Issue 22

Oil & Gas

• Israel Eyes 2.5bn Cfd Regional Connectivity By 2028 Amid Record Egypt Gas Exports
• Iran Revives 4mn B/D Production Target
• Baghdad Open For Tripartite Talks On Kurdistan-Ceyhan Pipeline
• Aramco Supplies US With Carbon-Offset Crude

Corporate

• MedcoEnergi Exits Libya As NOC Acquires Its North Hamada Stake
• First Oil Export From UAE’s Belbazem
• Saudi Arabia To Raise Up To $13bn Through Aramco Secondary Offering

OPEC

• Saudi Production Cuts Yield Revenue Gains

Geopolitical Risk

• Sudan’s Army Turns To Russia For Weapons In Exchange For Naval ‘Supply Point’

Refining & Petrochemicals

• Abu Dhabi Greenlights Construction Of Ta’ziz Low-Carbon Ammonia Plant
• Cyprus LNG Import Hopes Hang In The Balance

Power & Water

• Israel Renewables Boosted By Solar+Storage Start-Ups
• Saudi Arabia’s Saad Solar Plant Approaches Readiness

Economics & Finance

• Oman Q1 Oil Revenues Steady At $4bn Despite Falling Crude Output

News In Brief

• KOC Awards $3bn In Drilling Contracts
• Libya’s Oil Minister Resumes Duties After Two-Month Suspension
• Bahrain Power Project Refinances
• Adnoc Awards Azerbaijan’s Socar 3% Stake In Offshore Concession
• Aramco Completes Purchase of 40% Stake In Gas & Oil Pakistan
• Algeria Nears Gas Deals With Chevron, ExxonMobil

Selected Data

• Benchmark Crude Prices ($/B)
• JAPAN CRUDE IMPORTS (MN B/D): UAE SOLIDIFIES TOP SPOT AHEAD OF SAUDI ARABIA IN 2024 WITH NEAR RECORD 1.191MN B/D DELIVERED IN APRIL. THE MIDDLE EAST’S SHARE REMAINS AT 95% THROUGH 4M24 DESPITE VOLUMES SLUMPING 10% YEAR ON YEAR