#energy

Barakah plant Units 1 and 2 low res copy

UAE’s ENEC completes construction of second unit of Barakah nuclear energy plant

Located in Al Dhafrah, the Barakah plant is one of the largest nuclear energy new build projects in the world

Energy innovation spend needs to triple by 2030 to hit climate goals

As much as 60 billion tons of emissions, about twice what the world spewed out in 2019, could be prevented if money is spent in these new markets

GCC heading for hotel supply glut

How can GCC countries turn economic diversification into a reality

In the wake of the Covid-19 pandemic and plummeting oil prices, GCC governments must reconsider their approaches to build diversified economies

ENOC Group

Dubai-owned ENOC Group records increase in storage demand across facilities globally

ENOC Group owns and operates ten terminals with a total combined storage capacity of 6.6 million cubic metres across 346 tanks

Oil holds near $42 while investors weigh demand against virus

Brent futures for August settlement gained 3 cents to $42.22 a barrel on the ICE Futures Europe exchange as of 12.03pm in Singapore

Saudi oil minister sees ‘encouraging signs’ of demand recovery

Prince Abdulaziz said the next two weeks will be “critical” for OPEC+ to demonstrate all countries are adhering to agreed production cuts

Second wave virus concerns loom large over crude oil market

While oil has rebounded rapidly since April as OPEC+ production cuts kicked in and US output fell, the rally fizzled last week

Oil falls for a third day with second-wave virus risks in focus

Futures in New York fell below $35 a barrel after losing 8.3 per cent last week

Abu Dhabi City United Arab Emirates

Abu Dhabi follows Saudis in raising crude prices amid OPEC+ cuts

Murban for March sold at a $1.88 premium over the regional benchmark before plunging to discounts. For July, it will sell at a $1 premium

Saudi Arabia to end extra voluntary oil cuts after June

Brent crude, the international benchmark, fell 2.5 per cent to $41.23 a barrel at 4.29pm in London, erasing earlier gains

Clean energy now accounts for 9% of Dubai’s total output

The total installed capacity is 11,700MW of electricity

OPEC+ set to discuss short extension of oil production cuts

Production cuts are meant to be eased to about 7.7 million barrels a day in July

Russia sees oil market balance in June-July on OPEC+ cuts

Producers have lowered global oil supply by around 14-15 million barrels a day

Oil anchored near $33 a barrel amid rising US-China tensions

Oil has surged about 75 per cent this month as pockets of demand return

Saudi Aramco is first oil major to regain pre-price-war share price

Aramco’s recovery has been achieved on much smaller share volumes than its international counterparts

Oil rises above $30 for first time in two months on output cuts

There’s still a risk, however, that oil’s recovery could be derailed if the pandemic worsens

OPEC chief optimistic that the worst of oil crisis is over

OPEC+ will look at all options when it meets again in June, Mohammad Barkindo said

IEA head sees oil use below pre-virus levels for at least a year

Crude demand of about 100 million barrels a day prior to the pandemic plummeted by about 30 per cent last month

Oil edges higher on recovery signs while Saudis flag deeper cuts

Saudi Arabia aims to pump just under 7.5 million barrels a day in June, compared with an official target of about 8.5 million a day

Saudi Aramco seeks to restructure $69.1bn SABIC deal

Aramco is weighing pushing out payments for the 70 per cent holding in SABIC and reducing the size of the initial installment to PIF

Mideast Petro-States look past oil rout to chase solar power

Prices for benchmark Brent crude have slumped 52 per cent this year, falling far below levels that most governments in the region need to balance their budgets

Oil anchored near $24 on lingering concerns about global glut

US crude stockpiles rose for a 15th week, although at a slower pace, while supplies at the Cushing storage hub expanded

Renewables are the only winners in historic decline in energy demand

While all sources of energy — oil, coal, natural gas, and even nuclear — will see a decline, renewable energy is likely to be the bright spot

UAE petrol prices for May declared

Super 98 petrol will cost Dhs1.91 per litre, while Special 95 is priced at Dhs1.80 per litre

Abu Dhabi’s ADPower solar project receives world’s lowest tariff bid

The 2GW Al Dhafra Solar PV project is slated for completion in the second quarter of 2022

Saudi Arabia’s ACWA Power plans to raise up to $1bn

The company is in talks with local banks about the potential deal that would be denominated in Saudi riyals

Saudi set to sell 600,000 barrels a day of oil to US in April

The figure marks the highest volume in a year

Oil touches 18-year low as virus-led demand shock outweighs output cuts

Global demand will drop by more than 9 million barrels a day in 2020, according to the IEA

Oil price war ends with historic OPEC+ deal to cut output

The accord caps a tumultuous month when Brent crude plunged to its lowest in nearly two decades, falling toward $20 a barrel

Saudi Aramco delays oil pricing statement as OPEC+ talks continue

Benchmark Brent has plunged by more than half since the start of the year