As of August 2021, Qatar has delivered a total of 715 LNG cargoes to China
Qatar Petroleum entered into a long-term sale and purchase agreement (SPA) with CNOOC Gas and Power Trading & Marketing Limited, a subsidiary of China National Offshore Oil Corporation (CNOOC), for the supply of 3.5 million tons per annum (MTPA) of LNG over a 15-year period starting January 2022. The SPA was signed during a virtual […]
Algeria, Iran, Iraq and Libya were counted among the biggest gas flarers globally
Gas flaring – the combustion of unwanted natural gas produced during oil recovery – is losing many oil-producing countries up to $82bn*, according to GlobalData. The data and analytics company notes that, even though technological solutions exist to avoid gas flaring, many countries persist with the activity, including developed countries such as the US and […]
Oil prices rose again today, with Brent exceeding $80 per barrel, as tight global supply faces growing demand, with some gas to oil switching expected in Asia
Brent prices climbing above $80 per barrel for the first time since the pandemic started is a significant market event and highlights how the balance has changed dramatically, from global demand destruction and negative prices to supply tightness as demand returns. It is only now that the market is feeling the supply damage the Covid-19 […]
Oil prices continue to rise, with Brent approaching $80 per barrel, as global supply tightness keeps fueling the bullish rally
The rise of oil prices is continuing beyond what even most bullish traders would dream just months ago, and Brent hurtling towards the threshold of $80 per barrel is reflective of the extraordinarily tight crude market. However, upward space for price maneuvering could just as easily be extinguished, either as investors opt for profit taking […]
The nation is aiming to meet its climbing domestic demand and reduce its share of imports
China is looking to pump up oil and gas production in the years ahead to meet climbing domestic demand and reduce the record-high share of imports in its oil consumption. A Rystad Energy report projects a surge in spending till 2025, which will be accompanied by a drilling spree totaling 118,000 wells that will create […]
Oil prices remain strong on the back of another sizeable draw of US crude stocks, while outages of some supply capacity are expected to last through the end of the year
Although not rising today, oil prices continue to thrive on the momentum of supply constraints in the US Gulf of Mexico, which was reflected in the large crude inventory draws report of last week. While oil production is slowly returning, there are still prolonged outages that may last into early next year, supporting a bullish […]
The ADNOC Drilling IPO set to be largest-ever ADX listing
The Abu Dhabi National Oil Company (ADNOC) announced that it has increased the number of ordinary shares offered in the initial public offering (IPO) of ADNOC Drilling from 1,200,000,000 ordinary shares to 1,760,000,000 ordinary shares, which equates to 11% of ADNOC Drilling’s total issued share capital. Subject to completion of the IPO, ADNOC will continue […]
H.E. Dr. Al Jaber noted LNG and broader gas markets globally are tightening, with demand outpacing supply
Natural gas is set to play a pivotal role in powering economic growth in the United Arab Emirates (UAE) over the next 50 years, according to His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC). Delivering […]
