Major oil producers need to undertake reforms more than ever before by lowering dependence on oil income, removing energy subsidies and switching to gas in power generation to help maintain global energy security, the International Energy Agency said in a report.
"Now more than any other point in recent history, fundamental change to the development model of resources for these countries looks unavoidable to me," said Fatih Birol, the executive director for the Paris-based energy watchdog told The National.
“What happens in these countries is very important for the global markets, energy security and the global economy.”
Global energy security is partly in the hands of these six producers since they are expected to continue to play a major role in pumping oil and gas and to rely on hydrocarbon income to fuel investment in this sector. The producers are Russia, Nigeria, Iraq, Saudi Arabia, the UAE and Venezuela.
“The risks are multiplied in a low oil price environment, where net income from oil and gas never recovers to its 2010-15 levels, leading to a cumulative $7 trillion reduction over the period to 2040 compared with the [base] New Policies Scenario,” said the IEA in the report. “Without far-reaching reform, this would translate into huge current account deficits, downward pressure on currencies and reduced government spending.”
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Read more:
Watchdog says petchems will drive more than a third of oil demand growth by 2030
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For their part, Saudi Arabia and the UAE have cut energy subsidies, started developing major solar power projects and are intensifying the search for gas to produce power and free up oil for export. They are also extracting more value from oil by concentrating on developing their downstream assets, particularly through ramping up their refining and petrochemical production capacities.
The New Policies Scenario includes predictions that oil demand grows by more than 10 per cent to over 106 million barrels per day by 2040, and in which natural gas demand rises by more than 40 per cent to 5,400 billion cubic metres by 2040.
Already countries in the Middle East, Nigeria, Russia and Venezuela have reduced their upstream oil and gas investment, which fell by one-third between 2015 and 2017, compared with average seen between 2010 and 2014, the IEA said.
The countries' net income from oil and gas is currently about $1,800 per capita per year, but may go down to a low of $1,250 by 2030 if shale oil production continues to climb and new developments around energy efficiency and electric vehicles pick up pace, added Mr Birol.
These countries energy role is being jeopardised by the spike in shale oil production from the US, which has previously caused oil prices to plunge and is one of the reason behind a global oil pact struck between Opec and a Russia-led group in 2016 to stabilise prices by culling 1.8 million barrels of oil a day.
The oil price slump from $115 a barrel in mid-2014 to less than $30 a barrel in the first quarter of 2016 prompted the Opec+, as the members of the global oil pact are called, to take action to prop up prices. The oil crash also instigated some of them to embark on economic reforms to diversify their economies away from oil income.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY%20PROFILE
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THE%20SPECS
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
GULF MEN'S LEAGUE
Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2
Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers
Opening fixtures
Thursday, December 5
6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles
7pm, Pitch 2, Jebel Ali Dragons v Dubai Tigers
7pm, Pitch 4, Dubai Hurricanes v Dubai Exiles
7pm, Pitch 5, Bahrain v Dubai Eagles 2
Recent winners
2018 Dubai Hurricanes
2017 Dubai Exiles
2016 Abu Dhabi Harlequins
2015 Abu Dhabi Harlequins
2014 Abu Dhabi Harlequins
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The five pillars of Islam
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Getting%20there
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Scream%20VI
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SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Company%C2%A0profile
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
Squads
India (for first three ODIs) Kohli (capt), Rohit, Rahul, Pandey, Jadhav, Rahane, Dhoni, Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Umesh, Shami.
Australia Smith (capt), Warner, Agar, Cartwright, Coulter-Nile, Cummins, Faulkner, Finch, Head, Maxwell, Richardson, Stoinis, Wade, Zampa.
Scoreline
Liverpool 3
Mane (7'), Salah (69'), Firmino (90')
Bournemouth 0
Switching%20sides
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Spare
Profile
Company name: Spare
Started: March 2018
Co-founders: Dalal Alrayes and Saurabh Shah
Based: UAE
Sector: FinTech
Investment: Own savings. Going for first round of fund-raising in March 2019
COMPANY%20PROFILE
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HOW TO WATCH
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Ticket prices
- Golden circle - Dh995
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