Adnoc headquarters in Abu Dhabi
UAE could be big winner from Aramco U-turn
Saudi Arabia’s decision not to expand capacity target seen as bolstering UAE’s position within OPEC+
The UAE is set to fortify its influence within OPEC+ and state-run Adnoc is expected to clinch a bigger oil market share after Saudi Arabia decided to halt NOC Saudi Aramco’s plan to boost its maximum sustainable capacity (MSC) to 13m b/d by 2027. Before this reversal, the world’s biggest oil exporter was betting on an uptick in global demand that would have justified its additional 1m b/d of capacity by 2027. Saudi Arabia’s change of strategy means that, while it still maintains its position as the ultimate swing producer—bringing on and taking off barrels at short notice to manage the market—the gap between it and the UAE is set to narrow, potentially altering market power dynamics between
Also in this section
16 September 2024
The third part of our fourth chapter on the history of oil takes the story of gas to the present day with the rise of LNG and the creation of a truly global market
16 September 2024
Gas is difficult to move compared with oil, requiring additional infrastructure. The second part of our history of gas examines how expanding pipeline networks made it possible to monetise the fuel
16 September 2024
The first part of our fourth chapter on the history of oil looks at the origins of gas and LNG—once considered a nuisance, now a fuel of the future
13 September 2024
The Ukraine–Russia gas transit and interconnection agreements are due to expire at the end of this year, but despite some uncertainty, Europe seems well-prepared
