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Saudi Arabia, Netherlands Sign MoU to Collaborate on Energy

The MoU was signed within the framework of the visit paid by the Saudi Minister of Energy to the Netherlands. Photo: Energy Ministry
The MoU was signed within the framework of the visit paid by the Saudi Minister of Energy to the Netherlands. Photo: Energy Ministry
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Saudi Arabia, Netherlands Sign MoU to Collaborate on Energy

The MoU was signed within the framework of the visit paid by the Saudi Minister of Energy to the Netherlands. Photo: Energy Ministry
The MoU was signed within the framework of the visit paid by the Saudi Minister of Energy to the Netherlands. Photo: Energy Ministry

Saudi Minister of Energy Prince Abdulaziz bin Salman Al Saud and the Dutch Minister of Economic Affairs and Climate Policy, Micky Adriaansens, have cosigned a memorandum of understanding (MoU) in the field of energy.
The MoU aims to establish a framework for cooperation between the two countries and strengthen it in several energy sectors, including renewable energy, energy efficiency, electricity, and other sectors and issues related to energy security and transitions, such as clean hydrogen. It also facilitates the formation and activation of international supply chains linking the two countries and cooperation on technologies and solutions related to climate change mitigation, such as the circular carbon economy and its technologies.

The MoU was signed on Thursday within the framework of the visit paid by the Saudi Minister of Energy to the Netherlands to attend the World Hydrogen 2023 Summit & Exhibition, which was held in Rotterdam from May 10 to 11.
Within the framework of many issues related to the global hydrogen industry and supplies, which were discussed in the summit, the prince participated in a session entitled, "The Global Aspirations of the Kingdom of Saudi Arabia in the Field of clean hydrogen."

He reviewed the global directions and aspirations of the Kingdom in this field and projects that are being implemented in Saudi Arabia.

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Iran Oil Exports Slump to Multiyear Lows

An Iranian oil field. Reuters file phto
An Iranian oil field. Reuters file phto
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Iran Oil Exports Slump to Multiyear Lows

An Iranian oil field. Reuters file phto
An Iranian oil field. Reuters file phto

Iran's crude export loadings have fallen sharply, according to observed and estimated tanker loadings, as Tehran braces for a potential strike on the country's key oil infrastructure as part of an Israeli retaliation that could impact Middle Eastern oil supplies.

Iran's last crude export cargo was estimated to have loaded on Oct. 4 with only one other cargo seen since Sept. 29, when the geopolitical conflict between Iran and Israel escalated, according to S&P Global Commodities at Sea.

Although many Iranian crude exports are shipped in 'dark' tankers not transmitting GPS location signals, CAS estimates that Iran's crude exports slumped to 237,000 b/d in the week to Oct. 6, the lowest weekly total in at least two years.

Iran normally ships 7-10 crude cargoes each week with export flows averaging 1.7 million b/d so far this year, up from 1.1 million b/d in 2022, according to the data.

The export slowdown from Iran comes after satellite images circulated on social media Oct. 3 appearing to show tankers leaving Kharg Island, Iran's top crude terminal which handles about 90% of its exports. Traders speculated that Iran was keen to move unladen tankers away from their anchorages at Kharg Island to avoid damage from a potential Israeli strike. Exports from Kharg Island may have now resumed, however, with a 657,000-barrel cargo of Iranian crude lifted there on Oct 4, the CAS data shows.

Fears of a major escalation in the conflict hitting regional oil supplies were sparked by US President Joe Biden on Oct. 3 when he said the US was discussing potential attacks on Iranian oil facilities with Israel. Iran's military head responded saying Tehran would hit back harder at Israel with a "stronger response," if attacked.