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Iraq: OPEC+ Is Working to Limit Challenges Affecting Oil Market Stability

Oil rigs in an American field. (AFP)
Oil rigs in an American field. (AFP)
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Iraq: OPEC+ Is Working to Limit Challenges Affecting Oil Market Stability

Oil rigs in an American field. (AFP)
Oil rigs in an American field. (AFP)

The OPEC+ group of oil producers is working to limit the challenges affecting the stability of the global oil market, Iraq's oil minister Hayan Abdel-Ghani said on Saturday.

Voluntary output cuts by OPEC+ since November have allowed member states like Iraq to achieve the highest rates of balance between supply and demand, helping them achieve stability in the global oil market, its oil ministry has said.

"Iraq's oil ministry is keen to achieve an increase in revenues derived from its oil export revenues despite the challenges facing global markets," Abdel-Ghani added.

During the Libya Energy and Economic Summit 2024 in Tripoli, Libya’s Oil Minister Mohamed Oun underscored that the demand for fossil fuels is anticipated to surge in the coming decades.

Oun highlighted that a significant portion, approximately 30%, of Libya's territory remains unexplored, emphasizing the nation's considerable reserves of shale oil and gas.

The minister stressed that any transformation in the energy sector should align with the specific conditions of African countries and agree with global standards.

He stated, "We are not opposed to fostering a clean environment."

Oun hoped that efforts to mitigate the environmental impact of fossil fuels would run concurrently with the development of alternative energies, deeming it the "ideal solution."

Head of Libya's Government of National Unity (GNU) Abdulhamid al-Dbeibah announced that his government had formulated plans aimed at doubling both oil and gas production while focusing on the enhancement of oil field infrastructure.

“The Government of National Unity has sought to create mission programs to revitalize the national economy in general and address difficulties in the fields of development, oil, gas, and particularly in electrical energy,” al-Dbeibah said.

Oil rose 1% on Friday as an increasing number of oil tankers diverted course from the Red Sea following overnight air and sea strikes by the US and Britain on Houthi targets in Yemen after attacks on shipping by the Iran-backed Houthis.

Brent crude futures settled 88 cents, or 1.1%, higher at $78.29 a barrel. The session high was up over $3 to more than $80, its highest this year.

US West Texas Intermediate crude futures climbed 66 cents, or 0.9%, to $72.68, paring gains after touching a 2024 high of $75.25.

While the diversions were expected to push up the cost and time it takes to transport oil, supplies have not yet been impacted, analysts and industry experts noted, easing some of the earlier gains in prices.

For the week, Brent was down 0.5% and WTI 1.1% lower.

Tanker companies Stena Bulk, Hafnia, and Torm said they had decided to halt all ships heading towards the Red Sea.

However, Suez Canal Authority head Osama Rabie said traffic is regular in both directions, and there is no truth to reports that navigation has been suspended due to developments in the Red Sea.

The US and UK strikes come in retaliation for Houthi attacks since October on commercial vessels in the Red Sea in a show of support for Hamas in its fight against Israel in Gaza.

The escalation has fed worries the Israel-Hamas war could widen into a broader conflict in the Middle East, disrupting oil supplies. Iran seized a tanker on Thursday carrying Iraqi crude south of the strait destined for Türkiye.

Houthi militants also mistakenly targeted a tanker carrying Russian oil in a missile attack on Friday off Yemen, British maritime security firm Ambrey said.

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Saudi Arabia Advances Climate Action at 2024 SGI Forum with $60 Million in New Funding

A night view of the Saudi capital, Riyadh. (SPA)
A night view of the Saudi capital, Riyadh. (SPA)
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Saudi Arabia Advances Climate Action at 2024 SGI Forum with $60 Million in New Funding

A night view of the Saudi capital, Riyadh. (SPA)
A night view of the Saudi capital, Riyadh. (SPA)

The fourth edition of the Saudi Green Initiative (SGI) Forum kicked off on Tuesday, coinciding with the 16th session of the United Nations Convention to Combat Desertification (UNCCD COP16) in Riyadh.

Held under the theme "Action is in our Nature," the first day of the 2024 SGI Forum witnessed the announcement of five new initiatives, valued at $60 million (SAR225 million), reinforcing Saudi Arabia's leading role in climate and environment efforts.

With total investment exceeding $188 billion (SAR705 billion), the 86 initiatives activated as part of SGI are delivering tangible progress towards the aims of all three Rio Conventions. The Saudi Green Initiative is a key vehicle to deliver Saudi Arabia's goal to create a greener future for all by reducing emissions, combating desertification and safeguarding natural ecosystems.

The Kingdom is advancing towards net zero by 2060, driven by the Circular Carbon Economy approach. Central to this effort is the Saudi Green Initiative's target to reduce emissions by 278 million tons annually and optimize the domestic energy mix to achieve nearly 50% of electricity generation capacity from renewable sources by 2030.

In line with these goals, Saudi Arabia plans to increase renewable energy capacity to 130 gigawatts (GW) by 2030. Of this capacity, 6.2 GW is already connected to the grid, and 20 GW of projects were launched this year. Currently, 44.2 GW are under development—enough to supply more than 7 million homes with clean electricity.

To achieve the goal of displacing over one million barrels of liquid fuel daily, highly efficient gas-fired power stations with carbon capture readiness will provide a total capacity of 42 GW of electricity generation capacity. Four stations with a capacity of 5.6 GW are already operational, and 9 GW are under construction across five stations. An additional 21 GW has been awarded for construction, and 6 GW is to be tendered in 2025.

Construction is underway on one of the world's largest carbon capture, transport, and storage centers in Jubail, targeting the capture of 9 million tons of carbon dioxide annually by 2027. Additionally, the Saudi Energy Efficiency Program continues to achieve substantial energy savings and contribute to sustainable economic development, reducing approximately 539,000 barrels of oil equivalent daily by the end of 2023—a 9.5% increase compared to 2022.

Moreover, Saudi Arabia has planted over 100 million trees and shrubs since the launch of SGI in 2021, alongside dispersing millions of seeds to expand green coverage further and combat sand encroachment.

The Kingdom has also rehabilitated over 118,000 hectares of degraded land—an area larger than 165,000 FIFA-regulation-sized football fields—advancing the interim goal of rehabilitating 8 million hectares by 2030.

Five new initiatives, led by Ma'aden, Morooj Foundation in partnership with the private sector, and the Tanmiah Food Company, represent a $60 million (SAR225 million) investment to accelerate afforestation efforts. These initiatives aim to plant millions of trees and mangroves, scatter 300 million seeds, rehabilitate degraded land, reduce air pollution, and enhance biodiversity across the Kingdom.

Through its afforestation efforts, Saudi Arabia aims to safeguard current and future generations by providing essential protection against extreme heat. These efforts mark a pivotal step toward the country's long-term goal of growing 10 billion trees, enhancing resilience to desertification and improving the quality of life across the Kingdom.

To date, 18.1% of Saudi Arabia's land and 6.49% of its marine environments—spanning nearly 400,000 km²—are under protection, advancing the Kingdom's target of safeguarding 30% of its land and marine areas by 2030.

Saudi Arabia's conservation efforts also reached a series of historic milestones. Since the launch of the Saudi Green Initiative in 2021, over 7,000 endangered species, including the Arabian oryx, Arabian and sand gazelles, and Nubian ibex, have been rewilded in the Kingdom's nature reserves.

In 2024, four cheetah cubs were born—the first in Saudi Arabia in over 40 years—marking a significant achievement under the National Cheetah Conservation Strategy. Additionally, over 110 endangered red-necked ostrich chicks hatched in wildlife breeding centers in 2024, signaling the success of the species' reintroduction, which went extinct in the wild 100 years ago.

The Ibex Reserve and King Salman Royal Nature Reserve were also added to the International Union for Conservation of Nature (IUCN) Green List, further recognizing Saudi Arabia's progress in implementing effective management and conservation programs.