An increase in US oil production in recent years has given Washington more leverage in foreign policy matters, allowing it to “manoeuvre and oppose states that use their energy for malign purposes”, a senior US official said.
“Energy represents an important factor in foreign policy,” said Francis Fannon, assistant secretary of state for energy resources.
“The relatively recent growth of US oil and gas production has materially transformed energy geopolitics in [several] areas and with such speed, that friends and foes alike are still adjusting.”
Mr Fannon made the remarks on Tuesday while delivering a speech at the Abu Dhabi International Petroleum Exhibition and Conference that is being held online due to the coronavirus pandemic.
The US has emerged as a dominant player in the energy sector, with oil production rising to about 13 million barrels per day earlier this year, up 240 per cent from 2007 levels.
The US now exports its oil to a number of countries and its natural gas production is also increasing. The additional supply has weakened prices, though. US Liquefied Natural Gas exports have declined from their most recent peak of $16.67 per thousand cubic feet in November 2015 to $5.50 in August this year, according to the US Energy Information Administration.
Mr Fannon said the production increase had helped the country to further exert its influence around the world.
“In partnership with other [oil-] producing nations, including the UAE, we curtailed Iran’s oil exports so that the regime could no longer use oil revenue to fund terrorism and instability in the Middle East and around the world,” he said.
“Together, we removed more than 2 million barrels of Iranian oil off the market without harming the global economy or importing countries.”
Since walking away from the 2015 Iran nuclear deal, known as the Joint Comprehensive Plan of Action, the US has sought to reduce Tehran’s oil exports to zero.
US sanctions restricted Iran's oil and condensate sales. Washington also cancelled waivers granted to eight of the country's significant oil buyers, including India, China, Turkey and Japan, in May last year to reduce the country’s exports.
The US is also playing an important role in the liquefied natural gas sector, Mr Fannon said.
“In 2016, when the US started exporting LNG, we were the 15th-biggest exporter in the world. In 2019, the US was the third-largest exporter and we ship gas to almost 40 countries.”
The US is helping countries in Europe to build LNG terminals to boost “energy diversity”. Washington helped Croatia to build an LNG terminal on Krk Island and it is also helping Greece to expand its existing gas infrastructure and build a new LNG terminal at the port of Alexandroupoli, Mr Fannon said.
“The US is committed to energy diversity and energy partnerships because we recognise that these partnerships can lead to more than just commercial gains. We believe they foster, peace, stability and shared progress.”
Mr Fannon also said the Indo-Pacific region will drive most of the world’s energy demand growth through to 2040 and require investment worth trillions of dollars.
“We are helping countries in the region build free, fair [and] transparent energy markets, as well as develop their indigenous energy resources through the State Department-led initiative called Asia Edge," he said.
"We have dedicated over $140 million in technical assistance to support energy security and diversification, access and trade across Indo-Pacific region.”
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The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
What is Bitcoin?
Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.
The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers.
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Killing of Qassem Suleimani
SERIE A FIXTURES
Friday Sassuolo v Benevento (Kick-off 11.45pm)
Saturday Crotone v Spezia (6pm), Torino v Udinese (9pm), Lazio v Verona (11.45pm)
Sunday Cagliari v Inter Milan (3.30pm), Atalanta v Fiorentina (6pm), Napoli v Sampdoria (6pm), Bologna v Roma (6pm), Genoa v Juventus (9pm), AC Milan v Parma (11.45pm)
The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
On racial profiling at airports
