The article discusses major developments in the oil and gas sector in the Gulf region in 2023. Saudi Aramco is advancing the second phase of the Jafurah Basin shale gas project in Saudi Arabia, which is expected to yield significant gas over the next century. QatarEnergy has signed extensive agreements with international companies for LNG supplies from North Field East and South, with Qatar set to significantly increase its LNG export capacity. In the UAE, Adnoc has made substantial investments in sour gas development and a low-carbon LNG project. Iraq's Ministry of Oil is focusing on gas exploration and has signed a major deal with TotalEnergies. Additionally, the International Court of Arbitration ruled in favor of Iraq in a case against Turkey regarding a pipeline transit agreement, leading to a temporary shutdown of the pipeline and a drop in Kurdistan's oil production.

Solar Impulse 2, a solar-powered airplane, has successfully completed a historic flight around the world, landing in Abu Dhabi after a journey that began on March 9 of the previous year. Swiss explorers Bertrand Piccard and Andre Borschberg alternated piloting the single-seat aircraft, which traveled 43,000 kilometers across continents, oceans, and seas without using fuel. The project aimed to demonstrate the potential of renewable energy, with Piccard emphasizing the importance of clean technologies. Despite challenges such as battery issues and adverse weather, the mission was completed, with Piccard and Borschberg overcoming extreme temperatures and long flight hours. UN Secretary General Ban Ki-moon congratulated the team, recognizing the significance of their achievement for humanity. The project, which began in 2003, hopes to inspire further advancements in sustainable energy solutions.

OQ Gas Network (OQGN), a subsidiary of Oman's national oil company OQ, is set to sell 49 percent of its shares in an IPO that could raise up to $747.5 million. The IPO, which is the joint-biggest in Oman for nearly two decades, is generating significant interest among retail investors. The shares will be listed on the Muscat Stock Exchange with a portion reserved for institutional investors and anchor investors including entities from Saudi Arabia, Qatar, and Belgium. The IPO is part of Oman's broader strategy to diversify its economy and enhance the Muscat Stock Exchange's profile, with the aim of joining MSCI's emerging market index. The country plans to list 35 state-owned companies over the next five years, with this IPO being a step towards achieving that goal.

An Emirates A380 conducted a test flight with one engine powered entirely by sustainable aviation fuel (SAF). This comes amid a push for the aviation industry to reduce CO2 emissions and meet net zero targets by 2050. Airbus, Gulfstream, and Honeywell are among the companies involved in recent SAF advancements. European and US mandates are driving the adoption of SAF, with incentives for airlines. The Middle East is lagging due to a lack of clear policies and incentives. Wizz Air has invested in SAF production, and Emirates has committed $200 million to SAF research. The UAE aims to produce 700 million litres of SAF annually by 2030, and a new research centre, Air-Craft, has been launched to further this goal. Currently, SAF production is minimal, but it needs to increase significantly to meet future targets.

Adnoc, the Abu Dhabi state oil company, is actively developing carbon capture and storage (CCS) technology in the UAE, with projects in Fujairah and Ruwais. The company is also expanding its CCS services internationally, having signed deals with Santos in Australia and exploring opportunities with Occidental Petroleum in the US and Mexico. The Global CCS Institute reports a significant increase in CCS capacity, with 392 facilities planned worldwide. The US is leading the growth, spurred by policies like the Inflation Reduction Act. Adnoc has set a net-zero target by 2045 and aims to capture 10 million tonnes of CO2 per annum by 2030. However, the International Energy Agency cautions that CCS is energy-intensive and should not be used to perpetuate high fossil fuel production. The UAE, which is hosting the Cop28 climate conference, is under international scrutiny for its environmental commitments.

The article discusses the significant role of family offices as financial powerhouses, managing more wealth than hedge funds globally. It highlights their contribution to the GDP and employment in the Middle East, as well as their strategic shift in asset allocation due to COVID-19, digital disruption, and geopolitical challenges. The article notes a move away from traditional investments like real estate towards private equity, technology, and venture capital, driven by generational changes and the search for higher returns. It mentions specific family offices and their investment strategies, including the increasing interest in blockchain and Web 3.0 technologies. The UAE is portrayed as an attractive destination for family offices due to its business-friendly environment and favorable taxation, with Dubai potentially challenging Singapore as a global hub for private wealth.

Saudi Crown Prince Mohammed bin Salman's recent visit to France underscores the strategic partnership between the two nations, particularly in the context of Europe's energy crisis and the importance of Gulf region cooperation. The visit, which followed a trip to Greece resulting in economic agreements, aimed to reinforce French-Saudi collaboration across various sectors. Despite no new agreements in France, discussions covered regional issues, including Iranian influence and the nuclear program. France seeks greater Saudi involvement in Lebanon's stabilization, and a joint development fund was announced to support Lebanon. The dialogue between Riyadh and Paris may also address the impacts of the Ukraine war on the global economy. Saudi Arabia's Vision 2030 aims to diversify its economy and France is a key partner, with French companies actively involved in development projects like Al Ula, and the potential for collaboration in tourism and other industries.

Saudi Arabia is projected to require an additional 19,000 to 20,000 hospital beds by 2030, necessitating an investment of $33.8 to $35.6 billion, as reported by Colliers. The healthcare sector's growth is being challenged by high capital costs, difficulty in attracting skilled medical staff, and limited capital expenditure funds. The kingdom's Vision 2030 reforms aim to diversify the economy away from oil, with healthcare being a key area of focus. Population growth and relaxed visa restrictions are contributing to the demand for healthcare services. The government is encouraging private sector involvement, aiming to increase its market share to 65%. Foreign expertise is being sought, with institutions like King’s College and Mediclinic entering the Saudi market. The kingdom is also aiming to reduce spending on medical care abroad by bringing specialized services to the country. Real estate costs and the need for significant investment are challenges, but REIT funds are suggested as a way to unlock value and fund healthcare infrastructure. The government has introduced laws to facilitate public-private partnerships, with the private sector now playing a larger role in hospital construction and renovation.

The article discusses the 51st anniversary of bilateral relations between the UAE and Belgium, highlighting the extensive partnership between the two nations. Belgian Ambassador to the UAE, Antoine Delcourt, emphasizes the similarities and strong ties, noting the presence of Belgian citizens and companies in the UAE. The trade between the two countries has been robust, with Belgium being a top trading partner for the UAE in the Middle East. The article covers various sectors of collaboration, including logistics, health, energy, space R&D, arts, culture, and sports. It also mentions significant Belgian contributions to UAE's infrastructure and the growth of bilateral trade in diamonds. The UAE's role in the upcoming COP28 and the energy crisis in Europe due to the war in Ukraine are also discussed. Belgium's plans for hydrogen energy and space collaboration with the UAE are highlighted, along with their cooperation in international forums on organized crime and human rights.

During the UAE President Sheikh Mohamed bin Zayed Al Nahyan's state visit to France, no major contracts but several strategic agreements were signed, amidst the backdrop of the Ukraine crisis and energy price hikes. The visit underscored the strategic importance of France to the UAE, with discussions on security and economic cooperation. The UAE is a significant economic partner and investor in France, with both countries signing a Comprehensive Strategic Energy Partnership and exploring energy opportunities, particularly in light of Europe's search for alternatives to Russian energy. The visit also highlighted the Gulf countries' potential role in energy diversification for Europe. Despite the focus on energy and economic growth, there are concerns about the impact on climate commitments. The UAE-France Business Council was launched to enhance bilateral economic exchanges, with a focus on energy, industry, technology, transportation, and investment sectors.

The article discusses the resurgence of Saudi mega projects as the country experiences economic growth fueled by high oil prices and a budget surplus. Saudi Arabia is modernizing and diversifying its economy through policy reforms and mega projects under Vision 2030, with a focus on attracting foreign investment. French President Emmanuel Macron and Saudi Crown Prince Mohammed bin Salman have agreed to collaborate in light of the Ukraine war. French companies are increasingly interested in the Saudi market, with sectors like energy, water, and defense being highlighted. Major French corporations like EDF, Engie, and TotalEnergies are well-positioned in Saudi Arabia's renewable energy and water sectors. The article also touches on the importance of French-Saudi relations for private sector companies and the potential for joint investments in Africa. It emphasizes the need for technology transfer, employment, and training to support Saudi's ambitious plans.

The article discusses the challenges faced by Opec+ in maintaining high oil prices, with Brent trading 10 percent lower year on year. Despite a rise in oil demand in 2023, a slowdown is expected due to macroeconomic factors. The US has seen a record-breaking oil output, surpassing any other country, with significant production also coming from Brazil, Guyana, and Venezuela. Iran's production has increased after the US eased sanctions. Analysts predict that non-Opec supplies will continue to pressure Opec+, whose market share has dropped to 51 percent. Geopolitical events and further output cuts by Opec+ could influence the market in 2024. Some analysts believe that peak oil demand will occur this decade, emphasizing the advantage of low-cost producers in a shrinking market.

The ongoing conflict in Gaza is impacting Israel's ambitions to become a regional hub for natural gas exports. Despite the war, the government awarded 12 new exploration and development licenses to six operators, including international companies like Eni, BP, and Chevron. However, analysts from Facts Global Energy and Rystad Energy suggest that the conflict will likely delay investment and exploration activities in the EastMed gas sector. The violence has already led to the temporary shutdown of the Tamar gas field for security reasons. Future plans, such as the expansion of the Leviathan gas field and a potential deal between Adnoc/BP and NewMed Energy, are also facing delays or uncertainty due to the conflict. The Israeli ministry of energy and infrastructure remains optimistic but acknowledges the challenges posed by the current situation.

Gulf Islamic Investments (GII), a Sharia-compliant asset management group based in Dubai, has invested $160 million in Abeer Medical Group, a leading provider of affordable healthcare services in Saudi Arabia. Abeer operates 50 healthcare facilities across the GCC and India. GII, which manages $4 billion in assets with $400 million in the healthcare sector, aims to expand Abeer's network further. This move aligns with Saudi Arabia's Vision 2030, which encourages private sector participation in healthcare. The kingdom is expected to require nearly 100,000 healthcare beds by 2030. The healthcare sector in Saudi Arabia continues to attract private investment, as seen with Jamjoom Pharmaceuticals' $335 million IPO and Avalon Pharma's upcoming IPO on the Saudi Exchange.

Brent crude oil prices surged over four percent following US and allied airstrikes against Houthi rebels in Yemen, in response to Houthi attacks on Red Sea shipping. Brent traded at $80.74 per barrel, while US West Texas Intermediate reached $75.23. The military action, supported by nations including Australia and Canada, targeted Houthi storage sites and missile launchers. The strikes have raised concerns about further supply disruptions, leading to a 3.2 percent increase in European natural gas prices and rerouting of shipping around Africa. Analysts fear the conflict could escalate, affecting oil prices and supply, especially if Iran and other regional powers become more involved. Iran's recent capture of a tanker in the Gulf of Oman has also heightened tensions and could impact global oil markets.

The International Energy Agency (IEA) reported a 50% increase in global renewable energy capacity in 2023, with solar photovoltaic (PV) cells leading the growth. This surge is seen as a step towards tripling renewable capacity by 2030 to limit global temperature rise to 1.5C. China was the largest contributor to this growth, particularly in solar PV capacity. The IEA highlighted significant renewable capacity expansions in Europe, the US, Brazil, and the MENA region, with Saudi Arabia expected to lead the MENA region's growth. Despite the rapid expansion, only a small fraction of clean hydrogen projects are expected to be operational by 2030. The IEA emphasizes the importance of scaling up financing and deployment of renewables in emerging and developing economies to meet the global tripling goal.

Abu Dhabi's state oil company, Adnoc, has acquired a 10 percent stake in Storegga, a UK-based decarbonisation and hydrogen project developer. This marks Adnoc's first international equity investment in carbon management. Storegga is involved in the Acorn CCS project in Scotland, which aligns with the UK's net zero targets. Adnoc has committed $15 billion to low-carbon solutions, aiming for a carbon-capture capacity of 10 million tonnes per annum by 2030. The company is also exploring CCS opportunities in the US and Mexico, including a partnership with Occidental Petroleum and a $600 million contract with Petrofac for the Habshan CCUS project. Storegga's CEO, Nick Cooper, mentioned that the new funding would support various projects, including the Acorn CCS and others in Norway and Louisiana.

Adnoc Drilling Company and Alpha Dhabi Holding, through their AED5.5 billion joint venture, have made their first investment by acquiring a $180 million stake in Gordon Technologies, a US-based engineering firm specializing in measurement technology for the oil and gas sector. The joint venture, which was announced in November with Adnoc Drilling holding a 51 percent majority stake, aims to invest globally in energy technology and expand tech-enabled oilfield energy services. The investment is seen as a strategic move to support operations and accelerate well delivery optimization, particularly in the development of unconventional resources, to help achieve gas self-sufficiency for the UAE. Adnoc Drilling plans to include the joint venture's financial results in its reports starting from the first quarter of 2024.

Saudi Arabia has reduced the official selling price of its Arab Light crude oil to Asia for February, marking the lowest price in 27 months. This decision comes as a response to increased supply and competitive pressures, with industry analysts citing concerns over global demand, maintenance of Saudi refineries, and competition from Russia and Iran. Brent crude and US West Texas Intermediate crude both saw over a 2% drop in response. High interest rates, US strategic petroleum reserve policies, and weak global economic activity are expected to contribute to market volatility. The region is also experiencing geopolitical tensions, with Houthi rebel attacks and ongoing fighting in Gaza. Analysts predict potential further declines in oil prices, influenced by these factors.

Angola has decided to leave the Organisation of the Petroleum Exporting Countries (Opec) due to a dispute over production quotas. The country's mineral resources minister, Diamantino Pedro Azevedo, stated that Angola's role in Opec was not considered relevant and the decision to exit was significant. Industry analysts believe that while Angola's departure will have a limited impact on oil supply, it does signal potential issues with Opec's unity. Opec+ has been pressuring some African members to reduce their quotas amidst output cuts to stabilize falling oil prices. Angola, which has seen a 40% decline in output, has been unable to meet its desired production levels due to underinvestment. The country's exit from Opec could affect its oil revenue and investment in the upstream sector. The market share of Opec+ has decreased, with non-Opec countries like the US, Brazil, and Guyana increasing production.

Wizz Air Abu Dhabi, a joint venture between Hungary's Wizz Air and Abu Dhabi's ADQ, has experienced significant growth in 2023, with a 150 percent increase in passengers, reaching 3 million. The airline doubled its staff and expanded its flight operations to over 15,000 flights, adding seven new routes. Managing Director Johan Eidhagen highlighted the airline's success in the UAE's low-cost travel market, with Emiratis making up the largest customer segment. Challenges such as supply chain issues and aircraft shortages persist, but the airline has managed to maintain stable fares through operational efficiencies and plans to explore new technologies like hydrogen. Wizz Air Abu Dhabi is also looking to expand into new markets, including London, Singapore, and South Africa, and is anticipating the delivery of the Airbus 321XLR in 2025 to extend its range.

Following missile and drone attacks by Yemen's Houthi militants in the Red Sea, two European oil and gas companies, BP and Equinor, along with several shipping lines such as CMA CGM, MSC, and AP Moller-Maersk, are diverting their tankers from the area. The US has launched Operation Prosperity Guardian to protect commercial vessels. Despite the attacks, Goldman Sachs believes that crude oil and LNG prices will not be significantly affected. The Suez Canal, a critical trade route, sees 8% of global seaborne bulk trade, with jet fuel being the most exposed commodity. The Houthi militants have recently seized a Japanese ship and claimed responsibility for an attack on a Norwegian tanker.

The Global Carbon Council (GCC), backed by Qatar, has signed an agreement with the West African Alliance for Carbon Markets and Climate Finance (WAA) to develop decarbonisation projects in West Africa. This deal was signed at the UN climate conference Cop28 in Dubai and involves 16 West African countries. The GCC will provide free access to its carbon credit registry to WAA countries to help them obtain climate finance. Carbon credits are a way for polluters to offset emissions, but critics argue they are opaque and do not always lead to real emissions reductions. The GCC has been criticized by Carbon Market Watch for certifying credits that may not impact greenhouse gas emissions, as many projects are not additional and would occur without the need for carbon credits.

The article discusses the impact of Houthi militant attacks on shipping in the Red Sea, particularly focusing on the risks to global jet fuel supplies. Major shipping companies like CMA CGM, MSC, and A.P. Moller-Maersk have decided to avoid the Suez Canal and Red Sea routes due to recent missile and drone attacks. The US Navy reported that two MSC ships were targeted, and a Hapag-Lloyd container ship was attacked by a drone. Trade analysts, including Matthew Wright from Kpler, have highlighted that jet fuel is the most vulnerable commodity, with a significant portion of its seaborne trade passing through the Suez Canal. The article also notes the seizure of the Galaxy Leader by Houthi fighters and the strategic importance of the Bab al-Mandab waterway. Oil prices have seen a slight increase due to these events, despite a rise in US supply.

Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, stated that the Cop28 agreement would not impact the kingdom's ability to export oil and gas. The agreement, which calls for a transition away from fossil fuels, faced resistance from major oil producers but was eventually adopted with language that avoided a direct call for a phase-out. Oil and gas companies, including TotalEnergies and Crescent Petroleum, have expressed support for the agreement, seeing it as aligning with their transition strategies. TotalEnergies emphasized the role of gas as a transition fuel and the importance of energy efficiency. Crescent Petroleum highlighted natural gas as a means to reduce emissions. ENI stressed the balance between emission targets and energy security. Arab oil producers, however, believe oil and gas will remain energy pillars for decades, and experts like Iman Nasseri and Omar al-Ubaydli suggest that the actual impact of the agreement may be limited.

Morocco is pushing forward with an ambitious energy transition plan, aiming to add 9 gigawatts to its electricity generation capacity, with 7GW from renewables. Energy Transition Minister Leila Benali stated that the country plans to produce over half of its electricity from renewables by 2030, with the rest primarily from natural gas. The renewables sector will need $9 billion in investment, while $4 billion is earmarked for gas infrastructure. Morocco's strategy includes a green hydrogen initiative set for 2024, energy efficiency improvements, and enhanced grid connections. Partnerships with international investors, such as UAE's Masdar and France's EDF Renewables, are key to this transition. Despite these efforts, Morocco still relies heavily on imported hydrocarbons and is looking to increase its gas production and import capacity to support its energy needs and future projects like the Africa-Atlantic pipeline.

The Libyan National Oil Company (LNOC) has committed to a significant reduction in gas flaring by 2030, aiming for an 83% decrease as part of its sustainability efforts. LNOC Chairman Farhat Bengdara discussed the company's plans during an interview at the UN Cop28 climate conference in Dubai. LNOC, which was established in 1970, is also looking to double its gas production and increase oil output to 2 million barrels per day within the next three to five years, requiring a $17 billion investment. The Libyan government will contribute $12 billion, with the rest expected from international partners like Eni, Saipem, TotalEnergies, and BP. LNOC is also planning to hold bidding rounds for exploration blocks by the end of 2024 and is working towards integrating renewable energy sources into its mix. Despite these initiatives, Bengdara expressed skepticism about the global goal of phasing out fossil fuels by 2050, emphasizing the need for a gradual transition.

John Kerry, the US special envoy on climate, presented the United States' strategy for international collaboration on nuclear fusion at the Cop28 summit in Dubai. He emphasized the potential of fusion energy to provide a significant source of clean energy and highlighted its importance alongside other forms of renewable energy. The US has made progress with a recent net energy gain in a fusion reaction at the Lawrence Livermore National Laboratory. The strategy focuses on five key areas: research and development, supply chain and marketplace, regulation, workforce, and education and engagement. Kerry stressed the need for international cooperation to overcome energy poverty and transition to cleaner energy sources. Private investments in fusion have reached $6 billion, and former US energy secretary Ernest Moniz considers fusion technology a potential 'game changer' for the energy transition.

Oil prices dropped further after Opec+ announced additional production cuts, with Brent falling to $80.66 and West Texas Intermediate remaining at $75.94. Opec+ members, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, agreed to reduce output by 900,000 barrels per day on top of the previous 1.3 million bpd cuts starting January 1, 2024. Market skepticism about adherence to quotas and concerns over slow economic growth have contributed to the decline in prices. Experts from Wood Mackenzie, BDSwiss Mena, Fact Global Energy, and Vanda Insights commented on the market's reaction, the challenges of ensuring compliance, and the potential impact of Brazil joining Opec+ next year.

Opec+ members, led by Saudi Arabia, have agreed to cut oil output by nearly 2 million barrels per day, which is more than the supply curbs agreed in June. This decision has led to a near 1 percent increase in crude prices, with Brent trading at $82.51. Saudi Arabia has committed to reducing its output by an additional 1 million bpd, while Russia will cut by 0.5 million bpd. Algeria, as confirmed by Energy Minister Mohamed Arkab, will also cut its output by 50,000 bpd. The cuts aim to boost prices that have recently fallen and to address the weakening physical market, the ongoing war in Gaza, and a global decrease in demand. The Opec+ meeting was held virtually after a delay, and there may be another meeting before the year's end due to unresolved policy directions.

The article discusses the conflict between Opec and the International Energy Agency (IEA) over the approach to climate change and the transition to net zero emissions. Opec criticized the IEA for vilifying the oil and gas industry and for having a narrow perspective on global challenges. Opec Secretary General Haitham Al Ghais emphasized the need to focus on reducing emissions rather than choosing energy sources and defended the industry's investment in renewables and emission reduction technologies. The IEA's report highlighted the low percentage of clean energy investments by oil and gas companies. The upcoming Cop28 summit and the differing forecasts on oil demand by Opec and the IEA are also mentioned, with Opec planning to participate in the climate talks.

The International Energy Agency (IEA) has released a report urging the oil and gas industry to invest more in clean energy as the demand for fossil fuels is expected to decline, potentially reducing company valuations by up to 60 percent by 2050. The IEA forecasts that oil and gas demand will peak by 2030 and could fall by 75 percent by 2050 if a 1.5C global warming limit is pursued. Currently, the oil and gas industry's annual revenues are around $3.5 trillion, but this is expected to decrease as the transition to net zero progresses. The IEA has issued directives for the sector to achieve net zero emissions ahead of the Cop28 climate summit. Despite the industry's significant role in the global energy supply and employment, it has only marginally participated in the energy transition, with investments in clean energy being a fraction of those in fossil fuels. The IEA's executive director, Fatih Birol, emphasized the importance of the industry's role in combating climate change, and Cop28 CEO Adnan Amin called for higher ambitions and urgent action from the oil and gas sector.

Opec+ has postponed its ministerial meeting to November 30 due to tensions over production levels and potential further output cuts. Oil prices fell by more than 1 percent, with Brent and US WTI crude experiencing significant declines. The delay was announced without an explicit reason, but industry experts believe it is due to disagreements on who should bear the burden of additional cuts. Saudi Arabia and Russia may have to maintain their current cuts or redistribute them. Analysts from Morgan Stanley and Goldman Sachs expect the cuts to remain or deepen. There is also pressure on African countries like Nigeria and Angola to accept new lower baselines and participate in cuts. Non-Opec supply is expected to increase, potentially meeting all global demand growth, which could lead to a surplus in the oil market by 2024.

Opec+ is considering extending its voluntary output cuts into 2024 during their meeting in Vienna on November 26, to maintain high oil prices despite the risk of losing market share to non-Opec countries like Canada and Brazil. Brent crude prices have recently rebounded to above $82 a barrel after a period of decline. Experts from Saxo Bank and Vanda Insights suggest that Opec+ may not only extend current cuts but potentially deepen them to prevent a downward price spiral. The group faces challenges from increasing oil production and exports from the US and loosened sanctions on Venezuelan oil. Economic indicators suggest a potential oversupply in 2024, and there is uncertainty about how Opec+ will balance market share with high oil prices amidst volatile conditions.

The International Energy Agency (IEA) anticipates an oil market surplus in 2024 due to slowing demand growth, efficiency gains, and a weaker post-Covid rebound. Despite this, global oil demand in 2023 has surpassed expectations, with the IEA revising its growth forecast to 2.4 million barrels per day, aligning closely with Opec's prediction. China's robust demand is a significant contributor, expected to account for 1.8 million bpd of the increase. The IMF has also raised China's economic growth forecast for 2023. Opec foresees continued demand growth into 2024, driven by non-OECD countries. Despite fluctuations, oil prices have shown stability, attributed to Opec+ policy, with experts suggesting a potential price increase in the latter half of the next year.

Qatar's economic growth is expected to slow to 2% in 2023, down from nearly 5% in 2022, according to S&P Global Ratings. The slowdown follows a construction boom for the Fifa World Cup 2022. However, growth is anticipated to pick up from 2026 due to a 30% increase in LNG production from the North Field Expansion project. QatarEnergy, the state-owned company, has secured several long-term LNG sales agreements, boosting its export capacity. Despite the reliance on hydrocarbons, which makes Qatar's economy vulnerable to oil price volatility, the country is projected to maintain a strong competitive position in the LNG market. Government spending on capital projects is expected to decline, with major infrastructure projects like Doha's metro and tram system already completed.

The article discusses the increasing use of 'dark vessels' to transport Iranian and Venezuelan crude oil, circumventing sanctions by turning off their transponders to avoid detection. Data from Kpler indicates a 13 percent increase in such vessels this year, with a significant rise in Iranian crude exports. The majority of this oil is sent to China, which is nearly the sole buyer of sanctioned crude. The fleet's capacity has grown, with a notable 30 percent increase in very large crude carriers (VLCCs). The article also mentions tactics like ship-to-ship transfers, fake documentation, and shadow ownership structures. Despite U.S. efforts to interdict these vessels, the practice persists and has also been adopted by 'grey' vessels carrying Russian oil since the invasion of Ukraine.

QatarEnergy has agreed to supply up to 18 million barrels of crude oil annually to Shell Singapore. The global economy's weakening and increased supply from non-Opec countries are putting downward pressure on oil prices. Dong Wang from S&P Global Commodity Insights reported that Opec+ is producing below target, with Nigeria and Angola lagging the most. Despite the Israel-Hamas conflict raising prices temporarily, market fundamentals remain unchanged. Non-Opec countries like the US, Canada, and Brazil are expected to meet rising demand. Analysts predict varying futures for Brent crude, with Standard Chartered expecting a rise to $98 per barrel in 2024, while Kpler suggests a potential drop to as low as $79-$80 in the next six months. Opec+ has cut production and may need to extend these cuts to support prices. The next Opec meeting is scheduled for November 26, where quotas will be reassessed. Middle East oil demand is growing, driven by transport and petrochemicals, with significant demand from Saudi Arabia, the UAE, Iraq, and Iran.

Agnès Pannier-Runacher, France's minister of energy transition, emphasized the country's commitment to no new coal mines and setting an exit date for coal use. She spoke at a pre-Cop28 meeting in Abu Dhabi, where progress on a loss and damage fund for vulnerable countries was discussed. Despite some advancements, there remains a significant divide between developed and developing nations on the fund's governance and funding sources. Rich countries favor the World Bank for the fund's location, while others prefer a new independent facility under the UN. The upcoming Cop28 in Dubai will focus on adaptation finance gaps and include discussions on phasing out fossil fuels. The International Energy Agency reported a record high in global coal consumption in 2022, highlighting the urgency of these negotiations.

The World Bank has released an economic risk assessment indicating that oil prices could soar to $150 a barrel if the conflict between Israel and Hamas escalates. The report presents three disruption scenarios with varying impacts on oil supply and prices. A 'small disruption' could see prices rise to $93-$102 per barrel, a 'medium disruption' to $109-$121, and a 'large disruption' could push prices to $140-$157. The Bank's chief economist, Indermit Gill, highlighted the potential for a dual energy shock due to conflicts in Ukraine and the Middle East. Despite the ongoing conflict, oil and gas prices have remained stable, with Brent crude trading at around $88 per barrel. Gary Dugan of Dalma Capital and Mohamed El-Erian of Allianz also provided insights on the situation at the AIM summit in Dubai, discussing the risks of oil price escalation and its impact on inflation and global economic challenges.

The International Renewable Energy Agency (Irena), in collaboration with the Cop28 presidency and the Global Renewables Alliance (GRA), has emphasized the urgent need to accelerate the transition to renewable energy to combat global warming. At a pre-Cop28 meeting in Abu Dhabi, Irena's director general Francesco La Camera highlighted the necessity to cut 22 gigatonnes of greenhouse gases within seven years to maintain the 1.5°C threshold set by the Paris Agreement. The joint report by Irena, the Cop28 presidency, and the GRA calls for a significant increase in renewable energy capacity to over 11,000 GW by 2030 and a doubling of energy efficiency improvements. Despite a record growth in renewable capacity, investment remains low, particularly in developing countries. Sultan Al Jaber, the Cop28 president-designate, and Bruce Douglas, CEO of the GRA, both stressed the importance of reducing fossil fuel use and providing low-cost financing for renewable energy in emerging markets.

SLB, the world's largest oilfield services company, is expecting record revenue growth in the Middle East, driven by increased oil and gas production capacities in the region. The company's international revenue rose by 12% to $6.6 billion in the third quarter, with significant growth in Saudi Arabia, the UAE, Kuwait, and Egypt. SLB's Middle East operations contribute to about 30% of its overall revenue. The company has secured several contracts in the region, including a five-year agreement with Adnoc, a deal with QatarEnergy, and a service agreement for Saudi Aramco's Jafurah gas project. SLB is also looking at opportunities in Iraq following a $27 billion deal by TotalEnergies and in Egypt, where the government and major energy companies have shown renewed interest in gas. SLB is rebranding as a technology company and focusing on low carbon and decarbonization projects, including a carbon capture and sequestration project with Saudi Aramco and Linde.

The Sharjah National Oil Corporation (Snoc) is planning to use its depleted fossil fuel fields for carbon capture and storage (CCS) as part of its decarbonisation strategy, aiming to achieve net zero by 2032. Snoc's CEO, Hatem Al Mosa, emphasizes the need for incentives to encourage private companies to adopt green practices, as they are primarily driven by financial considerations. Snoc is also funding a large solar project and has appointed Emerge to construct a 60MW solar plant. The CCS project is in the feasibility study phase with Japan's Sumitomo Corporation and SLB. The UAE's undersecretary for energy, Sharif Salim Al Olama, mentioned that the UAE is implementing a supply management programme targeting significant reductions in power and water consumption across various sectors by 2050.

The article discusses the impact of the Israel-Gaza crisis on oil markets and the potential acceleration of the shift towards renewable energy. Fatih Birol, the IEA executive director, highlights the geopolitical risks to oil and gas security, exacerbated by the Ukraine crisis and the urgency of climate change. He emphasizes the growth of clean energy technologies and the unstoppable global transition to clean energy. The IEA's report projects renewables to make up nearly 50% of the global electricity mix by 2030 and a significant increase in electric vehicle sales. Despite the expected peak in fossil fuel demand by the end of the decade, the IEA warns that demand will remain high and calls for urgent climate action to meet the Paris Agreement goals, with expectations for Cop28 to drive progress.

International oil companies are hesitant to use the reopened Iraq-Turkey Pipeline (ITP) due to financial disputes with Baghdad and Arbil. The pipeline, closed since a February earthquake, is now operational, but companies like Genel Energy and Gulf Keystone Petroleum are awaiting nearly $1 billion in unpaid arrears. The Association of the Petroleum Industry of Kurdistan (Apikur) demands recognition of contracts and written agreements for future payments before resuming full operations. Turkey faces arbitration issues with Iraq, including a $1.5 billion fine for unauthorized exports. The current pipeline agreement expires in 2026, and Turkey seeks a unified stance from Baghdad and Arbil before renegotiation. The ITP is crucial for the Kurdistan region's revenue and the Mediterranean oil market. The closure has caused significant financial losses for the KRG, companies, and local communities. The situation is further complicated by regional conflicts, sanctions on Russia, and OPEC+ output decisions.

Rua Al Madinah Holding, a subsidiary of the Saudi Public Investment Fund, is spearheading a major development project in Medina aimed at boosting tourism and accommodating Islamic pilgrims. The project, part of Saudi's Vision 2030, will feature 47,000 hotel rooms and is expected to create 93,000 jobs. The development will include a mix of three-star and two-star hotels, retail spaces, and an Islamic Civilisation Village. International hotel operators Accor, Hyatt, and Marriott have been selected to manage some of the facilities. The project is set to open in 2026, with construction starting soon. Contracts worth $1.4 billion have been signed for infrastructure work, and the project will also require private investment for various services. The initiative is designed to enhance the cultural heritage of Medina and improve the quality of life for residents while preparing to accommodate 30 million Umrah pilgrims by 2030.

Ray Dalio, the billionaire founder of Bridgewater Associates, addressed the UN Conference on Trade and Development's World Investment Forum in Abu Dhabi, emphasizing the role of private investors in tackling global challenges such as climate change. He stated that the financial burdens of developed countries are too significant for them to materially support the majority of the world's population. Dalio highlighted the enormous costs of climate change, potentially $5 trillion-$10 trillion annually, and suggested that the vast amounts of capital needed could be sourced from private markets with the right incentives. Rebeca Grynspan, secretary-general of the UN Conference, also spoke about the sustainable finance market and the challenges of debt in developing countries. UN secretary-general António Guterres urged for increased investment in developing countries and action on climate change, including a fair carbon pricing and credible net-zero plans.

Archer Aviation, a US-based eVTOL aircraft developer, has signed an agreement with the Abu Dhabi Investment Office to establish a manufacturing center in Abu Dhabi, aiming to commence air taxi operations by 2026. The company's chief commercial officer, Nikhil Goel, announced that the eVTOL aircraft, capable of reducing travel time significantly, will first be deployed in the US in 2025 before expanding to the UAE. Archer Aviation, supported by major investors like Boeing and United Airlines, plans to produce around 100 aircraft annually, eventually increasing to over 1000. The company will also create a center of excellence in the UAE to focus on AI and autonomy. This move is part of Abu Dhabi's broader initiative to become a leading player in smart autonomous vehicles, with the launch of the SAVI cluster, which will contribute significantly to the UAE's economy and job market.

The UAE is exploring the production of pink hydrogen using nuclear energy from the Barakah Nuclear Plant. Sharif Salim Al Olama, undersecretary for energy and petroleum affairs, discussed the country's plans at the Energy Markets Forum in Fujairah. The UAE aims to produce 1.4 million tonnes of hydrogen annually by 2031 and 15 million tonnes by 2050, contributing to its net-zero by 2050 commitment. The UAE produces blue and grey hydrogen from natural gas and green hydrogen through electrolysis. It has identified potential hydrogen oases in Ruwais, Kizad, and possibly Fujairah. The UAE has partnerships with Germany, Japan, and South Korea for hydrogen exports. Adnoc has sent test cargoes of blue ammonia to Germany and Japan. The UAE is working with international bodies to establish hydrogen standards and certifications. Despite the challenges of high production costs and scalability, the UAE is committed to increasing renewables in its energy mix while recognizing the continued role of oil, as stated by Opec secretary general Haitham Al Ghais.

Oil prices surged by over 3% following a surprise attack by Hamas on Israel, raising concerns about stability in the Middle East. Brent crude and US West Texas Intermediate saw significant increases. Analysts, including Bill Farren-Price from the Oxford Institute for Energy Studies, believe the market reacted to the conflict, but the impact on oil supply might be limited as Israel and its neighbors are not central to global oil supply. However, the situation could escalate if Iran's involvement is proven, potentially affecting sanctions and the strategic Strait of Hormuz. The conflict might also hinder the progress of the Abraham Accords and Israeli-Saudi normalization, with implications for Saudi oil production. Despite the current rise, the weak global economy could limit further increases in oil prices without a supply shortage. Opec's latest forecast anticipates rising oil demand by 2045.

The United Arab Emirates has launched its first major wind power initiative with the development of four wind farms by Abu Dhabi's state clean energy company, Masdar. These farms have a combined capacity of 103.5MW, enough to power 23,000 homes, and are expected to reduce CO2 emissions by 120,000 tonnes annually. Despite the UAE's traditionally low wind speeds, new technology has made wind energy more viable, complementing the country's solar energy production. Masdar, which has invested in wind projects globally, aims to double its capacity this year and reach 100GW by 2030. The UAE, set to host the Cop28 climate summit, is also increasing its oil and gas output while committing to a net-zero carbon emissions target by 2050. Adnoc has also awarded contracts for a net-zero CO2 emissions sour gas project, integrating carbon capture and sequestration technologies.

Abu Dhabi's state oil producer, Adnoc, has awarded nearly $17 billion in contracts for the Hail and Ghasha sour gas development, which is part of the world's largest offshore sour gas development project. The contracts were announced at the Adipec conference, with the offshore package going to a joint venture between NPCC and Saipem, and the onshore package to Tecnimont. The project aims to produce over 1.5 billion cubic feet of natural gas daily by the end of the decade, contributing to Abu Dhabi's goal of gas self-sufficiency and increased LNG exports. Adnoc has advanced its net-zero carbon emissions target to 2045 and plans to capture 10 mtpa of CO2 by 2030. The company also announced a collaboration with Carbon Clean and a feasibility study with Occidental for a direct air capture facility. Additionally, Adnoc aims to stimulate local industrial growth through the 'Make it in the Emirates' initiative.

TotalEnergies, led by CEO Patrick Pouyanné, is advancing its focus on gas and integrated operations, targeting 50 million tonnes of LNG sales by 2025. The company is a key player in the North Field Expansion project in Qatar, which will significantly increase Qatar's LNG production. TotalEnergies also has LNG interests in the US, Papua New Guinea, and Egypt, but has faced challenges in Yemen and Mozambique. Despite the capital-intensive nature of the LNG business, Pouyanné is confident in TotalEnergies' ability to manage the risks. The company is also addressing environmental concerns, having reduced methane emissions and developed technology to measure fugitive emissions. Pouyanné sees growth opportunities in China and India as these countries move away from coal due to health and pollution concerns.

At the Adipec conference in Abu Dhabi, Opec secretary general Haitham Al Ghais highlighted the need for substantial investment in the oil industry to ensure global energy security, citing a figure of $14 trillion needed by 2045. He warned that the current underinvestment poses a threat to energy security, especially as oil demand is expected to rise. Both Al Ghais and UAE minister Suhail Al Mazrouei emphasized the importance of oil in the energy transition and the consequences of insufficient investment. Ellis Renforth of Wood echoed the sentiment, stressing the role of oil and gas during the transition to cleaner energy. The UAE is taking steps to increase its oil output capacity and renewable energy targets, with Adnoc aiming to double its carbon-capture goal and the UAE planning to expand its hydrogen production for export.

Sultan Al Jaber, the Cop28 president designate, spoke at Climate Future Week in Dubai, expressing confidence in reaching a consensus at the upcoming Cop28 climate summit to triple clean energy sources to 11 terawatts by 2030. He highlighted the support from major economic groups like the G20, EU, and African Union, which together represent 85% of the global economy. Al Jaber emphasized the need for a gradual phase-down of unabated fossil fuels and a phase-up of clean energy to meet current energy demands. He also mentioned the UAE's efforts in diversifying its economy from oil and gas over the past two decades. The Cop28 summit, scheduled from November 30 to December 12 in Dubai, will review progress on emission cuts since the Paris Agreement and discuss new climate targets. Razan al Mubarak, a UN climate change champion, stressed the importance of a regulatory framework for private sector involvement and the inclusion of nature-positive climate action in discussions.

Iraq's new oil and gas law, which allows foreign companies to share oil output, is expected to attract more international investments and boost government revenues. The law transitions from fee-per-barrel contracts to production-sharing agreements and service contracts. This change is seen as a way to create a more investor-friendly environment in Iraq. The legislation has been debated for 15 years and is now awaiting a vote post-December elections. The Arab Gulf States Institute's president, Douglas Silliman, highlighted that the lack of production-sharing agreements has been a major disincentive for investment. International oil companies are also facing pressure to have greener operations. With Iraq aiming to increase oil production to 8 million barrels per day by 2028, the law is seen as crucial for attracting the necessary investment. The recent $27 billion deal with TotalEnergies may boost confidence in Iraq's reform capacity. The law is also important for Iraq's budget, which relies heavily on hydrocarbon revenues.

Adnoc Distribution, the UAE's largest fuel and convenience retailer, reported a 9 percent increase in third-quarter net profit year on year, with a net profit of AED835 million ($227 million). The growth was attributed to a rise in fuel volumes and non-fuel business, with a 21 percent increase in fuel volumes sold in the GCC region and a 14 percent increase in retail transactions. The company has expanded its network to 828 service stations after opening 12 new stations in the third quarter of 2023. Adnoc Distribution is also expanding internationally, having acquired a 50 percent stake in TotalEnergies Marketing LLC in Egypt, and is investing in electric vehicle charging infrastructure and hydrogen refuelling in the UAE.

The UAE's minister of economy, Abdullah bin Touq al Marri, announced at the Future Hospitality Summit in Abu Dhabi plans for a new GCC visa to facilitate travel for non-citizen residents within the GCC states. This initiative is part of a broader strategy to boost local and regional tourism and diversify economies away from oil and gas. The tourism and hospitality sector in the GCC has seen a significant post-COVID recovery, with a 47% increase in its contribution to GDP in 2023. The UAE aims to double its GDP by 2030, with tourism playing a key role. Saudi Arabia is also making substantial investments in tourism as part of its Vision 2030. The Saudi Public Investment Fund has established Asfar, a tourism investment company, to drive the industry. With nearly $2 trillion in hospitality and residential projects under development in the Middle East, there is a potential risk of oversupply, but al Marri views the competition as beneficial for growth.

The Arab Energy Fund, previously known as Apicorp, is set to invest $1 billion in the next five years to support energy transition and decarbonisation technologies in the Mena region. The fund's new strategy aims to help oil-producing countries reach a net zero future, aligning with the UN Paris Agreement. Investments will focus on carbon capture, energy efficiency, and other technologies to reduce emissions. The fund will maintain investments in fossil fuels, taking a balanced approach to the energy transition. It has allocated 20% of its $4.5 billion loan portfolio to environmental and socially responsible initiatives and has issued a $750 million green bond. The fund's director of sustainability, Raeda Al Sarayreh, emphasized the importance of economic sense in achieving net zero, balancing energy security and sustainability.

The article discusses the significant rise in Brent crude oil prices, which have increased by 30% since May and are approaching $100 a barrel. This surge has sparked fears of inflationary pressures on the global economy. The Opec+ supply cuts have tightened the market, leading to speculation that oil prices will reach the $100 level. Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, defended the Opec+ cuts at the World Petroleum Congress in Canada, emphasizing the need for stable markets. Economists predict that high oil prices will persist due to constrained supply by Saudi Arabia and Russia, while demand remains strong. However, there are concerns that sustained high oil prices could lead to a global inflationary spiral and negatively impact the world's biggest economies, including the US, China, India, and Japan.

Opec, led by Haitham Al Ghais, has criticized the International Energy Agency's (IEA) view that fossil fuel demand will peak before 2030, labeling it as dangerous and potentially leading to energy chaos. Opec argues that such narratives, which call for an end to new oil and gas investments, threaten global energy security and ignore the industry's technological advancements in reducing emissions. Opec estimates a need for $12 trillion in investment by 2045 to meet global oil demand. The UAE, an Opec member, is set to host the UN's Cop28 summit, with Adnoc CEO Sultan Al Jaber nominated as president-designate. The IEA advocates for more action to limit global warming to 1.5C, while Opec confirms its forecast for robust oil demand growth in 2023 and 2024. The EIA has slightly reduced its oil demand growth estimate for 2024.

Workers at Chevron's Wheatstone and Gorgon LNG facilities in Western Australia have initiated a strike over pay and working conditions, causing concerns over global LNG supplies. Australia, being the world's largest LNG exporter, plays a crucial role in the market, and the strike has led to an increase in British and European gas prices. Energy experts, including Robin Mills and Matt Stanley, suggest that the strike could benefit rival producers in the US and the Gulf, particularly Qatar, as they may gain long-term market share in Asia and Europe. The strike highlights the fragility of global LNG supplies, with new projects not expected until at least 2026. The situation could lead to increased competition for supplies, potentially benefiting Qatar and other Gulf producers, who are seen as more reliable suppliers and are investing to gain market strength.

Abu Dhabi has launched the Centre for Climate Diplomacy at the Anwar Gargash Diplomatic Academy, in partnership with Adnoc and Mubadala, to prepare regional leaders for climate change discussions. The centre will focus on sustainable finance, adaptation, resilience, energy transition, and climate diplomacy, aiming to bridge the gap between research and policy. With a budget of AED3 million for the first two years, it seeks to collaborate internationally and educate policymakers. The UAE, hosting Cop28 in November, emphasizes the importance of diplomacy in climate action. The UN's recent climate stocktake indicates that current progress is inadequate to meet the Paris Agreement's 1.5C objective.

Libya's main oil export terminals have reopened after being closed due to Hurricane Daniel, which caused floods and destruction in the country's eastern region. The National Oil Corporation (NOC) declared a state of maximum alert but reported no material damage to port facilities. Libya, a significant oil and gas exporter to Europe, has been facing production challenges due to internal conflict and now weather disruptions. Despite the closures, oil prices remained relatively stable, with OPEC maintaining its positive global oil demand forecast for the coming years. Energy expert Robin Mills anticipates that the impact on Libya's oil production will be short-term due to the country's limited storage capacity.

Italian oil and gas company Eni, led by CEO Claudio Descalzi, plans to invest $7.7 billion in Egypt's energy sector over the next four years. This investment aims to expand Eni's presence in Egypt, where it is already the leading producer with a daily production of 350,000 barrels of oil equivalent. The announcement followed a meeting between Egypt’s President Abdel Fattah El Sisi and Descalzi, which also included Egypt’s minister of petroleum Tarek El-Molla. Eni's commitment aligns with Egypt's goal to achieve net-zero emissions by 2050, and the company is involved in various initiatives such as carbon capture and renewable energy projects. Despite economic challenges, including inflation and currency shortages, Egypt continues to attract foreign investment in its energy sector, as evidenced by BP's intention to invest $3.5 billion over the next three years.

OQ Gas Networks (OQGN), Oman's natural gas transportation network operator, is planning to sell up to 49% of its share capital through an IPO on the Muscat Securities Market, with the listing scheduled for October. The subscription is open to all qualified investors, pending regulatory approval. OQ, the state oil company, will retain a 51% stake in OQGN. The company announced a semi-annual dividend policy, with the first dividend of OMR33 million expected in January 2024. The IPO could be the largest in Oman in nearly two decades, potentially raising between $700 million to $800 million. OQGN owns a 4,000 km gas pipeline grid and its assets are valued at approximately $2.5 billion. The IPO is part of Oman's larger strategy and divestment program managed by the Oman Investment Authority. Earlier this year, the IPO of Abraj Energy Services raised $244 million and was significantly oversubscribed.