Home | Goldstreet Business
Thursday, January 21, 2021
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
Gold Business Logo
No Result
View All Result
Home World International

UAE Oil takes Center Stage in U.S. Pushback Against China

January 8, 2021
in International, World
0
UAE Oil takes Center Stage in U.S. Pushback Against China
Share on FacebookShare on Twitter

Abu Dhabi – the oil powerhouse at the centre of the U.S.’s pushback against increasing Chinese influence across the Middle East – last week further cemented this alliance with a dramatic re-organisation of its government to further empower its oil sector, and the awarding of further oil concessions to U.S.-friendly firms. Both of these developments were in line with plans to boost the crude oil production of the chief corporate proxy in this U.S.-Israel strategy – the Abu Dhabi National Oil Co (ADNOC) – from around the current 4 million barrels per day (bpd) to at least 5 million bpd by 2030 at the latest, and to increase its gas output as well. 

For a long time, a huge hurdle for Abu Dhabi’s plans to dramatically increase oil revenues has been the reticence of various members of its Supreme Petroleum Council (SPC) to endorse any proposals regarded as not in keeping with the broadly conservative nature of the Emirate. This reticence persisted despite the March-April 2020 Oil Price War having left the Emirate with a projected budget breakeven oil price of US$69.1 per barrel of Brent for the year, according to IMF figures, whilst Brent struggled to trade over US$50 per barrel during that time. 

RELATED POSTS

Analysis: What will survive of U.S.-Middle East policy under Biden?

Joe Biden Takes Over

The pressure to plug budget gaps and to fund plans to safeguard oil production levels resulted in a statement on 23 June from ADNOC that it had agreed to sell a 49 per cent stake in its gas pipelines for just over US$10 billion to a consortium of international investors, subject to the standard regulatory approvals. It also opened the way to China increasing its expansion efforts into the UAE and, as a counter to this move into yet another of the Middle Eastern states made economically vulnerable by the Saudi-instigated 2020 Oil Price War, to the UAE being top of the list for a relationship normalisation with the U.S.-Israel axis.

Last week, though, Abu Dhabi ruler Sheikh Khalifa bin Zayed Al Nahyan issued a decree to re-organise the SPC into a more oil- and economy-friendly Supreme Council for Financial and Economic Affairs, which will be chaired by Abu Dhabi Crown Prince Mohamed bin Zayed, who was formerly the vice-chairman of the SPC. He will now oversee this new version of the SPC, which will cover all of Abu Dhabi’s financial, investment, economic, petroleum and natural resources affairs. The new iteration of the SPC will comprise of board members with a limited tenure of just three years, including in the first instance the Minister of Industry and Advanced Technology, Sultan al-Jaber, who is also the chief executive officer of ADNOC. Khaldoun al-Mubarak, chief executive officer of the Abu Dhabi sovereign wealth fund Mubadala Investment Co will also be an initial board member. 

60

SHARES
facebook Share on Facebook
Twitter Tweet
Follow Follow us
custom Share
custom Share
custom Share
custom Share
custom Share
ShareTweetShare

Related Posts

Analysis: What will survive of U.S.-Middle East policy under Biden?

Analysis: What will survive of U.S.-Middle East policy under Biden?

January 20, 2021
Joe Biden Takes Over

Joe Biden Takes Over

January 20, 2021
5 Cybersecurity Trends to Watch in 2021

5 Cybersecurity Trends to Watch in 2021

January 20, 2021
Are there Signs of the Sudan Oil Industry Recovering?

Are there Signs of the Sudan Oil Industry Recovering?

January 18, 2021
U.S. Shale Is Gaining Influence Over Oil Markets

U.S. Shale Is Gaining Influence Over Oil Markets

January 18, 2021
Next Post
GSE sets record in equity & bond market

GSE sets record in equity & bond market

China-Africa Cooperation Prospers against Covid-19

China-Africa Cooperation Prospers against Covid-19

Discussion about this post

Archives

<
January 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
▼
>
MonTueWedThuFriSatSun
    123
45678910
11121314151617
18192021222324
25262728293031
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
     12
3456789
10111213141516
17181920212223
242526272829 
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
    123
45678910
11121314151617
18192021222324
25262728   
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       

RECOMMENDED

Segregate maize for humans, poultry consumption — agric expert

Segregate maize for humans, poultry consumption — agric expert

January 20, 2021
Analysis: What will survive of U.S.-Middle East policy under Biden?

Analysis: What will survive of U.S.-Middle East policy under Biden?

January 20, 2021

MOST VIEWED

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
  • Energy
  • Health
  • Auto
  • International
  • Subscription Form
  • Staff Webmail
  • About Us
  • Contact Us
Call us: +233 24 432 0902 | info@goldstreetbusiness.com

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

No Result
View All Result
  • Homepages
    • Homepage Layout 1
    • Homepage Layout 2
  • World
  • Business
  • Technology
  • Health

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.