Year: 2022

OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the US administration called the surprise decision shortsighted. OPEC’s de-facto leader Saudi Arabia said the cut of 2 million barrels per day (bpd) of output – equal to 2% of global supply – was necessary to respond to rising interest rates in the West and a weaker global economy. The kingdom rebuffed criticism it was colluding with Russia, which is included in the OPEC+ group,…

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United Arab Emirates President His Highness Sheikh Mohamed bin Zayed Al Nahyan and President Abdel Fattah El Sisi of Egypt witnessed the signing of an agreement between Masdar, one of the world’s fastest-growing renewable energy companies, along with its Infinity Power joint venture with Infinity, Egypt’s main renewable energy developer, and Hassan Allam Utilities, to develop a 10-gigawatt (GW) onshore wind project in Egypt – one of the largest wind farms in the world. The Memorandum of Understanding was signed by Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry…

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Turkey has begun to pay partially in rubles for the Russian gas it receives, Turkish Energy Minister Fatih Donmez told a local broadcaster on Tuesday. Over the coming months, Turkey will increase the share of ruble payments for Russian gas, the minister told the TRT Haber television channel. Shortly after the invasion of Ukraine, Russia demanded that the so-called “unfriendly” countries – a designation of Moscow for most of the Western countries – pay for their Russian gas supply in rubles. Several EU countries have refused and saw their gas supply from…

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The key driver of the rising inflation causing economic mayhem across the developed world remains historically elevated oil and gas prices that have been in play since the prospect of Russia’s invasion of Ukraine first came into view, which was in September last year, when the oil price was around US$65 per barrel (pb) of Brent. This rise, when combined with the huge rise in global liquidity caused by the various long-running quantitative easing programs that followed the Great Financial Crisis, have led Western government to embark on a series of…

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The U.S. Energy Information Administration has slashed its world oil demand growth forecast for next year as President Biden lashed out at oil companies for not expanding supply, and as OPEC+ moved last month to cut production targets by 2 million bpd. The EIA has cut its 2023 world oil demand growth forecast by 320,000 barrels per day, to 1.16 million bpd, while raising 2022 oil demand growth by 140,000 bpd, to 2.6 million bpd, according to its Short-Term Energy Outlook published on Tuesday. The EIA expects global oil inventories…

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