Adnoc toasts its resilience
Reforms in response to the last industry downturn have equipped Abu Dhabi’s oil heavyweight to cope with the current crisis
State-owned Adnoc has, according to chief executive Sultan al-Jaber, left behind its conservative past in a "transformation" over his four-year tenure that has positioned it to "better respond to changing market dynamics". His claims, made as he hosted Abu Dhabi’s Crown Prince Mohammed bin Zayed al-Nahyan at the firm’s flagship Ruwais refinery in mid-June, are not ill-founded. The company is nimbler and better able to cope than it was during the 2014-16 price crash. But it has still had to adopt some of the tactics it employed during the previous downturn— paring contractor costs, deferring some larger capital projects and looking to novel means to financially leverage its asset base. Smart
Also in this section
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
