Oil heads for worst run of losses this year on recession concern

Oil fell about 8 per cent in June as investors fretted over a potential global slowdown

Petrol prices

UAE raises fuel prices for July 2022

The price of Super 98 has risen to Dhs4.63 per litre

Oil

Oil set for first monthly decline this year before OPEC+ meeting

Oil is still up around 45 per cent this year as the global economic recovery coincided with upended trade flows

UAE presents National Report on Spent Nuclear Fuel, Radioactive Waste Management

UAE presents national report on nuclear fuel, radioactive waste management

The report describes the legislative and regulatory measures taken by the UAE to meet its obligations in relation to the Joint Convention held in Vienna

QatarEnergy

QatarEnergy vows to erase almost all methane emissions by 2030

The Qatari company has signed up to the Aiming for Zero Methane Emissions Initiative

DEWA launches automatic smart grid restoration system

Dubai’s DEWA launches automatic smart grid restoration system

The system improves grid automation, fault detection, retrieval of connections and supports DEWA’s efforts to maintain supplies

W Solar Libya mou investment in renewable energy sector

Abu Dhabi’s W Solar to invest in Libya’s renewable energy sector

The Alpha Dhabi subsidiary will build solar photovoltaic power generation plants in Libya and sell the net delivered energy to the Libyan government

hydrogen

UAE government team to visit Germany for talks on hydrogen

German and Emirati companies signed memorandums of understanding in March for shipments from the Gulf state of blue hydrogen in the form of ammonia

Tom De Waele, Managing Partner, Bain & Company Middle East 

Five steps that Middle East companies can take to reduce carbon footprint

To translate ambition into delivery, companies need to adopt a mindset that we call visionary pragmatism and get five things right

bu Dhabi Securities Exchange lists $8.25 billion of TAQA bonds

Abu Dhabi’s ADX lists TAQA bonds valued at $8.25bn

The bonds were largely issued as part of TAQA’s Global Medium Term Note Programme and are listed on the London Stock Exchange

Oil markets

Oil declines as slowdown risks weighed against robust demand

Oil markets remain in backwardation, a bullish pattern that’s marked by near-term prices trading above longer-dated ones

Qatar Doha

QatarEnergy selects ExxonMobil as 4th partner in gas project

ExxonMobil will own 25 per cent of a joint venture with QatarEnergy, with the venture in turn holding 25 per cent of the North Field East project

Abu Dhabi’s ADNOC, TAQA, Mubadala enter agreements to acquire Masdar stakes

ADNOC will hold a 43 per cent controlling stake in Masdar’s new green hydrogen joint venture, Mubadala will retain a 33 per cent interest, and TAQA will hold a 24 per cent stake

Oil edges up as investors weigh outlook for demand

Oil markets remain in backwardation, a bullish pattern in which near-term prices command a premium to longer-dated ones

hydrogen economy - UAE joins IPHE

UAE joins international alliance promoting global transition to hydrogen

The UAE is the first country in the Middle East to join the international Partnership for Hydrogen and Fuel Cells in the Economy

Qatar project

Eni wins stake in $29bn Qatari project as gas prices surge

The Italian company will take a 3.1 per cent a stake in the project

Unit 3 of UAE’s Barakah nuclear power plant receives operating licence

The UAE is the first country in the Arab region to operate a nuclear power plant

Oil

Oil set for weekly loss as traders weigh monetary tightening

Oil is still up more than 50 per cent this year after rebounding demand combined with upended trade flows

oil supply

IEA sees world oil supply struggling to meet demand in 2023

Crude has climbed more than 50 per cent this year

Oman wealth fund

Oman wealth fund considers IPOs of state energy firm OQ’s units

The share sales are part of Oman Investment Authority’s plan to exit state assets in a bid to bolster the country’s coffers and expand its stock exchange

APICORP Mena energy investment outlook _ GettyImages

Energy investments in the MENA region to reach $879bn in five years: APICORP

The MENA region is well-positioned to supply around 10-20 per cent of the global hydrogen market by 2050, with the GCC and North Africa set to become global export hubs

Oil

Oil holds near $121 as investors weigh tightening markets

Crude has rallied about 60 per cent this year as an economic rebound coincided with upended trade flows

ENOC Group

Dubai’s ENOC Group bans single-use plastics across operations

As alternatives, ENOC has switched to more sustainable items such as paper bags, wooden straws, water dispensers with reusable bottles and recyclable lids

US inflation

Oil extends losses as investors weigh US inflation, China demand

US inflation accelerated to a fresh 40-year high last month, raising the likelihood of more aggressive interest-rate hikes from the Federal Reserve

TotalEnergies Qatar

TotalEnergies wins stake in $29bn Qatari gas project

TotalEnergies will own 25 per cent of a joint venture with QatarEnergy, with the venture in turn holding 25 per cent of North Field East

Electric vehicle

Electric vehicle outlook is even brighter if the world bikes and takes the bus

Electrification has now spread to all segments of road transport, opines Bloomberg columnist Colin McKerracher

Oil set for seventh weekly gain as traders weigh China’s return

Consumption in top importer China is expected to rise as it lifts strict Covid restrictions

Oil prices

Oil prices are ‘nowhere near’ peak yet, says UAE minister

The UAE is the third largest producer in OPEC

Saudi Arabia

Saudi raises oil prices amid Asia rebound

Saudi Arabia sends more than 60 per cent of its crude exports to Asia, with China, Japan, South Korea and India being the biggest buyers