- QatarEnergy selects Nakilat to own and operate 25 conventional LNG vessels
- The joint development of the Dorra field between Saudi Arabia and Kuwait is pending the demarcation of the border with Iran
- Minister of Energy reaffirms the UAE’s commitment to adopting clean energy and supporting the Paris Agreement
- The new Hassi Messaoud refinery enjoys the support of the government and President Tebboune
- Increasing electrical interconnection capacities to export electricity beyond borders
- Qatar Energy stops sending liquefied gas tankers through the Red Sea for security reasons
- The inauguration of the Duqm Refinery, the largest joint Gulf project in the refinery sector
- Saudi oil exports are faltering due to Houthi attacks on ships in the Red Sea and Gulf of Aden
- Algeria to host and chair the Gas Exporting Countries Forum summit (February 29 to March 2, 2024)
- Egypt Energy Conference and Exhibition 2024 gives a strong impetus to the global energy dialogue
Egypt’s fuel debt has increased to $3 billion
Global oil prices should stay stable or fall just under their current levels over the next five years as Asian consumption makes up for a potential drop in European and US demand, Kuwait’s oil minister said on Monday.
Asia is the Gulf state’s biggest oil customer, receiving 65 percent of its exports, Hani Hussein told state news agency KUNA on the sidelines of an Asian summit in Kuwait.
He said oil prices will remain “stable or just under the current level,” over the next five years thanks to “active and increasing” consumption in Asia, KUNA reported.
Consumption in Western nations could stay the same “or drop to a certain degree,” he added. OPEC member Kuwait produces around 3m barrels of oil a day.
Brent futures slipped towards US$114 a barrel on Monday, falling for a second session due to worries over weak oil demand, although concerns over potential supply risks from tension in the Middle East kept losses in check.
China’s crude oil imports rose in September, but demand remained weak, underlining a worsening outlook for global fuel consumption.
Source: Reuters
