22
Middle East news Regional update
Reaching the end of what has been a challenging year, I am in admiration of all our members who have adapted to survive throughout 2020, and hope in some way we have supported Ryan M cPhers on you in this endeavour. This is something that we will continue to do where I look back on 2020 with a degree of pride while realising the impact that recent events have had on our industry. With over 20 webinars delivered since April and a strong contingent of speakers from the region at October’s Virtual Energy Exports Conference we have continued to deliver the level of service that you have become accustomed to, providing up to date market intelligence and information when required most. The addition of our African membership and subsequent Africa AssetMap has helped to strengthen our global footprint and is certainly an area you can expect to see more of with discussions already underway for Africa Connect in 2021. The feedback we have received to this extent has been extremely positive. This years’ Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) was no doubt a strange week for many of you. However, in adapting to a series of webinars with several tier 1 contractors in the region we were able to provide some valuable insight that you could take in from the comfort of your own home/office. We look forward to a return to normality in 2021. Perhaps the highlight of the year was the delivery of our inaugural Saudi Arabia Connect event in November which was attended by record numbers with a full programme over the two days. I would like to thank all those who contributed from our speakers, attendees, sponsors and the advisory committee for their support in what was a tremendous event that we will look to build on supporting UK companies as they continue their journey in the kingdom. We will continue with our range of webinars planned into next year where anyone interested in sponsoring one of these as part of our ‘Global Digital Supporter’ initiative can contact baqhtawar.shaikh@the-eic.com to find out more. On a final note on behalf of the entire team here in Dubai we would like to wish you and your respective families our very best wishes over the holiday period and a healthy, happy and prosperous 2021, rest assured we will be on hand to support you come what may, in a time that we can hopefully all meet up again in person. Ryan McPherson, Regional Director, Middle East, Africa, Russia & CIS ryan.mcpherson@the-eic.com Get in touch Share your news and views...
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Regional news
Oil prices weaken as Libya restarts output from its biggest field
Oil prices remained flat as markets braced for the return of Libyan crude. The North African country’s biggest oilfield, El Sharara, resumed production after a force majeure of about 10 months that halted exports amid political clashes in the country. The possible return of Libyan barrels comes at a time when OPEC+, the producer alliance led by Saudi Arabia and Russia, has been gradually increasing output. The group, which undertook a historic correction in output earlier this year, is currently cutting back 7.7m barrels per day.
Planned gas investment in MENA region up 29% despite global slump
Planned gas investment in the MENA region rose by 29% to US$126 billion despite a slump in demand for clean fuel this year, according to the Arab Petroleum Investments Corporation. The increase comes after a 4% reduction in demand for gas globally this year, compared with 2019, due to the pandemic. The crunch in demand for gas, which is considered a clean fuel, was largely due to movement restrictions and slowing industrial activity around the world. Apicorp said the outlook for demand in 2020 was ‘in stark contrast’ to that of 2019, a record year for final investment decisions for liquefied natural gas around the world. The virus-induced economic crisis is expected to slow the growth rate for global gas demand from the previous estimate of 1.8% to 1.5% during the outlook period from 2020 to 2024.
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