Kuwait is largely reliant on oil for exports, government revenue and GDP contribution. The country is therefore particularly sensitive to fluctuating global hydrocarbons prices and the long-term financial risks associated with the global shift towards lower-carbon sources of energy. Transitioning towards a more diversified and sustainable energy mix is an ongoing challenge for the country, as for much…
After opening 2022 at around $78 per barrel, Brent crude oil prices rose sharply over the next few months to surpass $127 on March 8 – the highest price in 14 years, driven in part by Russia’s invasion of Ukraine – before moderating slightly to around $106 as of mid-March. Although investment in oil and gas has fallen by about 30% since the outbreak of the Covid-19 pandemic, there are signs that…
With hydrocarbons-rich countries in the Gulf increasingly looking to reduce their carbon emissions, some in the region are turning to multi-coloured hydrogen as a more environmentally sustainable solution. Along with renewable sources like solar and wind, hydrogen is regarded as a potential low-carbon or zero-carbon fuel that is key to the transition away from fossil fuels. However, different types…
Saudi Aramco is planning to boost its maximum crude oil production capacity to over 13m barrels per day (bpd) by 2027, up from 12m bpd as of August 2022. This is set to bolster Saudi Arabia’s position in global energy markets and afford the Kingdom greater agility under various possible energy transition scenarios. The expansion plan was announced in March 2020 and is expected to be delivered in…
As Saudi Arabia moves to diversify its economy and reduce its reliance on oil revenue, the energy sector is set to remain of paramount importance to future development. The Kingdom is positioning itself to increase its oil exports over the coming decade in a move expected to help the country maintain its role as a reliable and versatile global supplier in an increasingly uncertain market. Government-owned…
Interview:Turki Al Shehri How do you assess the potential of green hydrogen as a viable energy alternative? TURKI AL SHEHRI: Green hydrogen has significant potential in Saudi Arabia, largely because the necessary infrastructure for it is already in place. The Kingdom exports hydrocarbons to many countries around the world, so, as such, the mechanisms and partnerships to export green hydrogen…
Interview:Gregory Fayet Which factors make Saudi Arabia an attractive destination for clean energy investment? GREGORY FAYET: Saudi Arabia’s energy transition started in 2017 when the country undertook projects in solar and wind power generation totalling 5000 MW. Looking ahead, the country has set ambitious targets in terms of reducing its carbon footprint and expanding capacity by developing…
With increasing oil and gas prices and an expanding non-oil sector, Saudi Arabia has been logging record trade surpluses in recent years, while securing government revenue for future investment. The Kingdom is expected to be among the fastest-growing economies in the G20 in 2022 – and was on track to fulfil that forecast by the middle of the year. Indeed, in the first three months of 2022 G
As Saudi Arabia moves to diversify its economy and reduce its reliance on oil revenue, the energy sector is set to remain of paramount importance to future development. The Kingdom is positioning itself to increase its oil exports over the coming decade in a move expected to help the country maintain its role as a reliable and versatile global supplier in an increasingly uncertain market. State-owned…
– Gulf NOCs are expanding their carbon capture and hydrogen capacity – Partnerships with foreign companies are creating new trade opportunities – Middle East could capture up to 50m tonnes per annum of carbon by 2030 – Saudi Arabia aims to become a world leader in hydrogen production and export As hydrocarbons producers reap sustained revenue from high global prices, national oil companies…