4 meeting virtually signals little likelihood of a policy change, a source with direct knowledge of the matter told Reuters on Wednesday. A virtual meeting also puts the focus on the pending European Union deal on a price cap on Russian oil ahead of a Dec. 5 deadline imposed by the bloc for a full embargo on purchases of Moscow's seaborne crude. "OPEC+ would rather sit on the bench at this time and assess the outcome of what happens on Monday," the source added. The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, meets as the looming European Union ban on Russian crude imports and the G7 price cap on Russian oil place a question mark over supply. In October, OPEC+ agreed to cut output by 2 million barrels per day(bpd) equal to 2% of global supply, effective until Dec. 2023.

[1/6] QatarEnergy CEO and Qatar's Minister of Energy, Saad al- Kaabi and ConocoPhillips CEO, Ryan Lance attend the signing ceremony of two sales and purchase agreements to export liquefied natural gas (LNG) to Germany, in Doha, Qatar, November 29, 2022. The deal, the first of its kind to Europe from Qatar's North Field expansion project, will provide Germany with 2 million tonnes of LNG annually, arriving from Ras Laffan in Qatar to Germany's northern LNG terminal of Brunsbuettel, QatarEnergy's chief executive said. ICIS head of energy analytics Andreas Schroeder said the starting date of 2026 was late, as Germany needed LNG for 2023 and 2024. The deal comes a few days after QatarEnergy signed a 27-year sales and purchase agreement with China's Sinopec. The North Field is part of the world's biggest gas field, which Qatar shares with Iran.

LONDON, Nov 29 (Reuters) - OPEC+ is likely to keep oil output policy unchanged at a meeting on Sunday, five OPEC+ sources said, although two sources said an additional production cut was also likely to be considered to bolster prices that have slid due to fears of an economic slowdown. Five OPEC+ sources told Reuters that the Sunday meeting would most likely roll over existing policy. Two more sources said the group could discuss another output cut, although neither thought another cut was highly likely. Top OPEC exporter Saudi Arabia on Nov. 21 said OPEC+ was sticking with output cuts and could take further measures to balance the market. The energy ministers of Saudi Arabia and Iraq met on Thursday and stressed the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi energy ministry said in a statement on Friday.

REUTERS/Imad Creidi/File PhotoDOHA, Nov 29 (Reuters) - QatarEnergy and ConocoPhillips (COP.N) on Tuesday signed two sales and purchase agreements to export liquefied natural gas (LNG) to Germany for at least 15 years from 2026, the first such supply deal to Europe from Qatar's North Field expansion project. The deal will provide Germany with 2 million tonnes of LNG annually, arriving from Ras Laffan in Qatar to Germany's northern LNG terminal of Brunsbuettel, QatarEnergy's chief executive said. "(The agreements) mark the first ever long-term LNG supply agreement to Germany, with a supply period that extends for at least 15 years, thus contributing to Germany's long-term energy security," Saad al-Kaabi said in a joint news conference with ConocoPhillips CEO Ryan Lance. The deal comes a few days after QatarEnergy signed a 27-year sales and purchase agreement with China's Sinopec. The North Field is part of the world's biggest gas field that Qatar shares with Iran, which calls its holding South Pars.

☆ Saudi, Iraqi energy ministers meet, review oil markets
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

Nov 25 (Reuters) - The energy ministers of Saudi Arabia and Iraq met on Thursday and stressed the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi energy ministry said in a statement on Friday. Iraq's energy minister Hayan Abdel-Ghani met Saudi energy minister Prince Abdulaziz bin Salman on a visit to the kingdom which began on Wednesday. In its last meeting on Oct. 5 an output cut of 2 million barrels a day was agreed. Prince Abdulaziz said earlier this week the group remains ready to take further measures if needed to balance supply and demand. Reporting By Maha El Dahan, Writing by Moaz Abd-Alaziz; Editing by Muralikumar Anantharaman and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi denies oil output hike discussion, says OPEC+ may cut if needed
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

The Wall Street Journal earlier on Monday reported an output increase of 500,000 barrels per day was under discussion for the next meeting of OPEC and its allies, known as OPEC+, on Dec. 4. Oil prices, which had slid more than 5% to below $83 a barrel after the Wall Street Journal report , pared losses following the minister's comments. Last month, OPEC+ unexpectedly decided to reduce output targets sharply. It would be unusual for the group to increase production at a time of declining prices and growing concern about the economic outlook. Prince Abdulaziz was also quoted as saying OPEC+ was ready to reduce output further if needed.

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