Energy leaders, ministers, and policymakers will gather in Abu Dhabi amid heightened concerns of a region-wide conflict in the Middle East, and as industry stakeholders closely monitor next week’s US election, which could have far-reaching implications for the energy sector.
Abu Dhabi International Petroleum Exhibition and Conference (Adipec) will take place from November 4 to 7, as the Middle East remains embroiled in geopolitical turmoil. With heightened tensions between Israel and Iran, along with the ongoing conflicts in Lebanon and Gaza, the region's stability and energy security are facing significant challenges.
Oil traders are increasingly concerned about potential disruptions to Iranian oil exports, which could significantly impact global crude supply and drive up prices.
“The range of possible outcomes for the oil market has seldom been as wide as it is at the current juncture,” said Ehsan Khoman, head of commodities, ESG and emerging markets at MUFG.
In one scenario, Middle East conflicts disrupt oil supply, tightening the market and raising prices, while in another, Opec+ uses its spare capacity to reclaim market share, which could drive prices down, Mr Khoman said in a research note last week.
“Both of these scenarios have existed before, but rarely collectively.”
Brent, the benchmark for two-thirds of the world’s oil, is down by nearly 20 per cent since reaching $91 a barrel in April this year, as demand concerns from China and other developed economies outweigh fears of supply disruptions in the Middle East.
This year’s Adipec will host more than 2,200 exhibitors and prominent speakers, including energy ministers from Jordan, Egypt, and Cyprus.
Key speakers include Opec Secretary General Haitham Al Ghais, the UAE's Minister of Energy and Infrastructure Suhail Al Mazrouei, and Indian petroleum minister Hardeep Singh Puri.
Other notable speakers at Adipec are BP's chief executive Murray Auchincloss, Shell's chief executive Wael Sawan, Eni head Claudio Descalzi, and Petronas' chief executive Tengku Taufik.
The panel sessions will delve into the geopolitical, sustainability, and economic implications of decarbonisation and the future of the energy industry, with a particular focus on the role of artificial intelligence in driving these changes.
A key feature of this year's Adipec is the AI Zone, which will showcase cutting-edge AI solutions from companies such as enercap, Accenture, AIQ, Microsoft, and Baker Hughes.
“In its 40th edition, Adipec is set to be the most impactful yet, as the global energy community unites to drive practical solutions that will shape the future of energy, said Christopher Hudson, president of dmg events, the event’s organisers.
Election impact on Mena
The November 5 US presidential election will have significant consequences for national and global energy, and climate policies.
Karen Young, senior research scholar at Columbia University's Centre on Global Energy Policy, said that while there may be minor differences in support for domestic oil production between a Kamala Harris or Donald Trump administration, “both are likely to commit to symbols of energy independence encouraging oil and gas production, which could have some impact on how Middle East oil and gas producers view the US as a competitor.”
The US, the world’s largest oil and gas producer, is headed for another year of record production, although with a significantly smaller increase as companies scale back activity following a wave of acquisitions in the industry.
Production from American oilfields reached a record high of 12.9 million barrels per day last year as companies utilised new technology to counterbalance lower oil prices and reduced rig counts.
“How Opec+ can maintain cohesion in the face of increasing supply from the Americas will create opportunities and challenges, especially for Saudi Arabia if the kingdom seeks closer defence and nuclear cooperation with the US,” Ms Young said in an October report.
A parallel effort by the kingdom to retake market share could ensue and even come with a US administration’s blessing despite the negative impact to US producers, she added.
When it comes to natural gas supply, Egypt’s declining gas production and exports could strain its finances, requiring further US, multilateral and Gulf support, Ms Young said.
Egypt achieved natural gas self-sufficiency in 2018 thanks to the discovery and operation of the Zohr field off its Mediterranean coast. This allowed the North African country to stop importing natural gas and briefly become an exporter.
However, the country began experiencing gas shortfalls in 2022, particularly due to the natural depletion of wells in the Zohr field, which contributes around 35 per cent of the country’s total gas production.
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
RACE CARD
6.30pm Maiden Dh165,000 (Dirt) 1,200
7.05pm Handicap Dh165,000 (D) 1,600m
7.40pm Maiden Dh165,000 (D) 1,600m
8.15pm Handicap Dh190,000 (D) 1,600m
8.50pm Handicap Dh175,000 (D) 1,400m
9.25pm Handicap Dh175,000 (D) 2,000m
The National selections:
6.30pm Underwriter
7.05pm Rayig
7.40pm Torno Subito
8.15pm Talento Puma
8.50pm Etisalat
9.25pm Gundogdu
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SPECS
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THE BIO
Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.
Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.
She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.
She is the youngest of three children, and has a brother and sister.
Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring the natural world.
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
Company%20profile
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Crazy Rich Asians
Director: Jon M Chu
Starring: Constance Wu, Henry Golding, Michelle Yeon, Gemma Chan
Four stars
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Red Sparrow
Dir: Francis Lawrence
Starring: Jennifer Lawrence, Joel Egerton, Charlotte Rampling, Jeremy Irons
Three stars
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
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