UAE’s Adnoc Expands LNG Sales With 15-Year India Supply Deal - Bloomberg
The biggest oil producer in the United Arab Emirates agreed to supply liquefied natural gas to Indian Oil Corp. for 15 years as it lines up more binding contracts for a new export terminal.
Abu Dhabi National Oil Co. will provide 1 million tons of LNG annually to the Indian state-run entity, primarily from the under-construction project at Ruwais, according to a statement Wednesday. Adnoc, which had signed a preliminary agreement in September, also has a deal to supply an additional 1.2 million tons a year of the fuel from its Das Island operations to Indian Oil.
The two deals will make the Indian company Adnoc’s biggest LNG customer by 2029, said the UAE firm, which is locking in long-term customers for its export capacity following agreements with buyers from Germany to Malaysia. For India, the deals will help its plan to to ramp up the share of gas in the country’s energy mix by the end of this decade, even though infrastructure bottlenecks are constraining the expansion.
The Ruwais project is expected to start commercial operations in 2028, which will more than double the company’s LNG capacity to 15 million tons a year, Adnoc said. The company has committed over 8 million tons a year of the project’s 9.6 million-tons-a-year capacity to international customers through long-term agreements.
Adnoc Gas Plc said last year that it expects to acquire its parent Adnoc’s 60% stake in the Ruwais project at cost in the second half of 2028.
Wednesday, 27 August 2025
Goldman Sachs expects Brent to decline to low $50s by late 2026 | Reuters
Goldman Sachs expects Brent to decline to low $50s by late 2026 | Reuters
Goldman Sachs (GS.N), opens new tab expects the price of Brent crude futures contracts to decline to the low $50s a barrel by late 2026 due to an increase in the surplus of oil next year.
"We expect the oil surplus to widen and average 1.8 million barrels per day in 2025 Q4 (through) 2026 Q4, resulting in a nearly 800 million barrel rise in global stocks by end 2026," the U.S. investment bank said in a client note on Tuesday.
It estimated that stored oil in member countries of the Organisation for Economic Co-operation and Development will account for a third of total global stock or 270 million barrels in 2026. Coupled with reduced demand in OECD countries, it said this will lower Brent's fair value from the current mid-$70s.
Goldman said Brent prices are likely to remain near those of forward contracts during the rest of 2025 but fall below those contracts next year as the increase in OECD stock accelerates.
However, it said potential acceleration in the growth of Chinese stock to 0.8 million barrels a day from 0.4 million barrels a day in the year to date would raise the 2026 Brent average by $6 a barrel versus the bank's baseline to $62.
Brent crude futures contracts were trading around $67 a barrel in early Asian trade on Wednesday. West Texas Intermediate crude futures contracts were trading at $63.
Goldman Sachs (GS.N), opens new tab expects the price of Brent crude futures contracts to decline to the low $50s a barrel by late 2026 due to an increase in the surplus of oil next year.
"We expect the oil surplus to widen and average 1.8 million barrels per day in 2025 Q4 (through) 2026 Q4, resulting in a nearly 800 million barrel rise in global stocks by end 2026," the U.S. investment bank said in a client note on Tuesday.
It estimated that stored oil in member countries of the Organisation for Economic Co-operation and Development will account for a third of total global stock or 270 million barrels in 2026. Coupled with reduced demand in OECD countries, it said this will lower Brent's fair value from the current mid-$70s.
Goldman said Brent prices are likely to remain near those of forward contracts during the rest of 2025 but fall below those contracts next year as the increase in OECD stock accelerates.
However, it said potential acceleration in the growth of Chinese stock to 0.8 million barrels a day from 0.4 million barrels a day in the year to date would raise the 2026 Brent average by $6 a barrel versus the bank's baseline to $62.
Brent crude futures contracts were trading around $67 a barrel in early Asian trade on Wednesday. West Texas Intermediate crude futures contracts were trading at $63.
#Qatar's Al Mansour Holdings bets on Zimbabwe energy in deal with Australia's Invictus | Reuters
Qatar's Al Mansour Holdings bets on Zimbabwe energy in deal with Australia's Invictus | Reuters
Qatari investment firm Al Mansour Holdings has taken a 19.9% stake in Australia's Invictus Energy (IVZ.AX), opens new tab and will provide up to $500 million to help the company develop its Cabora Bassa gas project in Zimbabwe, the companies said on Wednesday.
The equity stake, acquired at a cost of A$37.8 million ($24.56 million), will fund near-term work including the drilling of the priority Musuma-1 well.
Under the partnership, Al Mansour Holdings, led by royal member Sheikh Mansour bin Jabor bin Jassim Al Thani, will also form a joint venture with Invictus, called Al Mansour Oil & Gas, which will look to acquire oil and gas assets across Africa.
Seismic survey data covering the eastern Cabora Bassa Basin has identified eight high-potential prospects totalling an estimated 2.9 trillion cubic feet of gas and 184 million barrels of condensate, according to Invictus Energy.
The Basin contains the Mukuyu gas field, discovered in 2023 and considered by analysts as one of the largest finds in Sub-Saharan Africa that year.
The Qatari investment "significantly enhances the growth trajectory for our Cabora Bassa Project," Invictus Managing Director Scott Macmillan said in a joint statement.
Invictus shares more than doubled in price to their highest level since December 2023 after the announcement, valuing the company at A$208 million.
Last week, Al Mansour Holdings also committed to invest $12 billion in neighbouring Botswana across a range of economic sectors.
"Our investment in Invictus and our new AMOG joint venture reflects our long-term commitment to Africa's growth, energy security and economic transformation," Sheikh Mansour bin Jabor bin Jassim Al Thani said.
Qatari investment firm Al Mansour Holdings has taken a 19.9% stake in Australia's Invictus Energy (IVZ.AX), opens new tab and will provide up to $500 million to help the company develop its Cabora Bassa gas project in Zimbabwe, the companies said on Wednesday.
The equity stake, acquired at a cost of A$37.8 million ($24.56 million), will fund near-term work including the drilling of the priority Musuma-1 well.
Under the partnership, Al Mansour Holdings, led by royal member Sheikh Mansour bin Jabor bin Jassim Al Thani, will also form a joint venture with Invictus, called Al Mansour Oil & Gas, which will look to acquire oil and gas assets across Africa.
Seismic survey data covering the eastern Cabora Bassa Basin has identified eight high-potential prospects totalling an estimated 2.9 trillion cubic feet of gas and 184 million barrels of condensate, according to Invictus Energy.
The Basin contains the Mukuyu gas field, discovered in 2023 and considered by analysts as one of the largest finds in Sub-Saharan Africa that year.
The Qatari investment "significantly enhances the growth trajectory for our Cabora Bassa Project," Invictus Managing Director Scott Macmillan said in a joint statement.
Invictus shares more than doubled in price to their highest level since December 2023 after the announcement, valuing the company at A$208 million.
Last week, Al Mansour Holdings also committed to invest $12 billion in neighbouring Botswana across a range of economic sectors.
"Our investment in Invictus and our new AMOG joint venture reflects our long-term commitment to Africa's growth, energy security and economic transformation," Sheikh Mansour bin Jabor bin Jassim Al Thani said.
Gulf bourses end mixed on US Fed independence concerns | Reuters
Gulf bourses end mixed on US Fed independence concerns | Reuters
Stock markets in the Gulf ended mixed on Wednesday as concerns persisted about the U.S. Federal Reserve's independence following President Donald Trump's attempt to dismiss Fed Governor Lisa Cook.
Trump said he was removing her over alleged improprieties in obtaining mortgage loans, a step that could test the boundaries of presidential power over the U.S. Fed.
Cook said Trump has no authority to fire her from the central bank, and she will not resign.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.6%, weighed down by a 1% fall in Al Rajhi Bank (1120.SE), opens new tab and 2.8% decline in the country's biggest lender Saudi National Bank (1180.SE), opens new tab.
In Qatar, the index (.QSI), opens new tab retreated 0.6%, hit by a 1.6% fall in Qatar Islamic Bank (QISB.QA), opens new tab.
Oil prices - a catalyst for the Gulf's financial markets - steadied, after falling in the previous session, as investors watched for developments in the Ukraine war and weighed an industry report showing a drop in U.S. inventories and new U.S. tariffs on India.
Dubai's main share index (.DFMGI), opens new tab added 0.3%, helped by a 1% gain in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab was up 0.2%.
The focus shifts to the Personal Consumption Expenditures Price Index, the Fed's preferred inflation gauge, due on Friday, for clues on the interest rate path after dovish remarks from Powell at Jackson Hole symposium last week.
Markets have priced in an 87% chance of a quarter-point rate cut at the Fed's September 17 policy meeting, according to CME FedWatch Tool.
The Fed's stance holds implications for Gulf economies, where most currencies are pegged to the U.S. dollar, making it an anchor for regional monetary stability.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 0.9%, led by a 4.1% jump in tobacco monopoly Eastern Company (EAST.CA), opens new tab.
Egypt's central bank is likely to cut its key interest rates by 100 basis points on Thursday to support growth as inflation cools, a Reuters poll showed.
Stock markets in the Gulf ended mixed on Wednesday as concerns persisted about the U.S. Federal Reserve's independence following President Donald Trump's attempt to dismiss Fed Governor Lisa Cook.
Trump said he was removing her over alleged improprieties in obtaining mortgage loans, a step that could test the boundaries of presidential power over the U.S. Fed.
Cook said Trump has no authority to fire her from the central bank, and she will not resign.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.6%, weighed down by a 1% fall in Al Rajhi Bank (1120.SE), opens new tab and 2.8% decline in the country's biggest lender Saudi National Bank (1180.SE), opens new tab.
In Qatar, the index (.QSI), opens new tab retreated 0.6%, hit by a 1.6% fall in Qatar Islamic Bank (QISB.QA), opens new tab.
Oil prices - a catalyst for the Gulf's financial markets - steadied, after falling in the previous session, as investors watched for developments in the Ukraine war and weighed an industry report showing a drop in U.S. inventories and new U.S. tariffs on India.
Dubai's main share index (.DFMGI), opens new tab added 0.3%, helped by a 1% gain in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab was up 0.2%.
The focus shifts to the Personal Consumption Expenditures Price Index, the Fed's preferred inflation gauge, due on Friday, for clues on the interest rate path after dovish remarks from Powell at Jackson Hole symposium last week.
Markets have priced in an 87% chance of a quarter-point rate cut at the Fed's September 17 policy meeting, according to CME FedWatch Tool.
The Fed's stance holds implications for Gulf economies, where most currencies are pegged to the U.S. dollar, making it an anchor for regional monetary stability.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 0.9%, led by a 4.1% jump in tobacco monopoly Eastern Company (EAST.CA), opens new tab.
Egypt's central bank is likely to cut its key interest rates by 100 basis points on Thursday to support growth as inflation cools, a Reuters poll showed.
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