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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    News of the UAE's exit from OPEC

    Rocky
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    • Post n°1

    News of the UAE's exit from OPEC Empty News of the UAE's exit from OPEC

    Post by Rocky Wed 21 Dec 2022, 5:43 am

    News of the UAE's exit from OPEC

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    Economy News-Baghdad
    At a time when unconfirmed news is emerging again about the UAE's desire to exit the OPEC + alliance, the news came about a new deal between DB World and the Saudi Hasanah Investment Company.
    This is not the first time that news has been circulated about the UAE's desire to exit the OPEC + alliance of oil exporting countries, in light of the country's oil desire to increase its oil production.
    outside the world of OPEC
    According to a Reuters report, the United Arab Emirates will have a busy year 2023, as the Gulf country wants to pump more oil and strengthen its position as a major destination for foreign investments.
    According to the report, a big uproar may occur when Dubai hosts the COP28 climate conference in November, and that may prompt President Mohamed bin Zayed Al Nahyan to reconsider one of his country's oldest alliances.
    The UAE has been a key member of the Organization of the Petroleum Exporting Countries for 55 of the 62 years since the organization's existence.
    But the current OPEC policy is far from being beneficial to the UAE as the country is only allowed to pump 3 million barrels per day, far below its capacity of 4 million barrels, according to Reuters.
    The agency says that the UAE's production is below the daily production target of 5 million barrels that the Abu Dhabi National Oil Company recently submitted until 2027 from 2030.
    Is the Emirates really angry!?
    The UAE has been angry about OPEC restrictions before, in 2020 and 2021, but the de facto leader of the Saudi oil cartel has sought to mollify the Emirates.
    The current OPEC cuts are supposed to offset the risk of falling oil prices as the United States and Europe enter a recession, which is a victory for the Queen and the organization over Washington and its desire to increase production.
    previous resignation
    Reuters believed that the UAE may tip the scales by resigning, as Qatar did in 2019. Then the UAE will get revenues from its ability to pump whatever it wants.
    While also benefiting from a warm, fuzzy glow in the eyes of the United States and its allies, this would help secure Abu Dhabi and Dubai's places as primary Gulf destinations for Western capital and corporate headquarters.
    Officially, OPEC believes that demand for crude oil will continue to grow until 2035.
    But ADNOC's accelerated oil production schedule is arguably more in line with a different view, favored by the International Energy Agency, that oil demand peaks much sooner.
    If the UAE uses the COP28 conference to make this more visible, it could push the UAE away from OPEC, according to a Reuters report.
    Huge deal
    Away from the news and speculations.. “DB World” and “Hasanah Investment Company”, the investment manager of the General Organization for Social Insurance in the Kingdom of Saudi Arabia, announced an investment of about $ 2.4 billion (9 billion riyals) in three of the main “DB World” assets in UAE.
    The company said that this investment will represent the second tranche of the sale of a minority stake in the group's shares in Jebel Ali Port, Jebel Ali Free Zone and the National Industries Park, after the successful closing of the first tranche deal in June 2022.
    Hasana will invest about $2.4 billion in a new joint venture with DB World, which will achieve an economic interest in a stake representing approximately 10.2% of the three UAE assets. The total investment value of these assets is expected to reach about $23 billion.
    Three entities
    Together, the three entities form a world-class integrated supply chain and logistics system for more than 9,000 companies from all over the world, serving more than 3.5 billion global consumers. The three assets generated preliminary revenue of $1.9 billion in 2021.
    Following the closing of the second tranche transaction on December 19, 2022, the business of the three assets will remain fully integrated into the dbworld group, with day-to-day operations, dealers, service providers and employees unaffected.
    Saad bin Abdul Mohsen Al-Fadhli, CEO of Hasana Investment Company, said: “Through this investment, we look forward to strengthening the investment portfolio with infrastructure assets with a high level of global performance and a rich history over many years. This investment will be an extension of Hasana’s strategy in Investing in critical infrastructure assets in the region with sustainable returns over the long term.
    It is expected that the company's business will continue to grow in the future due to the combination of favorable demographic factors, the growth of the region's economies and the large investments in it, in addition to our expectations of a boom in trade exchange between developing countries in Asia and Africa.
    Hasana relies in its management of the institution's investment assets on a long-term strategy that is constantly reviewed and updated, through which we seek to maximize returns on the institution's investments according to an acceptable level of risk.
    OPEC does not politicize its decisions
    Saudi Energy Minister Prince Abdulaziz bin Salman said that members of the OPEC + alliance keep politics away from the decision-making process and from their assessments and expectations, and in his interview with the Saudi Press Agency, the Saudi Energy Minister said: “We do not politicize OPEC Plus decisions, we keep political affairs outside our analyzes And our expectations of market conditions, and we focus on the fundamentals of the market only."
    He added that the OPEC + decision to cut production, which was subject to heavy criticism, turned out to be the right decision to support the stability of the market and the industry, and oil prices, which approached an all-time high of $ 147 a barrel in March after the Russian-Ukrainian crisis, gave up most of its gains in a year. 2022.
    But the group agreed on the fourth of December to adhere to the October plan to reduce production by two million barrels per day from November until 2023, and the Saudi Energy Minister said, “The politicization of statistics and expectations without objectivity often backfires and leads to a loss of credibility.” He added, “OPEC Plus has no choice but to To remain proactive and proactive in the face of the many situations that cause uncertainty in the market.”

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    Added 12/21/2022 - 1:47 PM
    Updated 12/21/2022 - 2:40 PM
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