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NewBase 02 December 2023 Energy News issue - 1678 by Khaled Al Awadi.pdf

Greetings FYI ................. NewBase 02 December 2023 Energy News issue - 1678 by Khaled Al Awadi. Founder & Senior Editor " NewBase Energy " Khaled M Al Awadi, Energy Consultant MS & BS Mechanical Engineering (HON), USAGreetings FYI ................. NewBase 02 December 2023 Energy News issue - 1678 by Khaled Al Awadi. Founder & Senior Editor " NewBase Energy " Khaled M Al Awadi, Energy Consultant MS & BS Mechanical Engineering (HON), USAGreetings FYI ................. NewBase 02 December 2023 Energy News issue - 1678 by Khaled Al Awadi. Founder & Senior Editor " NewBase Energy " Khaled M Al Awadi, Energy Consultant MS & BS Mechanical Engineering (HON), USAGreetings FYI ................. NewBase 02 December 2023 Energy News issue - 1678 by Khaled Al Awadi. Founder & Senior Editor " NewBase Energy " Khaled M Al Awadi, Energy Consultant MS & BS Mechanical Engineering (HON), USAGreetings FYI ................. NewBase 02 December 2023 Energy News issue - 1678 by Khaled Al Awadi. Founder & Senior Editor " NewBase Energy " Khaled M Al Awadi, Energy Consultant MS & BS Mechanical Engineering (HON), USA

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Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 1
NewBase Energy News 02 December 2023 No. 1678 Senior Editor Eng. Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oil prices fall more than 2% as investors skeptical of OPEC+ cuts
Reuters + NewBase
Oil prices slumped more than 2% on Friday on investor skepticism about the depth of OPEC+ supply
cuts and concern about sluggish global manufacturing activity.
 Brent crude futures for February settled down $1.98, or 2.45%, at $78.88 a barrel.
 U.S. West Texas Intermediate crude futures (WTI) dropped $1.89, or 2.49%, to $74.07 a barrel.
 For the week, Brent posted a decline of about 2.1%, while WTI lost more than 1.9%.
An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the
shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana
Meel/File Photo Acquire Licensing Rights
OPEC+ producers agreed on Thursday to remove around 2.2 million barrels per day (bpd) of oil
from the global market in the first quarter of next year, with the total including a rollover of Saudi
Arabia and Russia's 1.3 million bpd of current voluntary cuts.
ww.linkedin.com/in/khaled-al-awadi-80201019/
 OPEC+ agreed to 2.2 mln bpd of cuts for the first quarter
 US Fed to move carefully on interest rates
 Global manufacturing data sluggish in November
 Israel-Hamas war resumes after week-long truce expired
Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 2
Traders viewed the announcement with some skepticism, OANDA analyst Craig Erlam said.
"(It) seems traders either aren't buying that members will be compliant or don't view it as being
sufficient," Erlam added.
OPEC+, which pumps more than 40% of the world's oil, is reducing output after prices fell from
about $98 a barrel in late September on concerns about the impact of sluggish economic growth on
fuel demand.
The cuts "will not stop a billowing cloud of confusion that is going to take the oil market weeks and
months to figure out, and only if the self-reporting data is indeed reliable," PVM analyst John Evans
said.
The cuts agreed by OPEC+ on Thursday are voluntary, so there was no collective revision of
OPEC+ production targets. The voluntary nature of the cuts led to some skepticism about whether
or not producers would fully implement them, and also from what basis the cuts would be measured.
In the United States, Federal Reserve Chair Jerome Powell said on Friday that the central bank
would move "carefully" on interest rates as risks of "under- and over-tightening are becoming
balanced."
U.S. manufacturing remained subdued and factory employment fell in November, according to a
survey. Investors are keeping a watchful eye on global manufacturing activity, which remained
weak during the month on poor demand, surveys showed.
On Friday, talks to extend a week-long truce between Israel and Palestinian militant group
Hamas collapsed, prompting a resumption in the war in Gaza. The conflict had initially supported
oil prices on concern that any escalation that involved surrounding oil producers could disrupt
supply. So far, the conflict has had no significant impact on global oil flows.
On the supply side, the United States on Friday imposed additional sanctions related to the price
cap on Russian oil, targeting three entities and three oil tankers.
U.S. oil rigs rose five to 505 this week, their highest since September, energy services firm Baker
Hughes (BKR.O) said in its closely followed report on Friday.
Meanwhile, U.N. Secretary General Antonio Guterres on Friday called for a future with no fossil
fuel burning at all while speaking at the two-week COP28 summit in the UAE.
Money managers cut their net long U.S. crude futures and options positions in the week to Nov. 28
by 7,663 contracts to 62,070, the U.S. Commodity Futures Trading Commission (CFTC) said on
Friday.
Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 3
UAE to develop 6.6 gigawatts of clean energy capacity in India,
The Natiomnal + top Cop28 official says
The UAE will develop 6.6 gigawatts of clean energy capacity in India, including the construction of
1,200 megawatts of wind and solar projects, Majid Al Suwaidi, Cop28 director general, has said.
The projects will be financed using the Emirates’ newly announced $30 billion fund for clean energy,
which is backed by BlackRock, Brookfield and TPG.
The money will go towards a new private investment vehicle, Alterra, which aims to raise $250 billion
globally in the next six years to create a fairer climate finance system.
“Alterra has already collectively committed $6.5 billion to climate-dedicated funds for global
investments, including emerging markets and developing economies,” Mr Al Suwaidi told reporters
during a media round-table on Friday.
The UAE is further exploring opportunities such as an African development platform with a pipeline
of more than 5 gigawatts of onshore wind and solar energy projects as well as a rural electrification
platform in Latin America that will provide electricity to more than one million people in remote rural
areas.
“Alterra is going to be transforming the architecture of infrastructure decarbonisation for parts of the
world that [are] underinvested today,” said Larry Fink, the chief executive and chairman of
BlackRock, one of the world’s largest investment firms.
“I believe this is the beginning of really deploying true institutional capital alongside with
governmental capital to try to really focus on making these changes,” Mr Fink said.
Developing countries require about $1.7 trillion per year in the clean energy sector but only
managed to attract foreign direct investment worth $544 billion in 2022, according to the UN
Conference on Trade and Development (Unctad).
Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 4
With interest rates soaring globally, the cost of capital is a key barrier for energy investment in
developing countries that are grappling with mounting external debt, with limited fiscal space.
Investors are also reluctant to allocate funds to climate change mitigation projects in emerging
economies due to high perceived risks.
Jim Coulter, the executive chairman of TPG, said climate finance needs a “revolution” led by private
capital like the one experienced by the tech sector in San Francisco, home to Silicon Valley.
“One of the things that's different between climate and technology [is that] the numbers needed in
terms of capital for climate dwarfs anything that we've seen in technology. We need to supersize
the effort,” Mr Coulter said.
“If we can take the skills around the world, whether they be in Africa or Asia or any of the Global
South markets and supersize them and accelerate them through the private markets, we can drive
innovation and change,” Mr Coulter said.
The UAE also pledged $200 million to help climate resilience in vulnerable countries, state news
agency Wam reported.
The announcement follows a previous pledge of $200 million to support development in low-income
countries earlier this year in Marrakesh.
Masdar strikes UK deal
Abu Dhabi clean energy company Masdar on Friday said it was part of an £11 billion ($14 billion)
investment into the UK’s renewable energy sector.
The company is purchasing a 49 per cent stake in utility RWE’s 3-gigawatt Dogger Bank wind
projects, one of the world’s largest planned offshore wind farms, it said in a statement.
The project could power millions of British homes, reducing emissions and creating up to 3,000 jobs.
The deal is expected to close in the first quarter of 2024, depending on regulatory approvals.
Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 5
China: Sinopec completes Asia's deepest onshore oil and gas well
Source: Sinopec
On November 15th, Sinopec struck sizeable oil and gas flows in the Yuejin 3-3XC well of its
Project Deep Earth NO.1 in the Tarim Basin, with a daily hydrocarbon flow of 200 tonnes in liquids
and 50,000 cubic meters in gas. The drilling footage was up to 9432 meters deep, breaking the
record of the deepest onshore well in Asia.
The drilling was commenced on May 1st and completed on October 26th within a span of 177 days.
The remarkable success proves that China's Deep Earth technologies are now in the front rank of
the world, which paves the way for breaking 10,000-meter ultra depth both in technologies and
equipment
Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 6
Malaysia records over 1 billion barrels of oil equivalent of
exploration discoveries in 2023 .. Source: PETRONAS
PETRONAS and its Petroleum Arrangement Contractors recorded 19 exploration discoveries and
two exploration-appraisal successes, contributing over 1 billion barrels of oil equivalent (bboe) of
new resources for Malaysia in 2023. This achievement was the result of an intensified exploration
programme pursued in the last few years, which saw the drilling of 25 wells; the highest number of
exploration wells drilled in a single year since 2015.
More than half of the discoveries were made in the Sarawak Basin, primarily in two clusters within
the Balingian and West Luconia geological provinces. Among the notable discoveries are
Gedombak-1, Sinsing-1, Machinchang-1 and Mirdanga-1 by PETRONAS Carigali Sdn Bhd
(PETRONAS Carigali), along with Babadon-1 and Chenda-1 by Thailand’s PTTEP.
Three discoveries were made in the Northwest Sabah Basin. Layang-Layang-1 by PETRONAS
Carigali, as well as Hikmat-1 and Dermawan-1 by PTTEP proved a working petroleum system that
unravels new opportunities in the ultra-deepwater and deepwater areas. Another drilling campaign
is ongoing within the same proven basin in the shallow waters off the coast of Sabah.
Two other discoveries were made within the Malay Basin. Hibiscus Oil & Gas Malaysia found gas
in Bunga Lavatera-1 well nearby the PM3 hub, and brought it onstream with a flowrate of about
50mmscf per day within the same year. PTTEP found oil and gas in Simpoh Beludu-1, having
penetrated the hydrocarbon-filled reservoir in the deeper Group K sands.
PETRONAS Senior Vice President of Malaysia Petroleum Management (MPM), Mohamed Firouz
Asnan said, 'This significant exploration success validates our belief that there is more potential
within the so-called matured Malaysia’s basins, using new 3D seismic data and the latest software
technologies to better detect deeper hydrocarbon potentials.'
'We fully support our partners’ adoption of new exploration strategies which focus on near-field
potential, that will enable quicker monetisation of the discoveries. This is crucial in meeting the rising
energy demand not just in Malaysia but also to countries in the region. MPM will be launching the

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NewBase 02 December 2023 Energy News issue - 1678 by Khaled Al Awadi.pdf

  • 1. Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 1 NewBase Energy News 02 December 2023 No. 1678 Senior Editor Eng. Khaled Al Awadi NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE Oil prices fall more than 2% as investors skeptical of OPEC+ cuts Reuters + NewBase Oil prices slumped more than 2% on Friday on investor skepticism about the depth of OPEC+ supply cuts and concern about sluggish global manufacturing activity.  Brent crude futures for February settled down $1.98, or 2.45%, at $78.88 a barrel.  U.S. West Texas Intermediate crude futures (WTI) dropped $1.89, or 2.49%, to $74.07 a barrel.  For the week, Brent posted a decline of about 2.1%, while WTI lost more than 1.9%. An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing Rights OPEC+ producers agreed on Thursday to remove around 2.2 million barrels per day (bpd) of oil from the global market in the first quarter of next year, with the total including a rollover of Saudi Arabia and Russia's 1.3 million bpd of current voluntary cuts. ww.linkedin.com/in/khaled-al-awadi-80201019/  OPEC+ agreed to 2.2 mln bpd of cuts for the first quarter  US Fed to move carefully on interest rates  Global manufacturing data sluggish in November  Israel-Hamas war resumes after week-long truce expired
  • 2. Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 2 Traders viewed the announcement with some skepticism, OANDA analyst Craig Erlam said. "(It) seems traders either aren't buying that members will be compliant or don't view it as being sufficient," Erlam added. OPEC+, which pumps more than 40% of the world's oil, is reducing output after prices fell from about $98 a barrel in late September on concerns about the impact of sluggish economic growth on fuel demand. The cuts "will not stop a billowing cloud of confusion that is going to take the oil market weeks and months to figure out, and only if the self-reporting data is indeed reliable," PVM analyst John Evans said. The cuts agreed by OPEC+ on Thursday are voluntary, so there was no collective revision of OPEC+ production targets. The voluntary nature of the cuts led to some skepticism about whether or not producers would fully implement them, and also from what basis the cuts would be measured. In the United States, Federal Reserve Chair Jerome Powell said on Friday that the central bank would move "carefully" on interest rates as risks of "under- and over-tightening are becoming balanced." U.S. manufacturing remained subdued and factory employment fell in November, according to a survey. Investors are keeping a watchful eye on global manufacturing activity, which remained weak during the month on poor demand, surveys showed. On Friday, talks to extend a week-long truce between Israel and Palestinian militant group Hamas collapsed, prompting a resumption in the war in Gaza. The conflict had initially supported oil prices on concern that any escalation that involved surrounding oil producers could disrupt supply. So far, the conflict has had no significant impact on global oil flows. On the supply side, the United States on Friday imposed additional sanctions related to the price cap on Russian oil, targeting three entities and three oil tankers. U.S. oil rigs rose five to 505 this week, their highest since September, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. Meanwhile, U.N. Secretary General Antonio Guterres on Friday called for a future with no fossil fuel burning at all while speaking at the two-week COP28 summit in the UAE. Money managers cut their net long U.S. crude futures and options positions in the week to Nov. 28 by 7,663 contracts to 62,070, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
  • 3. Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 3 UAE to develop 6.6 gigawatts of clean energy capacity in India, The Natiomnal + top Cop28 official says The UAE will develop 6.6 gigawatts of clean energy capacity in India, including the construction of 1,200 megawatts of wind and solar projects, Majid Al Suwaidi, Cop28 director general, has said. The projects will be financed using the Emirates’ newly announced $30 billion fund for clean energy, which is backed by BlackRock, Brookfield and TPG. The money will go towards a new private investment vehicle, Alterra, which aims to raise $250 billion globally in the next six years to create a fairer climate finance system. “Alterra has already collectively committed $6.5 billion to climate-dedicated funds for global investments, including emerging markets and developing economies,” Mr Al Suwaidi told reporters during a media round-table on Friday. The UAE is further exploring opportunities such as an African development platform with a pipeline of more than 5 gigawatts of onshore wind and solar energy projects as well as a rural electrification platform in Latin America that will provide electricity to more than one million people in remote rural areas. “Alterra is going to be transforming the architecture of infrastructure decarbonisation for parts of the world that [are] underinvested today,” said Larry Fink, the chief executive and chairman of BlackRock, one of the world’s largest investment firms. “I believe this is the beginning of really deploying true institutional capital alongside with governmental capital to try to really focus on making these changes,” Mr Fink said. Developing countries require about $1.7 trillion per year in the clean energy sector but only managed to attract foreign direct investment worth $544 billion in 2022, according to the UN Conference on Trade and Development (Unctad).
  • 4. Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 4 With interest rates soaring globally, the cost of capital is a key barrier for energy investment in developing countries that are grappling with mounting external debt, with limited fiscal space. Investors are also reluctant to allocate funds to climate change mitigation projects in emerging economies due to high perceived risks. Jim Coulter, the executive chairman of TPG, said climate finance needs a “revolution” led by private capital like the one experienced by the tech sector in San Francisco, home to Silicon Valley. “One of the things that's different between climate and technology [is that] the numbers needed in terms of capital for climate dwarfs anything that we've seen in technology. We need to supersize the effort,” Mr Coulter said. “If we can take the skills around the world, whether they be in Africa or Asia or any of the Global South markets and supersize them and accelerate them through the private markets, we can drive innovation and change,” Mr Coulter said. The UAE also pledged $200 million to help climate resilience in vulnerable countries, state news agency Wam reported. The announcement follows a previous pledge of $200 million to support development in low-income countries earlier this year in Marrakesh. Masdar strikes UK deal Abu Dhabi clean energy company Masdar on Friday said it was part of an £11 billion ($14 billion) investment into the UK’s renewable energy sector. The company is purchasing a 49 per cent stake in utility RWE’s 3-gigawatt Dogger Bank wind projects, one of the world’s largest planned offshore wind farms, it said in a statement. The project could power millions of British homes, reducing emissions and creating up to 3,000 jobs. The deal is expected to close in the first quarter of 2024, depending on regulatory approvals.
  • 5. Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 5 China: Sinopec completes Asia's deepest onshore oil and gas well Source: Sinopec On November 15th, Sinopec struck sizeable oil and gas flows in the Yuejin 3-3XC well of its Project Deep Earth NO.1 in the Tarim Basin, with a daily hydrocarbon flow of 200 tonnes in liquids and 50,000 cubic meters in gas. The drilling footage was up to 9432 meters deep, breaking the record of the deepest onshore well in Asia. The drilling was commenced on May 1st and completed on October 26th within a span of 177 days. The remarkable success proves that China's Deep Earth technologies are now in the front rank of the world, which paves the way for breaking 10,000-meter ultra depth both in technologies and equipment
  • 6. Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 6 Malaysia records over 1 billion barrels of oil equivalent of exploration discoveries in 2023 .. Source: PETRONAS PETRONAS and its Petroleum Arrangement Contractors recorded 19 exploration discoveries and two exploration-appraisal successes, contributing over 1 billion barrels of oil equivalent (bboe) of new resources for Malaysia in 2023. This achievement was the result of an intensified exploration programme pursued in the last few years, which saw the drilling of 25 wells; the highest number of exploration wells drilled in a single year since 2015. More than half of the discoveries were made in the Sarawak Basin, primarily in two clusters within the Balingian and West Luconia geological provinces. Among the notable discoveries are Gedombak-1, Sinsing-1, Machinchang-1 and Mirdanga-1 by PETRONAS Carigali Sdn Bhd (PETRONAS Carigali), along with Babadon-1 and Chenda-1 by Thailand’s PTTEP. Three discoveries were made in the Northwest Sabah Basin. Layang-Layang-1 by PETRONAS Carigali, as well as Hikmat-1 and Dermawan-1 by PTTEP proved a working petroleum system that unravels new opportunities in the ultra-deepwater and deepwater areas. Another drilling campaign is ongoing within the same proven basin in the shallow waters off the coast of Sabah. Two other discoveries were made within the Malay Basin. Hibiscus Oil & Gas Malaysia found gas in Bunga Lavatera-1 well nearby the PM3 hub, and brought it onstream with a flowrate of about 50mmscf per day within the same year. PTTEP found oil and gas in Simpoh Beludu-1, having penetrated the hydrocarbon-filled reservoir in the deeper Group K sands. PETRONAS Senior Vice President of Malaysia Petroleum Management (MPM), Mohamed Firouz Asnan said, 'This significant exploration success validates our belief that there is more potential within the so-called matured Malaysia’s basins, using new 3D seismic data and the latest software technologies to better detect deeper hydrocarbon potentials.' 'We fully support our partners’ adoption of new exploration strategies which focus on near-field potential, that will enable quicker monetisation of the discoveries. This is crucial in meeting the rising energy demand not just in Malaysia but also to countries in the region. MPM will be launching the
  • 7. Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 7 NewBase December 02 -2023 Khaled Al Awadi NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE Several OPEC+ countries announce additional voluntary cuts to the total of 2.2 million barrels per day OPEC.orq The OPEC Secretariat noted the announcement of several OPEC+ countries of additional voluntary cuts to the total of 2.2 million barrels per day, aimed at supporting the stability and balance of oil markets. These voluntary cuts are calculated from the 2024 required production level as per the 35th OPEC Ministerial Meeting held on June 4 2023, and are in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024. These additional voluntary cuts are announced by the following OPEC+ countries : Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates (163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); and Oman (42 thousand b/d) starting 1st of January until the end of March 2024. Afterwards, in order to support market stability, these voluntary cuts will be returned gradually subject to market conditions. The above will be in addition to the announced voluntary cut by the Russian Federation of 500 thousand barrels per day for the same period (starting 1st of January until the end of March 2024), which will be made from the average export levels of the months of May and June of 2023, and will consist of 300 thousand barrels a day of crude oil and 200 thousand barrels per day of refined products. Oil price special coverage
  • 8. Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 8 Brent crude futures for February settled down $1.98, or 2.45%, at $78.88 a barrel
  • 9. Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 9
  • 10. Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 10 NewBase Specual Coverage The Energy world –December 02 -2023 CLEAN ENERGY Global CO2 emissions rise through 2050 in most IEO2023 cases Data source: U.S. Energy Information Administration, International Energy Outlook 2023 (IEO2023) We project that global energy-related CO2 emissions from consumption of coal, liquid fuels, and natural gas will increase over the next 30 years across most of the cases we analyzed in our International Energy Outlook 2023 (IEO2023). Note: Shaded regions represent maximum and minimum values for each projection year across the IEO2023 Reference case and side cases. By 2050, energy-related CO2 emissions vary between a 2% decrease and a 34% increase compared with 2022 in all cases we modeled. Growing populations and incomes increase fossil fuel consumption and emissions, particularly in the industrial and electric power sectors. These trends offset emissions reductions from improved energy efficiency, lower carbon intensity of fuel mix, and growth in non-fossil fuel energy. IEO2023 analyzes long-term world energy markets in 16 regions through 2050. We studied seven cases that explore differing assumptions of economic growth, crude oil prices, and technology costs. These cases consider only the international laws and regulations adopted through March 2023 and rely on the U.S. projections published in the Annual Energy Outlook 2023 (AEO2023), which assumed U.S. laws and regulations as of November 2022.
  • 11. Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 11 Coal Across sectors, the highest growth in global coal consumption through 2050 occurs in the electric power sector. Although zero-carbon technologies account for the most growth in electricity capacity and generation, we expect coal-fired generators to continue to operate. Across all cases, China and India account for about two-thirds of the world’s coal consumption between 2022 and 2050. Although China is currently the largest coal consumer, we project its coal consumption to decline by 18% between 2022 and 2050. Coal consumption in India nearly doubles over the same projection period. Liquid fuels We project global consumption of liquid fuels—which include gasoline, diesel, and biofuels—will increase through 2050. Across all sectors, the largest share and the fastest growth in liquid fuels consumption is in industrial applications, such as chemical production. Increased liquid fuels consumption in the industrial sector is partially offset by declining liquid fuels consumption in the transportation sector as adoption of electric vehicles (EV) grows. Regionally, we project the United States, China, and Western Europe to remain the top liquid fuels consumers, even though fuel consumption in these regions either declines or plateaus by the mid-2030s due to government policies and growing EV adoption. India has the fastest projected growth in liquid fuels consumption, more than doubling across all cases. Natural gas We project natural gas consumption will increase in the electric power and industrial sectors through 2050. In the cases we modeled, the electric power sector continues to rely on existing natural gas- fired plants despite growth in zero-carbon electricity generation. In the industrial sector, increased production of basic chemicals in countries such as the United States propels an increase in natural gas consumption, both as fuel and petrochemical feedstock. Natural gas demand also grows in the Middle East because of the fuel’s role in producing and processing natural gas and oil for export. The United States is projected to remain the world’s top natural gas consumer throughout the projection horizon, but the Middle East shows significant growth during that timeframe and approaches U.S. consumption by 2050, ranging from a 29% to 54% growth rate from 2022 to 2050 in the IEO2023 cases.
  • 12. Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 12 Below are two NOAA charts and three Scripps charts. Each chart shows changes in CO2 concentrations at different time scales--from hourly to seasonally. These charts all use averages of readings at the Mauna Loa Observatory in Hawaii that started in March 1958. NOAA Recent Monthly CO2 Averages
  • 13. Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 13
  • 14. Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 14 NewBase Energy News 02-December - Issue No. 1678 call on +971504822502, UAE The Editor:” Khaled Al Awadi” Your partner in Energy Services NewBase energy news is produced Twice a week and sponsored by Hawk Energy Service – Dubai, UAE. For additional free subscriptions, please email us. About: Khaled Malallah Al Awadi, Energy Consultant MS & BS Mechanical Engineering (HON), USA Emarat member since 1990 ASME member since 1995 Hawk Energy member 2010 www.linkedin.com/in/khaled-al-awadi-38b995b Mobile: +971504822502 khdmohd@hawkenergy.net or khdmohd@hotmail.com Khaled Al Awadi is a UAE National with over 30 years of experience in the Oil & Gas sector. Has Mechanical Engineering BSc. & MSc. Degrees from leading U.S. Universities. Currently working as self leading external Energy consultant for the GCC area via many leading Energy Services companies. Khaled is the Founder of the NewBase Energy news articles issues, Khaled is an international consultant, advisor, ecopreneur and journalist with expertise in Gas & Oil pipeline Networks, waste management, waste-to-energy, renewable energy, environment protection and sustainable development. His geographical areas of focus include Middle East, Africa and Asia. Khaled has successfully accomplished a wide range of projects in the areas of Gas & Oil with extensive works on Gas Pipeline Network Facilities & gas compressor stations. Executed projects in the designing & constructing of gas pipelines, gas metering & regulating stations and in the engineering of gas/oil supply routes. Has drafted & finalized many contracts/agreements in products sale, transportation, operation & maintenance agreements. Along with many MOUs & JVs for organizations & governments authorities. Currently dealing for biomass energy, biogas, waste-to-energy, recycling and waste management. He has participated in numerous conferences and workshops as chairman, session chair, keynote speaker and panelist. Khaled is the Editor-in-Chief of NewBase Energy News and is a professional environmental writer with over 1400 popular articles to his credit. He is proactively engaged in creating mass awareness on renewable energy, waste management, plant Automation IA and environmental sustainability in different parts of the world. Khaled has become a reference for many of the Oil & Gas Conferences and for many Energy program broadcasted internationally, via GCC leading satellite Channels. Khaled can be reached at any time, see contact details above.
  • 15. Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 15
  • 16. Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 16
  • 17. Copyright © 2023 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 17