OPEC Secretary General Haitham Al Ghais said on Monday that underinvesting in the oil and gas sector could cause market volatility in the long term and imperil growth.
Saudi Arabia's NEOM Green Hydrogen Company (NGHC) has signed financial documents with 23 local, regional and international banks and investment firms on a green hydrogen production facility at a total investment value of $8.4 billion.
Middle East crude prices in Asia fell to their lowest level in months, despite OPEC+ production cuts, traders said, as Asian refiners held back spot purchases and China and India binged on cheap Russian oil.
Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, its oil minister Hayan Abdel-Ghani said, in the first indication from an OPEC minister about a potential decision as oil prices slide.
Lebanon's caretaker energy minister Walid Fayyad said on Tuesday there was reason to be hopeful as the chief executives of TotalEnergies and ENI had both said they were very optimistic about the country's Block 9.