Latest news with #SuhailAlMazrouei
Zawya
3 days ago
- Business
- Zawya
OPEC+ may discuss oil output hike larger than 411,000 bpd for July, sources say
OPEC+ may discuss an increase in oil output for July at its meeting on Saturday larger than the 411,000 barrels per day (bpd) increases it made for May and June, sources familiar with OPEC+ talks told Reuters. Eight OPEC+ countries have been raising output more rapidly than earlier planned, even though the extra supply has weighed on prices. The strategy of group leaders Saudi Arabia and Russia is partly to punish over-producing allies and to win back market share, Reuters has reported. On Saturday, the eight members may decide to increase output by 411,000 bpd for July, OPEC+ sources have told Reuters. Two more sources familiar with OPEC+ talks and two OPEC+ delegates said they could also discuss a larger increase. Kazakhstan's statement on Thursday that it won't cut production has sparked debate in OPEC+, some of the sources said on Friday, with one saying that this factor may tilt discussions towards a larger output hike on Saturday. All sources declined to be identified by name due to the sensitivity of the matter. OPEC and authorities in Russia and Saudi Arabia did not immediately respond to requests for comment on Friday. United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei, asked about the plan for July output on Tuesday, said OPEC+ was doing its best to balance the oil market and needed to be mindful of rising demand. Kazakhstan has been pumping hundreds of thousands of barrels over its OPEC+ target for months, a factor that has angered other OPEC+ members and helped sway a decision by the group to proceed with plans to hike output in April, sources said at the time. OPEC+ wants it to compensate by making further cuts, but on Thursday Russia's Interfax news agency cited Kazakhstan's deputy energy minister as saying that the country has informed OPEC that it does not intend to reduce production. Oil prices fell to a four-year low in April below $60 per barrel after OPEC+ said it was accelerating its output hike in May and as U.S. President Donald Trump's tariffs raised concerns about global economic weakness. Since then prices have recovered to about $65. OPEC+, which includes OPEC members and allies such as Russia, has made deep output cuts since 2022 to support the market. Eight members of the group have been increasing production since April to unwind some of those cuts. (Reporting by Alex Lawler, Ahmad Ghaddar, Olesya Astakhova, Maha El Dahan and Yousef Saba; writing by Alex Lawler; editing by Simon Webb and Jason Neely)
Reuters
3 days ago
- Business
- Reuters
OPEC+ may discuss oil output hike larger than 411,000 bpd for July, sources say
LONDON/MOSCOW, May 30 (Reuters) - OPEC+ may discuss an increase in oil output for July at its meeting on Saturday larger than the 411,000 barrels per day (bpd) increases it made for May and June, sources familiar with OPEC+ talks told Reuters. Eight OPEC+ countries have been raising output more rapidly than earlier planned, even though the extra supply has weighed on prices. The strategy of group leaders Saudi Arabia and Russia is partly to punish over-producing allies and to win back market share, Reuters has reported. On Saturday, the eight members may decide to increase output by 411,000 bpd for July, OPEC+ sources have told Reuters. Two more sources familiar with OPEC+ talks and two OPEC+ delegates said they could also discuss a larger increase. Kazakhstan's statement on Thursday that it won't cut production has sparked debate in OPEC+, some of the sources said on Friday, with one saying that this factor may tilt discussions towards a larger output hike on Saturday. All sources declined to be identified by name due to the sensitivity of the matter. OPEC and authorities in Russia and Saudi Arabia did not immediately respond to requests for comment on Friday. United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei, asked about the plan for July output on Tuesday, said OPEC+ was doing its best to balance the oil market and needed to be mindful of rising demand. Kazakhstan has been pumping hundreds of thousands of barrels over its OPEC+ target for months, a factor that has angered other OPEC+ members and helped sway a decision by the group to proceed with plans to hike output in April, sources said at the time. OPEC+ wants it to compensate by making further cuts, but on Thursday Russia's Interfax news agency cited Kazakhstan's deputy energy minister as saying that the country has informed OPEC that it does not intend to reduce production. Oil prices fell to a four-year low in April below $60 per barrel after OPEC+ said it was accelerating its output hike in May and as U.S. President Donald Trump's tariffs raised concerns about global economic weakness. Since then prices have recovered to about $65. OPEC+, which includes OPEC members and allies such as Russia, has made deep output cuts since 2022 to support the market. Eight members of the group have been increasing production since April to unwind some of those cuts.
The National
5 days ago
- Business
- The National
UAE faces surge in demand for energy amid data centre boom
Demand for energy is surging in the UAE as the country embraces the technology of the future, Minister of Energy and Infrastructure Suhail Al Mazrouei said on Tuesday. He was speaking at the World Utilities Congress in Abu Dhabi, as the country forges ahead with new data centres and the population increases sharply. With artificial intelligence as an emerging driver for society, governments should be 'very open to new ideas when it comes to efficiency improvement', Mr Al Mazrouei said. 'The demand is growing and growing very strongly, with more power required for data centres. It's overwhelming, I can tell you, even for a country like us in the UAE,' he added. Last week saw the announcement of Stargate UAE, a mega data centre project to be built in Abu Dhabi by AI major G42, OpenAI, Oracle, Nvidia, Cisco and SoftBank Group. The one-gigawatt compute cluster will operate in the recently established five-gigawatt UAE–US AI Campus. Mr Al Mazrouei said countries should look 'objectively' at the cost of energy. He also said many countries faced the problem of regulators being 'unable to adapt to the same speed as the industry'. The renewable energy industry is 'very progressive' and has had to reduce the cost for end users, as well as 'improve the efficiency of the whole system', he added. Mohamed Al Hammadi, managing director and chief executive of Emirates Nuclear Energy Company (Enec), said the AI boom required 'urgent action' to increase clean power – particularly nuclear – to meet rising global electricity demand. 'The world is waking up to the realities of grid security and the need for reliable, abundant, and clean electricity. If we want to lead in AI and digital infrastructure, we must lead in energy,' he said at the summit, addressing a panel exploring the global power outlook to 2030. Data centres consume a significant amount of energy, with some using sustainable sources such as solar and water. 'We don't have a clear understanding of the net added energy demand,' said Francesco La Camera, director general of the International Renewable Energy Agency. 'And this is why if it's true that data centres will require [more] power, this power should be provided by renewables. 'It's also true that the use of AI … could reduce, in some way, the demand for energy for more efficient systems,' he told The National on the sidelines of the summit. Opec+ should be 'mindful' of rising oil demand Despite a growing focus on renewable energy, Opec+ should be 'mindful' about oil demand, said Mr Al Mazrouei. The oil group, led by Saudi Arabia and Russia, are 'doing their best' to balance the market and ensure there is enough investment into the supply, he said. 'If this group was not there, there will be chaos … you will be seeing shocks and that is not good news for consumers,' the minister said. On Friday, oil prices posted their first weekly decline since April amid worries over the latest talks between US and Iranian negotiators over the latter's nuclear programme. Prices were up in early trade on Tuesday. Oil prices had earlier fallen on reports that Opec+ is planning to boost supply again in July. The supergroup of producers had announced output increases of 411,000 barrels per day for May and June – and is likely to announce a similar increase for July during its May 31 meeting, according to a Bloomberg report. How Opec+ policy evolves during this year will depend on internal compliance issues and the broader developments in the oil market, analysts at Saudi Arabia's Jadwa Investment said in its oil market update for May. Opec+ is likely to scale back production increases later in the year as global inventories increase. Despite the group's efforts, Mr Al Mazrouei said they may not be enough and it may 'need the help of others'. AI energy solution At the summit, the Abu Dhabi Department of Energy, in collaboration with G42 unit Presight, unveiled the Abu Dhabi Water and Energy AI Solution platform, which integrates power, water, district cooling and petroleum product systems into a centralised decision-making hub. The platform has an initial target of generating Dh100 million ($27.2 million) at launch, and is expected to grow to Dh1 billion before 2028, according to Department of Energy chairman Abdulla Al Jarwan. 'This innovation will optimise operations, predict complex demand patterns, achieve real-time system visibility and significantly enhance customer behaviour for millions of users,' he said.
Reuters
6 days ago
- Business
- Reuters
OPEC+ set to agree July oil output hike this week, sources say
LONDON/DUBAI, May 27 (Reuters) - OPEC+ is likely to agree to a further accelerated oil output hike for July this week, three delegates from the group told Reuters, in the latest stage of a plan to meet rising demand and increase market share. When the 22-member group meets on Wednesday to review the market, it is not expected to change policy, the sources said. But they said they expected an output hike to be agreed for July when the eight OPEC+ members meet on Saturday. OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, has agreed three layers of output cuts since 2022 to support the market, two of which are in place until the end of next year. Eight members began unwinding the most recent layer in April, and for May and June made larger-than-expected hikes of 411,000 barrels per day. Three OPEC+ sources told Reuters the eight members at their meeting on Saturday may decide on a similar 411,000 bpd output hike for July. All sources declined to be identified by name due to the sensitivity of the matter. "We assign a high probability to another sizeable output increase of 411,000 bpd," SEB analyst Ole Hvalbye said. "However, this potential hike seems largely priced in already," he added. United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei, asked about the plan for July output on Tuesday, said OPEC+ was doing its best to balance the oil market and needed to be mindful of rising demand. Oil fell to a four-year low in April below $60 per barrel after OPEC+ said it was accelerating its output hike in May and as U.S. President Donald Trump's tariffs raised concerns of global economic weakness. Since then it has recovered to about $65. Earlier this month, sources told Reuters that the eight countries, in addition to another 411,000 bpd output hike for July, may unwind the remainder of their voluntary hikes by the end of October. Wednesday's talks are scheduled to begin at 1300 GMT, the sources said.
CTV News
6 days ago
- Business
- CTV News
OPEC+ must be mindful of rising oil demand, UAE energy minister says
ABU DHABI - OPEC+ is doing its best to balance the oil market, but needs to be mindful of rising demand, United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei said on Tuesday. OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, has agreed various layers of cuts since 2022 to support the market. Members of the group, which plans to hold a full ministerial meeting on Wednesday, began unwinding some of the cuts in April. It has agreed larger-than-expected output boosts for May and June. 'This group, that is OPEC+, I would say is doing its best to balance the market and ensure that we have enough investments in the supply,' Al Mazrouei told a forum in Abu Dhabi. He had been asked about plans for oil output in July. 'Rest assured, this group is doing its best. But it is not enough only this group, we need the help of others, and we need to be mindful of the demand. Demand is picking up, and the market is going to surprise us if we're not investing in it.' Reporting Yousef Saba and Sarah El Safty, writing by Nayera Abdallah, editing by David Goodman and Barbara Lewis, Reuters
