Saudi Energy Minister Prince Abdulaziz bin Salman speaking at the Middle East and North Africa Climate Week this month. AFP
Saudi Energy Minister Prince Abdulaziz bin Salman speaking at the Middle East and North Africa Climate Week this month. AFP
Saudi Energy Minister Prince Abdulaziz bin Salman speaking at the Middle East and North Africa Climate Week this month. AFP
Saudi Energy Minister Prince Abdulaziz bin Salman speaking at the Middle East and North Africa Climate Week this month. AFP

Oil industry acquisitions show hydrocarbons are here to stay, Saudi minister says


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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.

Amin Nasser, chief executive of Saudi Aramco, at the World Economic Forum in Davos. Bloomberg
Amin Nasser, chief executive of Saudi Aramco, at the World Economic Forum in Davos. Bloomberg

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.

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  • 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
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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

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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

 

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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

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Updated: October 24, 2023, 4:45 PM`