Saudi Aramco's CEO Amin Nasser forecasts a global oil demand growth of 1.5 million barrels per day (b/d) in 2024, with expectations for robust demand in 2025. This projection is less optimistic than OPEC's forecast of 2.2 million b/d growth but slightly more optimistic than the International Energy Agency's forecast of 1.2 million b/d. Nasser emphasized that supply and demand would remain balanced for the rest of the year and that Aramco is prepared to meet market demands if necessary.

Saudi Aramco has raised its target for natural gas production by more than 60% by 2030 while reducing its capital expenditure forecast for crude oil due to a directive to halt expansion of oil production capacity. The company plans to invest significantly in LNG projects and is in discussions with global partners. Aramco's capex will focus 60% on upstream, including gas, with evolving plans to allocate more towards new energies. Despite the shift, Aramco will continue to seek downstream investment opportunities internationally, particularly in Asia. The company is also advancing its renewable energy projects and aims to produce significant quantities of blue ammonia and hydrogen by 2030.

QatarEnergy has announced an increase in its LNG production capacity target to 142 million mt/year by 2030, up from the previously planned 127 million mt/year by 2027. This expansion is driven by rising global demand and new discoveries in the North Field, the world's largest natural gas field. The announcement follows the Biden administration's pause on new US LNG export projects, which could impact gas-dependent regions like Europe and Asia. QatarEnergy's additional gas reserves are now estimated at over 2,000 Tcf, with significant increases in condensate and other resources. Qatar was the third-largest LNG exporter in 2023, and its expansion aligns with growing global gas demand projected to rise by 2.5% in 2024.

Saudi Aramco has discovered an additional 15 Tcf of natural gas and 2 billion barrels of condensate in the Jafurah unconventional field, increasing the field's proven reserves significantly. The company plans to expand gas production by 50% by 2030, redirecting savings from a canceled oil capacity expansion towards gas projects. Arabian Drilling has signed contracts to supply rigs for Aramco's gas exploration, and Aramco has entered the LNG business with a stake in EIG's MidOcean Energy.

The transition of power in Kuwait with the passing of Sheikh Nawaf al-Sabah and the appointment of Crown Prince Sheikh Mishal al-Sabah as the new emir is expected to maintain continuity in the country's energy sector. Despite challenges such as stagnant politics, lack of foreign investment, and aging oil fields, the new emir is likely to uphold existing energy policies. Kuwait aims to increase its crude production capacity to 4 million b/d by 2035 and 2 Bcf/d of non-associated gas by 2040. The country faces additional challenges, including political reshuffles, disputes with Iran over the Durra field, and the need to adapt to global energy transition trends. Kuwait Petroleum Corp. has outlined plans for carbon capture and green hydrogen but lacks specific timelines.

Major shipping companies, including A.P Moller-Maersk and Hapag-Lloyd, have suspended transits through the Bab al-Mandeb chokepoint due to repeated attacks by Yemen's Houthi militants, threatening global trade flows. The Houthis have broadened their attacks, targeting various commercial ships, leading to increased security measures and rerouting via the Cape of Good Hope. The conflict has also led to higher freight rates and war risk surcharges, impacting oil prices and LPG shipments to Yemen. Experts suggest that geopolitical tensions will continue to affect shipping and trade in the region.

Kuwait's oil minister rejected calls for a fossil fuel phaseout at the COP28 summit, advocating for emissions reduction instead. This stance aligns with OPEC's position, as seen in the latest draft text of the COP28 Global Stocktake, which omits any mention of phasing out oil and gas. Iraq and Saudi Arabia also oppose the phaseout, focusing on emissions reduction. Climate activists criticize these positions, arguing they undermine efforts to limit global warming to 1.5 degrees Celsius.

Amin Nasser, CEO of Saudi Aramco, advocated for increased investment in fossil fuels over renewables at the Saudi Green Initiative event during the COP28 UN climate summit in Dubai. He highlighted the current and anticipated growth in oil demand, contrasting with the views of climate activists. Nasser dismissed the short-term viability of renewables and hydrogen due to higher costs and low demand. Despite this, Saudi Aramco is working towards increasing oil production capacity and achieving net-zero emissions by 2050, with investments in carbon capture, renewables, and hydrogen.

Nigeria is establishing a special committee to draft a national carbon market strategy, as announced by President Bola Tinubu at the UN Climate Change Conference in Dubai. The initiative aims to develop an emissions trading scheme, a carbon registry, and a framework for high-integrity carbon credits. Nigeria seeks significant investment to achieve its net-zero carbon emissions goal by 2060, with an estimated $1.9 trillion needed. The Africa Carbon Markets Initiative, formed at COP27, is collaborating with several African countries to scale carbon credit production. The article highlights the potential financial benefits and the importance of carbon markets in funding climate policies.

Crude oil production in the Neutral Zone shared by Saudi Arabia and Kuwait increased to 264,000 barrels per day in October, the second highest in the year, following the Khafji oil field's restart. Production had dropped to 180,000 barrels per day in September due to a fire in August. Exports to China, which have more than doubled year-to-date, reached 117,000 barrels per day in October. Saudi Arabia and Kuwait aim to boost output and capacity in the Neutral Zone, with potential production reaching 300,000 barrels per day by the end of next year. Restoring capacity to pre-dispute levels of 500,000-600,000 barrels per day is expected to take over five years due to infrastructure overhauls and facility transfers.

OPEC+ producers expressed readiness to take additional measures to support market stability following a surprise attack by Hamas militants on Israel. The conflict has raised concerns about oil market stability, with Brent futures rising 4.24% in early Asian trade. Saudi Arabia and Russia continue to restrict oil supply to support prices, with a review scheduled for November.

Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, stated that the country could achieve net-zero emissions before its current 2060 deadline, potentially by 2040 or 2045. This announcement was made during MENA Climate Week in Riyadh. The state oil company, Saudi Aramco, aims to reach net-zero by 2050, aligning with global ambitions. The UAE, another major oil producer, has revised its net-zero target to 2045. OPEC's recent World Oil Outlook report projects global oil demand to peak by 2045, driven by population growth in the Middle East, Africa, and Asia. Both Saudi Arabia and the UAE emphasize the continued importance of oil and gas in the energy transition, despite increasing scrutiny over their fossil fuel investments.

Abu Dhabi National Oil Company (ADNOC) has made a final investment decision on the Hail and Ghasha offshore gas project, aiming for net-zero emissions. The project, part of the Ghasha concession, is expected to produce 1.5 Bcf/d of gas by 2030 and capture 1.5 million mt/year of CO2. ADNOC plans to use clean power from nuclear and renewable sources and produce low-carbon hydrogen. The company has awarded engineering, procurement, and construction contracts to National Petroleum Construction Company, Saipem, and Tecnimont for the project's development.

The Baystar petrochemical plant in Texas, a joint venture between Borealis and TotalEnergies with a production capacity of 625,000 mt/year of polyethylene, is commencing operations after four years and a $1.4 billion investment. Despite an oversupplied market, Borealis CEO Thomas Gangl anticipates demand growth, particularly for plastic components in new energy and automotive applications. He notes current low operating rates in Europe and challenges such as COVID-19, high natural gas prices, and China's structural issues. The market is expected to improve in the latter half of the next year, with 2025 looking more favorable.

Saudi Aramco has acquired a minority stake in US-based LNG company MidOcean Energy for $500 million, marking its first institutional investment in the LNG sector. Aramco's CEO Amin Nasser highlighted the importance of gas in the global energy transition. MidOcean Energy, managed by EIG, is expanding its LNG business by acquiring interests in four Australian projects. The deal is pending regulatory approvals.

China's crude oil imports from Saudi Arabia and Russia rebounded in August after declines in July, driven by increased refinery activity and competitive Middle Eastern crude prices. However, the uptrend may not last due to pending import quota announcements. Saudi Arabia's production cuts, aligned with OPEC+ controls, have led to a significant reduction in output, yet Chinese demand remains robust. Expert opinions suggest that refinery maintenance and quota constraints have influenced import patterns, with expectations of higher runs in August.

Kuwait's Al Zour refinery has become the primary supplier of ship fuel to Qatar, surpassing Bahrain, Malaysia, and Singapore with exports including fuel oils, jet fuel, diesel, naphtha, and gasoline. In 2023, Al Zour shipped approximately 3 million barrels of fuel oil to Qatar. The refinery, which began exporting various fuels in November, is expected to reach a production capacity of 615,000 barrels per day by year's end. Kuwait also aims to double its jet fuel exports to Europe and contribute to an increase in Middle East refinery runs. The Clean Fuels Project has further modernized Kuwait's refinery capacity, producing clean products that meet Euro-4 and Euro-5 specifications.

Saudi Arabia's latest crude output cuts, announced on June 4, will significantly impact its medium and lighter grades, which are already facing competition from discounted Russian crude. The cuts, totaling 1 million b/d, will reduce Saudi Arabia's production to its lowest level since June 2021. Analysts predict that while heavier crudes will be cut first, the magnitude of the reduction will also affect lighter grades like Arab Light. The cuts come at a time of increased domestic demand for power generation in the summer. Saudi Aramco has raised its official selling prices, making it more expensive for US importers, particularly for heavier crudes. The country may use discounted Russian oil for power generation to offset the reduced export volumes.

Saudi Aramco CEO Amin Nasser emphasized that by 2050, 80% of hydrocarbon demand will come from the Global South, urging investments in both renewables and hydrocarbons to meet global net-zero targets. He highlighted the need for a balanced energy transition that considers the economic maturity of different countries, warning against a costly transition that could push Global South economies towards cheaper, more polluting energy sources like coal. Saudi Aramco aims to reach net-zero by 2050 and is investing in hydrogen and other clean technologies, though cost-competitiveness remains a challenge.

The Kurdistan Regional Government (KRG) will resume oil exports through the port of Ceyhan on April 2 or 3, following an agreement with the Iraqi federal government. The resumption comes after Turkey suspended exports in response to an international arbitration ruling affirming Baghdad's sovereignty over oil produced by the KRG. The agreement will remain in effect until the Iraqi parliament approves an oil and gas law. The federal oil ministry is keen to expedite the resumption, with new data from the International Court of Arbitration and technical issues resolved. The KRG's oil revenues are crucial for meeting federal budget requirements. A joint committee will oversee the process, and a new bank account will manage the KRG's oil revenues. The ruling has led to a halt in production by several international energy companies operating in the KRG. Experts highlight the need for a national hydrocarbons law to resolve the long-standing dispute between the KRG and the federal Iraqi government.

Yemen's Houthi rebels have threatened to target Saudi Arabia's oil installations if the country allows a US-led coalition to use its airspace against them. The Houthis have increased attacks on oil tankers since the Israel-Hamas conflict began in October 2023. The US has formed a coalition with several countries to counter these attacks, but Saudi Arabia has not committed to joining. The Houthis have a history of targeting Saudi oil infrastructure, significantly impacting oil production and prices. Recent attacks include targeting a Chinese-owned oil tanker, despite previous reassurances.

Saudi Aramco forecasts its capital expenditure for 2023 at $45 billion-$55 billion, marking its largest spending exercise to date. The company aims to increase its maximum sustained output capacity to 13 million barrels per day by 2027. In 2022, Aramco's net income rose 46.5% to $161.1 billion due to stronger crude oil prices and higher volumes sold. The company plans to continue raising spending until the middle of the decade, with significant investments in upstream projects and natural gas compression. CEO Amin Nasser emphasized the importance of continued investment in oil and gas to avoid higher energy prices.

Export loadings at the Baku-Tbilisi-Ceyhan pipeline from Turkey have resumed at the Ceyhan terminal after being halted due to earthquakes on February 6. BP confirmed the resumption, and the Iraqi oil ministry indicated that flows of Iraqi Kirkuk crude are set to fully resume. The Turkish energy ministry has repaired the main oil export pipeline from Iraq to Ceyhan, and tankers have been loading Kurdish-origin crude since February 8. The Ceyhan terminal is a key export route for Mediterranean-based refiners.

Saudi Arabia is waiting for clearer signs of rising oil demand before increasing crude production, with its energy minister expressing caution due to current global geopolitics and a lack of industry investment. Despite encouraging economic data from major consuming countries, Prince Abdulaziz bin Salman remains unconvinced about the demand forecasts. The OPEC+ alliance, co-chaired by Saudi Arabia and Russia, has decided to maintain current output quotas amidst concerns of a global recession and rising COVID-19 cases in China. The G7 and EU have implemented price caps and bans on Russian fuel products to limit Moscow's revenue from energy exports, which could lead to supply shortages. The minister emphasized the practical impacts of these sanctions on the market and highlighted Saudi Arabia's efforts to supply Ukraine with LPG.

Libya's National Oil Corp. (NOC) and Italy's Eni have signed an agreement to develop two offshore plots with 6 trillion cubic feet of natural gas reserves, aiming to produce 750 million cubic feet per day for 25 years. This marks the first such agreement in Libya in 25 years. The project includes a carbon capture and storage plant in Mellitah and is expected to generate significant investment and revenue for Libya. The agreement is part of Libya's broader strategy to attract international oil companies and boost its oil and gas production. Eni has been active in Libya since 1959 and continues to play a crucial role in the country's energy sector.

Saudi Arabia has reduced its crude production to defend oil prices, impacting its market share in Asia as Russia and Iran increase their output. Despite a price floor around $75/b, Saudi Arabia may need to maintain or further cut its low output levels. The OPEC+ alliance, co-chaired by Saudi Arabia and Russia, is considering another round of cuts to support prices. Saudi Aramco's official selling prices (OSPs) have been cut to incentivize buyers, but the strategy's effectiveness is uncertain. Global oil demand is expected to outpace non-OPEC supply growth, and OPEC+ quotas are adjustable. Saudi Arabia's production restraint has allowed Russia to become the top exporter to China, and the UAE's quota increase may further affect Saudi market share. Aramco's OSP cuts aim to ensure sales of its targeted production, signaling a competitive stance but not a shift from price to volume strategy.

Chevron is relocating its Wafra field headquarters and vital infrastructure to Khafji in the Neutral Zone, a region shared by Saudi Arabia and Kuwait, with a target occupation date of January 2026. This move is part of a 2020 agreement to restart production in the area. The transition, including the construction of schools, hospitals, pipelines, storage tanks, and potentially an export terminal, is expected to take time, with full restoration of production capacity to 500,000-600,000 barrels per day anticipated to take at least five years. Current crude output from the Neutral Zone is about half of the pre-2015 dispute levels, with potential to reach 300,000 barrels per day by the end of the next year.

Saudi Arabia intercepted two explosive-laden boats in the Red Sea, preventing an imminent attack. The boats originated from Yemen's Hodeidah Governorate. This incident is part of a series of attacks on Saudi oil infrastructure, including a recent missile interception near Jizan and drone attacks on the Yasref refinery. The Saudi Ministry of Foreign Affairs warned of potential supply outages if attacks continue and called for international recognition of the threat posed by Houthi militants. The rise in attacks coincides with potential easing of sanctions on Iranian oil exports, which Saudi Arabia opposes.

Strong European demand for US crude oil is driving up dirty tanker prices, with rates increasing significantly on regional Aframax routes and for Very Large Crude Carriers. A heat wave in Texas is causing record power prices due to high temperatures and lower wind generation. A smaller-than-expected natural gas storage build could lead to a recovery in US natural gas futures. The US faces a supply glut of high-sulfur petcoke due to a shift from low-sulfur Russian crudes to heavier Canadian crudes, while China has reduced its US petcoke imports in favor of Venezuelan supplies.

Saudi Arabia announced it is no longer responsible for oil market stability due to attacks on its oil facilities, particularly by Houthi militants. The statement highlights the impact of these attacks on the kingdom's production capabilities and calls for international recognition of the threat posed by Iranian-backed militants. Despite these challenges, disruptions to Saudi oil supplies have been minimal. The announcement follows UK Prime Minister Boris Johnson's visit to Riyadh to request increased oil exports amid rising prices and sanctions on Russian oil. The statement also coincides with potential progress on a new nuclear deal with Iran.

Saudi Aramco plans to incrementally boost its oil production capacity to 13 million b/d by 2027, starting in 2024 with expansions in the Dammam, Marjan, Berri, and Zuluf fields. The company is increasing its capital expenditure to $40-$50 billion in 2022 to support these efforts, with significant investments in upstream oil, gas, and downstream projects. Aramco also aims to expand its gas production by over 50% by 2030, focusing on unconventional reserves like the Jafurah gas field and the production of blue hydrogen. Additionally, the company plans to quadruple its oil-to-chemicals capacity to 4 million b/d by 2030, exploring partnerships in Asia.

On March 20, Saudi Arabia's Yanbu Aramco Sinopec Refining Co. (Yasref) refinery was hit by a drone attack, leading to a temporary reduction in production, which will be compensated from inventory. The attack occurred early in the morning and targeted various facilities, including Aramco's liquefied gas plant and an electricity transmission station. The Saudi Air Force successfully intercepted and destroyed weapons aimed at several cities. The Houthi militant group has been involved in missile and drone attacks into Saudi Arabia and the UAE, posing significant oil security risks. The Gulf region experienced a record number of security incidents in 2021, highlighting the ongoing conflict and its implications for maritime traffic and environmental safety in the Red Sea.

Saudi Aramco's liquefied gas plant in Yanbu, a gas station in Khamis Mushait, and an electricity transmission station in Dharhan al Janoub were targeted by a ballistic missile and nine drones, with no casualties reported. The Saudi Air Force intercepted the attacks, which were part of escalating cross-border fire involving Houthi militants. The Gulf region, reliant on US military support, experienced a record number of security incidents targeting energy infrastructure in 2021. The article highlights the ongoing security risks posed by missile and drone attacks from Houthi rebels.

ADNOC is aiming to establish a joint venture for green hydrogen investments by the end of the year, involving key UAE state-backed entities such as Taqa, Masdar, and Mubadala Investment Company. The venture plans to install over 50 GW of capacity by 2030, aligning with the UAE's goal to reach net-zero emissions by 2050. The focus is on green and blue hydrogen, with ADNOC planning to increase blue hydrogen production and develop a blue ammonia plant. The venture will also explore international investments and supply chains for clean fuel.

Saudi Aramco and China's state-owned Sinopec are conducting a feasibility study on expanding the capacity of the 280,000 b/d Fujian refinery. The study aims to optimize refinery feedstock and support downstream petrochemical development. This move is part of Saudi Aramco's strategy to secure demand for its crude in China, which is the largest economy in Asia. The companies are also revisiting a joint project to build a refining and petrochemical complex in Northeast China, initially agreed upon during Crown Prince Mohammed bin Salman's visit to Beijing in February 2019. Oil prices have surged to their highest since 2008, with Saudi Arabia being China's top crude supplier in 2021.

Saudi Arabia awarded solar power projects totaling 1 GW to diversify its power mix away from hydrocarbons. The Saudi Power Procurement Company signed 25-year agreements for a 700 MW plant with Ar Rass Solar Energy Company, led by Acwa Power, and a 300 MW plant with a consortium led by Jinko Power. The projects, costing $450 million and $213 million respectively, will be built in Al Qassim and Riyadh. Saudi Arabia aims to add 15 GW of renewable energy by 2023 and increase the share of gas and renewables to 50% by 2030, offsetting 1 million barrels of oil equivalent per day. The projects will meet the needs of 180,000 homes and offset 1.75 million mt of CO2 annually.

The Tunisian government has signed a concession and power purchase agreement for a 100 MW solar power plant with Dubai-based AMEA Power and China's TBEA Xinjiang New Energy Co. The $100 million project, located in Kairouan, is expected to begin construction by the end of 2022 and generate 223,171 MWh annually, offsetting 113,525 mt of CO2 emissions. Tunisia aims to increase its renewable energy share to 30% by 2030, adding 4 GW to its power grid.

Dubai aims to reduce carbon emissions by 30% by 2030, contributing to the UAE's goal of net-zero emissions by 2050. The Supreme Council of Energy, led by Saeed Al Tayer, is developing a roadmap to achieve carbon neutrality, which includes large-scale renewable energy projects like the Mohammed bin Rashid solar park. The emirate plans to diversify its energy sources, moving away from gas, and has announced the conversion of the Hassyan 'clean coal' power plant to run on natural gas.

Saudi Arabia's $500 billion Neom project is set to issue its first tenders for a renewable power grid later this year, with initial packages ranging from 400 MW to 800 MW. Neom aims to be a carbon-neutral city, featuring one of the world's largest green hydrogen projects, and will span 26,500 sq km. The project will include significant wind and solar power generation, as well as renewables-based desalination. The development will also explore geothermal energy and concentrated solar power to produce clean water. The green hydrogen project, developed by ACWA Power and Air Products, is expected to be completed by Q1 2026.

Oman has connected a 500 MW utility-scale renewable energy plant, the Ibri 2 solar project, to its grid, marking the country's largest renewables project to date. Developed by a consortium including Acwa Power, Gulf Investment Corp., and Alternative Energy Projects, the $417 million project will supply energy to the Oman Power & Water Procurement Co. for 15 years. The initiative is part of Oman's strategy to diversify its energy mix, aiming for 20% renewable energy by 2030 and 39% by 2040. The Ibri 2 plant, featuring 1.5 million bi-facial solar panels, will power 50,000 homes and offset 340,000 mt of CO2.

Saudi Arabia has signed eight preliminary agreements to develop hydrogen fuel cell-based transportation and sustainable jet fuel, aiming to lead in energy transition. The agreements involve key national entities and target public buses, railways, and industrial cities. The country is also exploring nuclear-powered hydrogen production. Saudi Arabia's broader decarbonization efforts include a 2060 net-zero emissions target and significant investments in green hydrogen projects, particularly in the planned megacity Neom. The state oil company, Saudi Aramco, aims for net-zero by 2050, and the Saudi Green Initiative plans to offset 278 million mt of CO2 by 2030.

Saudi Arabia is exploring the production of hydrogen powered by nuclear energy as part of its strategy to diversify its economy away from hydrocarbons. Energy Minister Prince Abdulaziz bin Salman highlighted the potential for 'pink hydrogen' produced through nuclear-powered electrolysis. The kingdom aims to develop its uranium resources to support its nascent nuclear power program, with plans to add 17 GW of nuclear capacity by 2040. The UAE is also pursuing hydrogen production, targeting a 25% global market share of low-carbon hydrogen by 2030. The total value of announced hydrogen investments in the Middle East is expected to reach $44 billion.

China's oil demand is expected to remain robust despite the pandemic, driven by its manufacturing and energy-consuming sectors. December saw a rise in oil inflows, and new refining capacities are projected to increase crude imports in 2022. Oil prices have surged due to geopolitical disruptions and the lack of an Iran nuclear deal. Vitol's Mike Muller highlighted that the current oil prices reflect a geopolitical premium and uncertainties around Iranian oil exports.

The UAE is transitioning from its historical reliance on hydrocarbons to a future focused on sustainable energy production. The country is investing in renewable energy, hydrogen development, and advanced technologies to improve efficiency. Adnoc, the state energy giant, continues to play a crucial role, driving significant foreign direct investment and forming strategic partnerships. The UAE aims to become a leader in green and blue hydrogen, with plans to host the 28th Conference of Parties in 2023 and achieve net-zero carbon emissions by mid-century.

Reliance Industries, led by Mukesh Ambani, plans to repurpose the gasification units at its Jamnagar refinery to produce hydrogen and high-value chemicals, aligning with its transition to renewable energy. The move is part of a broader strategy to decarbonize and achieve net-carbon zero by 2035. The company is also developing a large integrated renewable energy manufacturing facility in Gujarat. This shift includes re-evaluating a previous agreement with Saudi Aramco to sell a stake in its oil-to-chemicals business.

S&P Global Platts launched the first suite of prices in the Middle East to track the daily cost of hydrogen production, covering various production methods and countries in the region. The Middle East is investing heavily in hydrogen as an alternative fuel, with the UAE and Saudi Arabia prioritizing its development. The UAE aims for net zero emissions by 2050 and plans to invest $160bn in renewable energy. Blue hydrogen production is cost-competitive in the region, with Adnoc and Saudi Aramco developing projects. Platts' price assessments indicate regional differences in production costs, influencing potential global trade routes for hydrogen.

The US, alongside other major oil-importing countries, released millions of barrels of strategic oil reserves, causing uncertainty in the markets. Oil prices initially surged, with Brent crude rising 3.5% and West Texas Intermediate up 2.65%. The US plans to release 50 million barrels, with other countries contributing smaller amounts. Market analyst Jeffrey Halley commented that the release will not significantly impact oil prices. Attention now turns to OPEC+'s upcoming meeting to discuss their supply strategy.

Masdar, an Abu Dhabi-based company, is exploring opportunities in renewable energy and water desalination projects in Israel and Jordan following a trilateral agreement. The UAE, Jordan, and Israel plan to develop a solar photovoltaic plant in Jordan to generate 600 megawatts of electricity, which will be exported to Israel in exchange for water from a new desalination project. The UAE and Israel have committed to net zero emissions by 2050. The Abraham Accord has facilitated business collaborations between the UAE, Israel, and Jordan, with Masdar playing a significant role in these initiatives.

The UAE, Jordan, and Israel have signed an agreement to develop a renewable energy and desalination facility in Jordan to combat climate change and promote clean energy growth. The project includes 600 megawatts of solar photovoltaic plants in Jordan to export electricity to Israel and a desalination program in Israel to supply Jordan with water. The initiative is supported by the UAE's renewable developer Masdar and aligns with the countries' commitments to carbon neutrality by 2050. The agreement, witnessed by US envoy John Kerry, is a result of the Abraham Accords and aims to enhance climate security and regional peace.

The Abu Dhabi International Petroleum Exhibition and Conference (Adipec) 2021 emphasized a balanced approach to energy transition, highlighting the continued need for fossil fuels while investing in renewable energy. Dr Sultan Al Jaber stressed the importance of not abruptly moving away from conventional fuels. Significant investments were announced, including a $13.7 billion pledge for the UAE's energy sector and a joint venture between Adnoc and Taqa to develop renewable energy and green hydrogen projects. Adnoc also committed $6 billion to increase drilling capacity and awarded contracts for the Dalma gas field expansion. Additionally, Adnoc and Borealis signed a $6.2 billion agreement to expand petrochemical production in Ruwais.

Abu Dhabi National Oil Company (Adnoc) awarded $1.46 billion in contracts to expand the Dalma gas field, part of the world's largest offshore sour gas concession. The UAE's National Petroleum Construction Company and a joint venture between Spain's Técnicas Reunidas and Target Engineering secured the contracts. The project aims to boost economic growth and support the UAE's Principles of the 50 initiative. The Dalma field is expected to produce 340 million cubic feet of natural gas per day by 2025. Adnoc also awarded a design contract to Technip Energies for the Ghasha mega project, which includes multiple offshore sour gas fields.

Adnoc and Taqa have announced a global renewable energy and green hydrogen venture with a target capacity of 30 gigawatts by 2030. The partnership, unveiled by Sheikh Khaled bin Mohamed, aims to leverage Adnoc's energy and hydrogen capabilities and Taqa's renewable development expertise. This initiative aligns with the UAE's commitment to net-zero emissions by 2050 and includes significant investments in renewable energy. The venture, which is subject to regulatory approvals, is expected to accelerate the green hydrogen market and expand renewable energy projects both domestically and internationally.

Abu Dhabi National Oil Company and ADQ have partnered with Mitsui and GS Energy to develop a blue ammonia project in Ruwais, with Ta’ziz and Fertiglobe. The project aligns with ADNOC's commitment to low-carbon hydrogen and ammonia production. Fertiglobe is constructing a plant with a capacity of 1,000 kilotonnes per year. The Gulf region is focusing on hydrogen as a cleaner fuel for decarbonization, with ADNOC forming a hydrogen alliance and planning to increase its hydrogen output. Mitsui and GS Energy will offtake blue ammonia to meet demand in Japan and South Korea. Saudi Aramco is also developing blue and green hydrogen for export to Asia.

Egypt plans to supply up to 65 million cubic feet of gas per day to Lebanon by early next year to help alleviate the country's severe power crisis. The gas will be transported through Jordan and Syria under a US-backed deal, providing Lebanon with six hours of power per day. Lebanon, which has been experiencing a total blackout and economic crisis, will pay for the gas through a World Bank loan. The country is also in talks with the International Monetary Fund for a $10 billion bailout package.

Abu Dhabi National Oil Company (Adnoc) and Austrian chemicals producer Borealis have signed a $6.2 billion partnership to develop the fourth unit of a polyolefin manufacturing complex in Ruwais, UAE. The expansion will make Borouge the world's largest single-site polyolefin complex, significantly boosting production capacity and supporting local industrial supply chains. The new facility will produce various polyolefin and non-polyolefin products, meeting growing demand in the Middle East, Africa, and Asia. The project includes plans for a carbon capture unit to offset emissions by 80%.

Global oil executives and national oil company chiefs will gather in Abu Dhabi for the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) to discuss the energy industry's transition away from fossil fuels. The event, taking place from November 15 to 18, follows the recent Cop26 summit and will address climate change solutions while ensuring stable energy supplies. High-profile speakers, including energy ministers and economists, will discuss topics such as net-zero commitments, the development of alternative fuels like hydrogen, and the impact of higher energy prices. The conference will also feature participation from Opec+ ministers and require PCR testing for all attendees.

Abu Dhabi National Energy Company (Taqa) reported a doubling of its third-quarter net profit to Dh1.4 billion, driven by higher oil prices and economic recovery. Revenue increased by 11.3% to Dh12.08bn. The company announced a significant project with Saudi Aramco and Marubeni Corporation to develop the Tanajib power and water project. Taqa's nine-month profit nearly doubled to Dh4.2bn, with revenue surging 150.6% to Dh34.2bn. The company plans substantial investments in infrastructure and power capacity expansion by 2030.

Adnoc Distribution's net profit for the first nine months of 2021 increased by over 6% to Dh1.68 billion, driven by a recovery in fuel volumes and the easing of travel restrictions. Despite a 21% drop in third-quarter net profit, the company's revenue rose and expansion continued with new fuel stations in the UAE and Saudi Arabia. Adnoc Distribution was also included in the MSCI and FTSE Emerging Markets indices.

UAE Minister of Energy and Infrastructure Suhail Al Mazrouei warned that low investment in fossil fuels could prolong the cycle of high oil prices, as seen with coal and gas. He praised the Opec+ alliance for stabilizing oil prices and ensuring supply security during the energy transition. Al Mazrouei emphasized the importance of balanced investment in both fossil fuels and renewable energy to avoid price hikes that could hinder renewable projects. The UAE aims to achieve carbon neutrality by 2050 and plans to have 50% of its energy mix from renewables by then.

Opec+, led by Saudi Arabia and Russia, agreed to increase oil output by 400,000 barrels per day in December, maintaining their previous plan despite US pressure to boost supply further. The decision, which aims to bring 2 million bpd back to markets by year-end, resulted in a rise in oil prices, with Brent reaching $82.61 per barrel and West Texas Intermediate at $81.13 per barrel. US President Joe Biden and Energy Secretary Jennifer Granholm have criticized Opec+ for not increasing production more significantly to address rising oil prices and economic recovery concerns. The next Opec+ meeting is scheduled for December 2, and the group is in discussions with the US and key importers to ensure a smooth post-pandemic recovery.

Global power consumption is expected to increase into 2023, with Asia leading the growth, particularly in China, India, and Indonesia. This rise is attributed to strong demographic and macroeconomic fundamentals, as well as industrial development. The International Monetary Fund projects emerging market and developing economies to grow 6.4% in 2021, with China and India at 8% and 9.5%, respectively. India's power demand is expected to rise due to the Make In India initiative, although Fitch Solutions notes potential delays in government infrastructure projects.

The International Monetary Fund has proposed a differentiated carbon price floor based on a country's level of development to contain carbon emissions. Kristalina Georgieva, the head of the IMF, emphasized the need for equitable pricing, with lower prices for low-income countries and higher for richer economies. The IMF suggests a minimum price of $75 per tonne to limit global warming to 1.5°C above pre-industrial levels. India's Prime Minister Narendra Modi has called for developed nations to contribute more to climate finance. An international carbon price floor could reduce emissions by 12.3% by 2030 and impact GDP by less than 1%, which is minimal compared to the potential 18% shrinkage of the global economy if temperatures rise more than 3°C.

Opec+ is scheduled to meet to discuss the possibility of increasing oil supply as prices reach multi-year highs. The group faces pressure from the US to help lower prices, but some members, including Saudi Arabia, believe the market is well supplied. The US's stance is seen as contradictory to its climate change leadership goals at Cop26. Analysts have varying opinions on whether Opec+ will increase production quotas. High oil prices are expected to continue, with Brent forecasted to trade above $80 a barrel into 2023.

Dubai Electricity and Water Authority (Dewa) is set to be listed on the Dubai Financial Market in the coming months, as announced by Sheikh Maktoum bin Mohammed. This move is part of Dubai's strategy to expand its financial market to Dh3 trillion and includes the launch of a market maker fund and a fund to attract technology companies. Dewa has significant energy generation and desalination capacities and is developing the Mohammed bin Rashid Al Maktoum Solar Park. The utility is also exploring hydrogen as an alternative energy source, including a pilot project with Siemens Energy.

The OECD and IEA are urging governments to avoid investing in fossil fuels despite rising energy prices and to focus on clean energy investments. OECD Secretary-General Mathias Cormann emphasized the importance of aligning support with climate commitments, especially for the vulnerable, while IEA Executive Director Fatih Birol called for phasing out fossil fuel subsidies to enable a surge in clean energy investments. This comes as oil prices reach multi-year highs and the Cop26 summit in Glasgow seeks to secure commitments to limit global warming.

Bank of America forecasts that Brent crude oil prices will average above $80 a barrel into 2023, with expectations of $85 in 2022 and $82 in 2023, revised up from previous estimates. West Texas Intermediate is also expected to trade higher than previous forecasts. The increase is attributed to a global energy crunch, rising demand, and a potential colder winter. Natural gas prices have nearly doubled, and the supply environment is expected to remain tight due to underinvestment and low spare capacity among OPEC+ nations. US shale supply response to higher oil prices is muted, with price elasticity dropping by more than half.

Oil prices rose in October, with Brent increasing by 7% and West Texas Intermediate by 11.4%, despite a weekly decline due to the potential return of Iranian oil to the market. The global energy crunch and a rapid economic recovery have led to high oil prices and doubled natural gas prices. Analysts, including Nouriel Roubini, predict oil could reach $100 per barrel by year-end due to underinvestment in the energy sector amidst a transition to clean energy. The International Energy Agency noted that natural gas shortages are boosting crude demand, affecting inflation and recovery from the pandemic. Opec+ is set to discuss increasing supply on November 4.

The Bank of Singapore reports that the global fuel shortage will not impede the transition to clean energy, despite natural gas and coal shortages in Europe and Asia causing energy prices to surge. The current energy crisis may accelerate policy changes towards clean energy, with oil prices reaching multi-year highs. The momentum towards clean energy is expected to continue, supported by initiatives like Cop26. Investments are anticipated to shift from fossil fuels to renewable energy sources, with wind and solar energy becoming increasingly cost-effective. These sources are projected to dominate electricity generation in key global economies, and clean energy is likely to attract the majority of new investment in generating capacity.

Saudi Arabia will support a $2 billion program to provide clean cooking fuel to nearly 750 million people, as part of its commitment to reach net zero by 2060. The initiative, announced by Prince Abdulaziz bin Salman at the Future Investment Initiative in Riyadh, aims to mitigate health issues related to emissions. This effort is part of a broader $10.4 billion investment fund focused on the circular carbon economy, announced by Crown Prince Mohammed bin Salman. The fund addresses the global disparity in access to clean cooking fuel, particularly in sub-Saharan Africa, and highlights the kingdom's plans to significantly reduce its carbon emissions by 2030.

Italian energy company Eni has made significant oil and gas discoveries in Egypt's Western Desert, potentially adding up to 50 million barrels of oil equivalent in reserves. The discoveries, which include oil, gas, and condensate, are part of the Mleiha development concession. Eni holds a 38% stake in the area, with Lukoil and the Egyptian General Petroleum Corporation holding 12% and 50% stakes, respectively. The Egyptian petroleum ministry emphasized the quick return on investment by linking these discoveries to existing production facilities. This discovery follows Eni's previous significant finds, including the Zohr gas field in 2015, which transformed Egypt into a major natural gas exporter. Egypt continues to expand its exploration efforts, awarding rights to Chevron, Shell, and Mubadala for exploration in the Red Sea.

Saudi Aramco signed five preliminary agreements to explore green hydrogen and ammonia development, including a project with Modern Industrial Investment Holding Group and Intercontinental Energy. The agreements were signed during the Future Investment Initiative forum in Riyadh. Saudi Arabia aims for carbon neutrality by 2060 and is building a major green hydrogen project in Neom. Aramco has also shown interest in blue hydrogen and previously shipped blue hydrogen to Japan. The company signed additional agreements to lower energy impact and offset emissions, including partnerships with South Pole Carbon Asset Management, Yousef Abdulrahman AlDhabyan Agricultural, BFG, and ABB.

Fertiglobe, a joint venture between Adnoc and OCI, saw its shares surge by 20% on its first trading day on the Abu Dhabi Securities Exchange, reaching a market value of $6.9 billion. The IPO raised $795 million, making it the third-largest listing on ADX, with orders exceeding $17.4 billion and being 22 times oversubscribed. The company plans to increase its dividend payouts significantly, reflecting strong investor confidence and strategic growth in clean ammonia and hydrogen economy sectors.

Abu Dhabi National Oil Company (Adnoc) will meet up to 100% of its power needs from solar and nuclear sources following an agreement with Emirates Water and Electricity Company (Ewec). This initiative, starting in January 2022, aligns with the UAE's net-zero carbon emissions pledge by 2050. Adnoc will be the first oil and gas company to decarbonize its electric grid at scale. The partnership supports the UAE's long-term economic and social growth plans and involves significant investments in clean and renewable energy. Ewec aims to reduce its carbon emissions by 50% by 2025 and is developing major solar projects. The Barakah nuclear power plant will supply atomic power to Adnoc.

Saudi Aramco and TotalEnergies have inaugurated two fuel stations in Riyadh, marking the beginning of their plan to upgrade a network of 270 units through a joint venture. The stations will offer premium fuels and retail services, catering to the expected increase in domestic travel and demand for hospitality and travel services. The joint venture was established in 2019, and the move is part of Saudi Arabia's opening of its domestic fuel services market to international companies. The partnership between Aramco and TotalEnergies also includes the Satorp refinery in Jubail, with Aramco holding a 62.5% interest.

Iraq plans to invest $3 billion annually to transition from burning liquids to natural gas in power plants, aiming to stop flaring gas by 2025. The country is working to reduce methane emissions ahead of the Cop26 climate change meeting. Iraq's economy, heavily reliant on oil, faces risks from the global shift to net zero. Investments in solar energy are underway, with a goal of 10 gigawatts by 2025, including a project with Abu Dhabi's Masdar. Ali Allawi, Iraq's deputy and finance minister, calls for international support for Iraq's energy transition and highlights Iraq's past contribution to regional food security.

Saudi Arabia aims to have 30% of vehicles in Riyadh be electric by 2030 as part of its broader strategy to cut carbon emissions by 50% in the capital. This initiative is part of the kingdom's pledge to reach net zero by 2060 and includes plans to more than double its annual emissions reduction target to 278 million tonnes by 2030. The country also plans to join the Global Methane Pledge to reduce global methane emissions by 30% from 2020 levels by 2030. These green initiatives represent significant investments and opportunities for the private sector, job creation, and the development of a green economy.

Fertiglobe, a joint venture between Abu Dhabi National Oil Company and OCI, reported an eightfold increase in net profit for the first half of 2021, driven by higher global prices for urea and ammonia. The company's revenue surged by 71%, and it successfully raised $795 million in its IPO. Fertiglobe plans to increase its dividend payouts and will start trading on the Abu Dhabi Securities Exchange on October 27. Major investors include the Abu Dhabi Pension Fund, GIC, and Inclusive Capital Partners.

Abu Dhabi National Energy Company (Taqa) and Saudi Aramco are collaborating to develop the Tanajib cogeneration and desalination project, which will produce electricity, steam, and desalinated water for Aramco's oil and gas facilities. The project, which includes a partnership with Japan's Marubeni Corporation, will be operated on a build, own, operate, and transfer model. Taqa is also considering the sale of its oil and gas assets and plans to invest in infrastructure and expand its power capacity and renewables portfolio.

Etihad Credit Insurance, the UAE's federal export credit agency, plans to provide around $3 billion in guarantees for renewable energy projects within the UAE and for its developers operating abroad. This follows the UAE's commitment to achieving climate neutrality. The guarantees will support projects by Masdar and SkyPower. Masdar is developing a $100 million wind farm project in Uzbekistan, expected to be one of the world's largest wind parks. The ECI has already issued Dh3.4 billion in credit guarantees as of September 2021, a threefold increase from the previous year. The agency is also aiding the energy transition in Iraq by providing debt reinsurance for the rehabilitation of seven power plants in collaboration with GE and the Iraqi Ministry of Finance.

Fertiglobe, a joint venture between Adnoc and OCI, raised approximately $795 million in its initial public offering, making it the third-largest on the Abu Dhabi Securities Exchange. The company set the final share price at Dh2.55, selling over 1.145 billion shares, which was 22 times oversubscribed. Fertiglobe attracted three cornerstone investors and plans to increase its dividend payouts in the coming years. The company will trade under the ticker 'Fertiglobe' starting October 27, 2021. Financial institutions such as Citigroup, First Abu Dhabi Bank, HSBC, and Morgan Stanley coordinated the IPO.

The UAE aims to strengthen its energy partnership with India by assisting in increasing India's renewable energy capacity to 450 gigawatts by 2030. Dr. Sultan Al Jaber emphasized the potential for collaboration in various energy sectors, including zero-carbon hydrogen. India, heavily reliant on coal, faces an energy crisis, highlighting the need for a swift transition to sustainable fuels. The UAE has already made significant investments in India's energy sector, and both nations are exploring opportunities in hydrogen. Indian officials stress the importance of continued investment in both traditional and renewable energy sources to meet growing demand and ensure economic stability.

Sooraj Das founded Hybrid Hippie, a Dubai-based company selling biodegradable products like yoga mats made from natural materials, with a focus on mindful consumption and sustainability. Self-funded with $150,000, the company launched its product range in February 2020 and now sells across five continents. Hybrid Hippie is committed to carbon neutrality, partnering with One Tree Planted to offset its carbon footprint by planting trees. The company aligns with the UAE's pledge to reach net zero emissions by 2050. Hybrid Hippie prioritizes ethical employment and is cautious about investor funding to maintain its ethical standards. The company plans to expand by building a marketplace for smaller UAE businesses and establishing a US fulfilment centre.

Adnoc Drilling has been added to three FTSE Russell global equity indices following its successful IPO, which raised $1.1 billion. The company's board has approved a five-year business plan and budget, aiming to expand its services and market share in the oilfield services segment. Adnoc Drilling plans to drill thousands of wells by 2030 and will issue several 'mega-tenders' in Abu Dhabi. The IPO attracted significant interest, with an oversubscription level exceeding 31 times. Adnoc retains an 84% stake in the company, while Baker Hughes and Helmerich & Payne hold minority stakes.

Oil prices are expected to continue their rally due to ongoing global shortages and increased demand. Brent and West Texas Intermediate saw significant gains, with Opec+ maintaining its plan to incrementally add supply despite pressure from the Biden administration. The International Energy Agency and the US Energy Information Administration forecast continued high prices for natural gas, contributing to increased oil demand. Analysts suggest the economy can handle the current surge in energy prices, but global stockpiles remain low, and unexpected demand from colder weather and increased travel could widen the oil market deficit.

Fertiglobe, a joint venture between Abu Dhabi National Oil Company and OCI, is set to raise up to $827 million through an IPO, with shares priced between Dh2.45 and Dh2.65. The company, a leading exporter of urea and ammonia, will sell over 1.145 billion shares, representing 13.8% of its share capital. The IPO has attracted three cornerstone investors, including the Abu Dhabi Pension Fund and Singapore's GIC, with commitments totaling $231 million. Fertiglobe plans to increase its dividend payouts and has appointed Jeffrey Ubben to its board. Post-IPO, OCI will retain a majority stake, while Adnoc will own at least 36.2%. The listing on the ADX marks the first for a free zone company onshore in the UAE and positions Fertiglobe to capitalize on the demand for low-carbon ammonia.

The International Energy Agency (IEA) is calling for a significant increase in clean energy investments to meet the goals of the Paris Agreement and achieve net-zero emissions by 2050. Current climate pledges are insufficient, with only 20% of necessary emissions reductions projected by 2030. The IEA emphasizes the need for clear government commitments at COP26 to scale up clean energy technologies. Despite a global energy shortage and rising oil and gas prices, the IEA criticizes the portrayal of the situation as a clean energy transition crisis and questions the long-term viability of natural gas as a transitional fuel.

Opec maintains its 2022 oil demand forecast at 100.8 million barrels per day, citing improved economic activity and higher vaccination rates. The group revised its 2021 outlook down to a 5.8 million bpd increase due to actual data. Crude oil prices have surged to three-year highs, with Brent trading at $82.67 per barrel and West Texas Intermediate at $79.96 per barrel. Opec expects increased demand for petrol and diesel, driven by recovery in mobility and industrial activity. Non-Opec supply growth for 2021 has been revised down due to disruptions like Hurricane Ida. Opec+ plans to incrementally increase supply by 400,000 bpd, with Russian President Vladimir Putin affirming the group's commitment through 2022.

Oil prices continued their rally, with Brent crude nearing $85 and WTI $82 per barrel amid a global energy shortage. The crisis, spurred by a shortage of oil and gas in Europe, has led to a three-year high in oil prices and an 84.69% year-to-date increase in natural gas prices. Banks like UBS have raised oil price forecasts, and oil demand is expected to reach pre-pandemic levels by December. Nouriel Roubini predicts Brent futures could hit $100 per barrel by year-end due to supply pressures and underinvestment in fossil fuels.

The UAE is the first country in the Middle East and North Africa and the only Gulf oil-exporting nation to publicly commit to becoming carbon neutral by the middle of the century, highlighting its leadership in environmental policy and climate change initiatives.

Gazprom Neft, the oil and gas exploration arm of Gazprom, anticipates oil prices to average $50 per barrel and sees potential in sharing its technical expertise with the UAE's gas reserves. Deputy CEO Vadim Yakovlev highlighted the company's conservative long-term price outlook and the stabilizing role of Opec+ in the market. The article discusses the impact of global investment decisions on oil prices, the surge in gas prices, and the UAE's significant gas reserve discoveries. Gazprom Neft is exploring opportunities in Abu Dhabi, leveraging its expertise in low permeability gas reservoirs.

About 60 companies in the aviation sector, including major airlines and corporations, have pledged to increase the use of sustainable aviation fuels to 10% by 2030 to help achieve carbon neutrality by 2050. This initiative, supported by companies like Shell, Airbus, and British Airways, aims to reduce the aviation sector's greenhouse gas emissions, which are a significant contributor to global CO2 levels. The International Air Transport Association has called for increased focus and investment in sustainable fuels, highlighting the urgency of the industry's commitment to climate goals.

Opec+, led by Saudi Arabia and Russia, will maintain its strategy to gradually reintroduce 2 million barrels per day into the market by year-end, as confirmed by UAE Energy Minister Suhail Al Mazrouei. The group will decide on an additional 400,000 bpd supply for October. Oil demand in 2022 is expected to surpass pre-pandemic levels, with a forecasted growth of 6% in the global economy. The IMF highlights an uneven recovery due to vaccine access disparities. Gas prices have also increased, with Henry Hub prices averaging just below $5 per million British thermal units.

Crude oil prices are being influenced by a 'transition premium' due to the shift towards renewable energy, in addition to supply and demand fundamentals, according to Opec's secretary general, Mohammed Barkindo. He criticized the misrepresentation of the oil industry by activists and emphasized the continued growth in oil demand. The International Energy Agency's call to halt fossil fuel investments was dismissed by Saudi Arabia's energy minister. Opec remains optimistic about oil demand, projecting it to exceed pre-pandemic levels in 2022.

Sharjah National Oil Corporation (Snoc) has signed an agreement with the Sharjah Electricity and Water Authority (Sewa) to meet the emirate's gas requirements through local production and imports from Abu Dhabi National Oil Company (Adnoc). This move aims to address Sharjah's growing power needs and support its goal of self-sufficiency in power generation. Snoc and Italian company Eni are developing the Mahani gasfield, which has significant gas deposits, to further bolster the emirate's energy resources. The agreement with Adnoc and the development of local gas resources are expected to eliminate the need for more expensive power supply options.

Lebanon's Prime Minister Najib Mikati has requested clarification after Energean awarded Halliburton a drilling contract in an Israeli block near disputed waters. Both Lebanon and Israel claim rights to explore hydrocarbons in the Eastern Mediterranean, an area with significant gas reserves. Lebanon's efforts to explore its offshore resources have been hindered by political instability and disputes with Israel. The article also mentions previous exploration attempts and the potential for significant gas and oil reserves in the contested waters.

Dubai Electricity and Water Authority (DEWA) will unveil its hydrogen strategy in 2022, focusing on clean fuel investment as part of the UAE's energy transition. DEWA's Dh50 million hydrogen pilot project with Siemens Energy at the Mohammed bin Rashid Al Maktoum Solar Park aims to demonstrate solar-powered hydrogen production, storage, and re-electrification. The UAE is exploring hydrogen for public transportation and energy diversification, with Dubai targeting 75% clean energy by 2050 and sustainable transport by 2030. Masdar in Abu Dhabi is also developing a hydrogen demonstrator project, with applications in Masdar City buses and aviation fuel for Etihad Airways and Lufthansa. The global hydrogen industry is projected to grow significantly by 2023 and 2030.

Adnoc Drilling, a subsidiary of Abu Dhabi National Oil Company, is expected to raise approximately $751 million from an IPO by offering 7.5% of its shares at Dh2.30 each, valuing the company at $10 billion. The subscription period for the IPO begins on September 13 and ends on September 23 for UAE retail investors and September 26 for qualified investors, with trading to commence on October 3 on the Abu Dhabi Securities Exchange. Baker Hughes will retain its 5% stake, while Adnoc will remain the majority shareholder. The IPO is part of a broader trend of Abu Dhabi-owned enterprises considering public listings, with the ADX having risen more than 50% since the start of the year.

The Arab Petroleum Investments Corporation (Apicorp) is set to invest $1 billion in green energy projects as part of its new ESG strategy. The multilateral lender, owned by the Organisation of Arab Petroleum Exporting Countries, aims to measure the ESG footprint of all its assets by 2023. Apicorp's green assets currently account for $500 million, or 13% of its portfolio. The bank's ESG toolkit will classify portfolio companies based on their risk levels. Apicorp's leadership emphasizes the importance of transitioning to a low-carbon economy and supporting clients in the energy sector, especially during the Covid-19 pandemic.

Opec forecasts that oil demand in 2022 will surpass pre-pandemic levels, reaching 100.8 million barrels per day, driven by economic recovery and increased vaccination rates. The group revised its 2022 demand growth estimate to 4.2 million bpd. For 2021, Opec adjusted its fourth-quarter demand growth estimate downwards due to the Delta variant's impact but maintained overall growth at 6 million bpd. Global consumption is expected to hit 96.7 million bpd this year. Opec+ will discuss supply adjustments in an upcoming meeting, with potential increases in output. Bank of America predicts oil prices could reach $100 per barrel by mid-next year if winter is colder than usual.