Rystad Oil Price Estimates Q1: $52/bbl Brent | $49/bbl WTI | $51/bbl Dubai price

 

A new year, a new start. We are delighted to bring you the MENA Regional Newsletter - Rystad Energy's quarterly bulletin to keep you informed with news and insights in the Middle East and North African region. 

OPEC News: OPEC+ protectionism is helping the US shale industry find 32% more CFO to boost spending in 2021

The decision by OPEC+ to continue shielding the global oil market by curtailing its output, even with generous self-imposed cuts like Saudi Arabia's 1 million barrels per day "gift", has helped WTI crude pries exceed the $50 mark. The positive effect on oil prices is set to create a chain reaction in the US, where shale operators will see cash from operations (CFO) boosed by 32% in 2021.  

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Energy Transition report: Asia to remain mother of batteries, cell supply deficit coming after 2025, net zero is the new black

The energy world is changing, and quicker than most experts predicted only a year ago. The adaptation of renewable energy technologies is accelerating, even during the pandemic, and three contenders – carbon capture and storage (CCS), battery storage and hydrogen – have begun a competitive race to reduce emissions and assist the increasing number of countries, industries and companies that are setting net zero targets. Read more

MENA News: Kuwait announces trio of new discoveries after four-year hiatus

Kuwait earlier this week announced three major oil and gas discoveries, the first since 2016, adding to national oil reserves that ranked seventh in the world with an estimated 101.5 billion barrels at the end of 2019. The new onshore finds have been flow tested and include the Homah oil field, Al Qashaniyah and an unnamed discovery north of the giant Burgan field. Read more

Market News: Refining: Five key themes to watch for 2021

Following a year of turmoil for refiners, 2021 is set to be another year of increasing hardship. Despite the harsh downstream environment, refiners in China and the Middle East are set to rapidly expand their refinery fleets, while European and North American refiners are likely to announce more closures following last year’s impacts on profits. 

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Renewables News: Saudi Arabia must hold more renewable auctions in order to achieve green targets

Saudi Arabia increased its renewable energy targets significantly in January 2019, aiming to have 27.3 gigawatts (GW) of renewable capacity installed by 2023 and 58.7 GW by 2030. Of this, 20 GW will come from solar photovoltaic (PV) generation in 2023 and 7 GW will come from wind. By 2030, capacity from these two sources will increase to 40 GW and 16 GW respectively, while 2.7 GW is expected to come from concentrated solar power (CSP). Read more

Service News: EPCI service providers in the Middle East need greener solutions to grow

As the world transitions to green energy, the oil-rich countries in the Cooperation Council for the Arab States of the Gulf (GCC) are also delving into greener solutions. Over the next five years, the region will witness the installation of solar plants with a total capacity of over 19 gigawatts (GW) and onshore wind farms with a total capacity of over 2.5 GW. 

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