Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month.
OPEC+ allies were locked in a tense diplomatic standoff on Friday amid a dispute that threatens to send oil prices sharply higher.
The OPEC+ alliance descended into bitter infighting after a key member blocked a deal at the last minute, forcing the group to postpone its meeting and casting doubt on an agreement that could ease a surge in oil prices.
Lamprell has said it faces “severe pressure” as key projects in Saudi Arabia ramp up.
Petrofac warned today that orders were likely to remain depressed in engineering and construction (E&C) this year due to the ongoing Covid-19 pandemic.
The United Arab Emirates could become the first nation among the Organization of the Petroleum Exporting Countries (OPEC) to set a net-zero goal, a move that would please Western countries pushing for stronger climate commitments but won't require it to sell less oil.
Centurion Group has acquired UAE-based Specialist Services Group with hopes of major growth in the Middle East and beyond.
Former Petrofac CEO Ayman Asfari took a double-digit percentage pay cut in 2020, a year blighted by Covid, loss of work and an ongoing SFO investigation.
Japan and the UAE have signed a hydrogen cooperation deal aimed at accelerating bilateral support for an international hydrogen supply chain.
Innovo Engineering and Construction is pleased to announce the appointment of William Cappello to the role of UK Acquisition Manager.
Abu Dhabi-based Masdar and Malaysia’s Petronas will work together to pursue renewable energy and green hydrogen projects across Asia and the Middle East.
Abu Dhabi National Oil Company (ADNOC) will supply Indonesian national oil company Pertamina with liquefied petroleum gas (LPG) and sulfur in a four-year deal worth around $2 billion.
Brent crude neared $50 per barrel this morning after the Opec cartel and its allies agreed to a more gradual easing of production cuts next month.
OPEC+ began two days of potentially complicated talks to hash out the size of its oil-production cuts next year, with the group’s president calling for caution in a fragile market.
BP said it will invest more money in Middle Eastern oil and natural-gas fields even as it transitions to renewable energy and tries to lower emissions.
Frustrated UAE representatives are sending subtle but strong signals that they may be the first in the OPEC+ oil producers group to break free and go it alone.
Abu Dhabi will invest 448 billion dirhams ($122 billion) in oil and natural gas over the next five years as it seeks to raise production capacity, even while OPEC restricts its output.
Abu Dhabi’s state-owned energy producer is close to selling a multibillion-dollar stake in its natural gas pipelines to an investor group backed by Global Infrastructure Partners and Brookfield Asset Management Inc., in what is set to be one of the year’s biggest infrastructure deals.
The Libyan National Army (LNA) has suffered major setbacks in its attacks on Tripoli, home of the Government of National Accord (GNA).
Sonatrach workers will return to work in compliance with directives set out by the public authorities, the company said, attempting to quash rumours that this would occur on May 31.
There are “signs that the market has tightened in recent weeks and the OPEC++ agreement … is working to start to rebalance the market,” ADNOC’s CEO Sultan Ahmed al-Jaber said in comments at the company’s ‘Virtual Majlis’.
Middle East and African banks face mounting pressure from the gathering macroeconomic storm and oil price pressure, Fitch Ratings has said.
Dana Gas has taken a step towards splitting its upstream and midstream businesses off from each other, following approval for the plan from its shareholders at an AGM vote.
Lamprell is in the process of shutting two of its three facilities in the United Arab Emirates (UAE) in order to reduce overheads.
Libya’s National Oil Corp. (NOC) has accused the United Arab Emirates of contravening the United Nations arms embargo by delivering fuel to Benghazi.