Saudi Aramco's CEO Amin Nasser forecasts a global oil demand growth of 1.5 million barrels per day (b/d) in 2024, with expectations for robust demand in 2025. This projection is less optimistic than OPEC's forecast of 2.2 million b/d growth but slightly more optimistic than the International Energy Agency's forecast of 1.2 million b/d. Nasser emphasized that supply and demand would remain balanced for the rest of the year and that Aramco is prepared to meet market demands if necessary.

Saudi Aramco has raised its target for natural gas production by more than 60% by 2030 while reducing its capital expenditure forecast for crude oil due to a directive to halt expansion of oil production capacity. The company plans to invest significantly in LNG projects and is in discussions with global partners. Aramco's capex will focus 60% on upstream, including gas, with evolving plans to allocate more towards new energies. Despite the shift, Aramco will continue to seek downstream investment opportunities internationally, particularly in Asia. The company is also advancing its renewable energy projects and aims to produce significant quantities of blue ammonia and hydrogen by 2030.

QatarEnergy has announced an increase in its LNG production capacity target to 142 million mt/year by 2030, up from the previously planned 127 million mt/year by 2027. This expansion is driven by rising global demand and new discoveries in the North Field, the world's largest natural gas field. The announcement follows the Biden administration's pause on new US LNG export projects, which could impact gas-dependent regions like Europe and Asia. QatarEnergy's additional gas reserves are now estimated at over 2,000 Tcf, with significant increases in condensate and other resources. Qatar was the third-largest LNG exporter in 2023, and its expansion aligns with growing global gas demand projected to rise by 2.5% in 2024.

Saudi Aramco has discovered an additional 15 Tcf of natural gas and 2 billion barrels of condensate in the Jafurah unconventional field, increasing the field's proven reserves significantly. The company plans to expand gas production by 50% by 2030, redirecting savings from a canceled oil capacity expansion towards gas projects. Arabian Drilling has signed contracts to supply rigs for Aramco's gas exploration, and Aramco has entered the LNG business with a stake in EIG's MidOcean Energy.

The transition of power in Kuwait with the passing of Sheikh Nawaf al-Sabah and the appointment of Crown Prince Sheikh Mishal al-Sabah as the new emir is expected to maintain continuity in the country's energy sector. Despite challenges such as stagnant politics, lack of foreign investment, and aging oil fields, the new emir is likely to uphold existing energy policies. Kuwait aims to increase its crude production capacity to 4 million b/d by 2035 and 2 Bcf/d of non-associated gas by 2040. The country faces additional challenges, including political reshuffles, disputes with Iran over the Durra field, and the need to adapt to global energy transition trends. Kuwait Petroleum Corp. has outlined plans for carbon capture and green hydrogen but lacks specific timelines.

Major shipping companies, including A.P Moller-Maersk and Hapag-Lloyd, have suspended transits through the Bab al-Mandeb chokepoint due to repeated attacks by Yemen's Houthi militants, threatening global trade flows. The Houthis have broadened their attacks, targeting various commercial ships, leading to increased security measures and rerouting via the Cape of Good Hope. The conflict has also led to higher freight rates and war risk surcharges, impacting oil prices and LPG shipments to Yemen. Experts suggest that geopolitical tensions will continue to affect shipping and trade in the region.

Kuwait's oil minister rejected calls for a fossil fuel phaseout at the COP28 summit, advocating for emissions reduction instead. This stance aligns with OPEC's position, as seen in the latest draft text of the COP28 Global Stocktake, which omits any mention of phasing out oil and gas. Iraq and Saudi Arabia also oppose the phaseout, focusing on emissions reduction. Climate activists criticize these positions, arguing they undermine efforts to limit global warming to 1.5 degrees Celsius.

Amin Nasser, CEO of Saudi Aramco, advocated for increased investment in fossil fuels over renewables at the Saudi Green Initiative event during the COP28 UN climate summit in Dubai. He highlighted the current and anticipated growth in oil demand, contrasting with the views of climate activists. Nasser dismissed the short-term viability of renewables and hydrogen due to higher costs and low demand. Despite this, Saudi Aramco is working towards increasing oil production capacity and achieving net-zero emissions by 2050, with investments in carbon capture, renewables, and hydrogen.

Nigeria is establishing a special committee to draft a national carbon market strategy, as announced by President Bola Tinubu at the UN Climate Change Conference in Dubai. The initiative aims to develop an emissions trading scheme, a carbon registry, and a framework for high-integrity carbon credits. Nigeria seeks significant investment to achieve its net-zero carbon emissions goal by 2060, with an estimated $1.9 trillion needed. The Africa Carbon Markets Initiative, formed at COP27, is collaborating with several African countries to scale carbon credit production. The article highlights the potential financial benefits and the importance of carbon markets in funding climate policies.

Crude oil production in the Neutral Zone shared by Saudi Arabia and Kuwait increased to 264,000 barrels per day in October, the second highest in the year, following the Khafji oil field's restart. Production had dropped to 180,000 barrels per day in September due to a fire in August. Exports to China, which have more than doubled year-to-date, reached 117,000 barrels per day in October. Saudi Arabia and Kuwait aim to boost output and capacity in the Neutral Zone, with potential production reaching 300,000 barrels per day by the end of next year. Restoring capacity to pre-dispute levels of 500,000-600,000 barrels per day is expected to take over five years due to infrastructure overhauls and facility transfers.