The Middle East Energy

On August 1, an increase in petrol charges came into force in Dubai and the rest of the UAE, following the announcement on July 22 by the Ministry of Energy (MoE) that the government is reducing the fuel subsidy it has traditionally paid. 

While lower prices may limit new investments in Oman’s upstream energy sector, Iran’s return to international markets is likely to have a mixed effect on the sultanate’s economy. 

Ground is set to be broken in late summer on a $10bn pipeline that will carry Azeri natural gas to Turkey and on to Europe, as energy security remains a key issue in the region. 

Efforts by Abu Dhabi to position itself as a leader in the clean energy sector received a boost in early June, when the International Renewable Energy Agency (IRENA) opened  its global headquarters in the emirate’s clean tech-focused free zone, Masdar City.

Production from Saudi Arabia’s oil fields will remain at near record levels for the next few months, with Riyadh looking to maintain above-average output despite low prices.

Plans by Abu Dhabi to invest more than $25bn over the next five years to increase offshore oil production capacity look set to secure the emirate’s position as a leading oil producer, amidst a global decrease in oil and gas capital expenditure.