Angolan Mining Oil & Gas

UAE’s ADNOC and US shale giant Occidental have signed an agreement to evaluate potential investment opportunities in carbon capture and storage (CCS) hubs in the UAE and the US, aiming to accelerate their net zero goals. The agreement is part of the UAE-US Partnership for Accelerating Clean Energy (PACE), which was launched in November 2022 and is expected to inject $100 billion into clean energy and carbon management projects, including CCS and direct air capture

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Saudi Arabia’s economy is facing a challenging outlook as recent preliminary GDP figures reveal the country has entered a “technical recession,” as reported by Capital Economics, a London-based research firm. The primary cause of this economic downturn is the reduction in oil production, despite the non-oil economy showing resilience. Saudi Arabia’s decision to voluntarily decrease its daily oil output by 1 million barrels a day has played a significant role in the current economic situation.

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Oil prices surged by almost 1% on Wednesday, trading near their highest since April, as crude and fuel product inventory data showed robust demand from the world’s biggest fuel consumer, the U.S., offsetting demand concerns elsewhere. Brent crude futures for October rose 80 cents, or 0.94%, to $85.71 a barrel at 0625 GMT. Likewise, U.S. West Texas Intermediate crude for September climbed 80 cents, or 0.98%, to $82.17 a barrel. U.S. oil inventories fell by

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