Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman on Tuesday said recent acquisitions by major oil firms showed that hydrocarbons were here to stay.
This month, US oil major Exxon Mobil said it was buying Pioneer Natural Resources in a deal valued at $59.5 billion. Meanwhile, Chevron has agreed to acquire smaller rival Hess in a $53 billion deal.
"Exxon [and] Chevron didn't buy because they want to have stranded assets," Prince Abdulaziz said at the Future Investment Initiative in Riyadh.
Asked whether the Opec alliance would continue to be proactive, pre-emptive and precautious, Prince Abdulaziz replied: “But it works.”
Global oil trading is worth $2 trillion and the commodity should be attended to, much like currencies such as the US dollar and the euro, the minister said.
His remarks come as Brent crude, the benchmark for two third of the world’s oil, has risen by about 7 per cent since Hamas, which rules Gaza, launched an unprecedented assault on Israel on October 7.
Israel retaliated with air strikes on Gaza, where the death toll has risen to more than 5,000. Prime Minister Benjamin Netanyahu's government is also gearing up for a ground offensive in the Palestinian enclave, home to more than 2 million people.
Brent crude was trading 1.41 per cent lower at $88.56 a barrel at 6.52pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was down 1.40 per cent at $84.29 a barrel.
Meanwhile, Saudi Aramco, the world’s largest oil-exporting company, expects significant crude demand growth in the second half of the year, its chief executive Amin Nasser said during a separate panel session.
“The call on the industry is [for] 103 million barrels per day [in the second half of 2023] and this is in the middle of economic headwinds,” Mr Nasser said.
Oil demand could grow further in case of economic growth recovery in China, the world’s largest crude importer, he said.
Mr Nasser also said a “one-size-fits-all” energy transition was not acceptable, as it does not consider the economic maturity of each countries.
“You need to make sure that you have adequate, reliable, available [and] affordable sources of energy,” Mr Nasser said.
“We are investing to bring additional capacity of oil and gas and, at the same time, investing in the new energies, which is renewable, green and blue hydrogen."
Marco Arcelli, chief executive of Riyadh-based utility Acwa Power, said he believed in a "balanced mix" of power generation, which means every country can use "all the sustainable resources they can".
"They [the countries] will need some backup, [which] can be provided for a transition that will [go on] for the next decades," he told a panel about renewable energy.
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
COMPANY%20PROFILE
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More coverage from the Future Forum
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
DC%20League%20of%20Super-Pets
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Indoor Cricket World Cup
Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
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The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
Killing of Qassem Suleimani
Results
2.15pm: Handicap Dh80,000 1,950m
Winner: Hello, Tadhg O’Shea (jockey), Ali Rashid Al Raihi (trainer).
2.45pm: Handicap Dh90,000 1,800m
Winner: Right Flank, Pat Dobbs, Doug Watson.
3.15pm: Handicap Dh115,000 1,000m
Winner: Leading Spirit, Richard Mullen, Satish Seemar.
3.45pm: Jebel Ali Mile Group 3 Dh575,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer.
4.15pm: Handicap Dh105,000 1,400m
Winner: Ode To Autumn, Patrick Cosgrave, Satish Seemar.
4.45pm: Shadwell Farm Conditions Dh125,000 1,200m
Winner: Last Surprise, James Doyle, Simon Crisford.
5.15pm: Handicap Dh85,000 1,200m
Winner: Daltrey, Sandro Paiva, Ali Rashid Al Raihi.
T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
The specs
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Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
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