UAE Supports Responsible Energy Transition

UAE President Sheikh Mohammed bin Zayed Al Nahyan listens to a presentation on ADNOC's new strategy. (WAM)
UAE President Sheikh Mohammed bin Zayed Al Nahyan listens to a presentation on ADNOC's new strategy. (WAM)
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UAE Supports Responsible Energy Transition

UAE President Sheikh Mohammed bin Zayed Al Nahyan listens to a presentation on ADNOC's new strategy. (WAM)
UAE President Sheikh Mohammed bin Zayed Al Nahyan listens to a presentation on ADNOC's new strategy. (WAM)

The UAE is committed to remaining a responsible global energy provider and enabling a more sustainable future, announced President Sheikh Mohammed bin Zayed Al Nahyan.

Sheikh Mohammed noted that the UAE would support the efforts to ensure a responsible energy transition by keeping pace with the future and investing in the essential opportunities it provides.

Speaking at the annual meeting of the Abu Dhabi National Oil Company (ADNOC) Board of Directors, in his capacity as its Chairman, Sheikh Mohammed directed the company to pursue a Net Zero by 2050 ambition to support the country's 2050 Strategic Initiative.

The board also approved ADNOC's strategy to accelerate growth across its value chain to meet rising energy demand and support global energy security responsibly.

As part of the strategy, ADNOC will establish a new Low Carbon Solutions & International Growth vertical focused on new energies, gas, liquefied natural gas (LNG), and chemicals, reported the state news agency (WAM).

The President stressed the importance of the steps taken by ADNOC to reduce carbon emissions in conjunction with its endeavor to develop and expand its operations to meet the growing global energy demand.

He praised ADNOC's efforts to drive industrial growth through its In-Country Value (ICV) program and its support for the "Make it in the Emirates" initiative.

The ICV program generated $9.54 billion in the nation's economy and enabled 2,000 UAE Nationals to be employed in ADNOC's supply chains.

At the meeting, the board endorsed plans to bring ADNOC's 5 million barrels per day (mmbopd) oil production capacity expansion to 2027, from the previous target of 2030, as part of the accelerated growth strategy.

ADNOC produces some of the world's least carbon-intensive oil, and this new target will provide the company with greater flexibility to meet rising global energy demand.

According to information released, ADNOC's plans to accelerate the implementation of the goal of increasing its production capacity of crude oil based on UAE's robust hydrocarbons reserves, which rose two billion stock tank barrels (STB) of oil and one trillion standard cubic feet (TSCF) of natural gas this year.

The additional reserves increase the UAE's reserves base to 113 billion STB of oil and 290 TSCF of natural gas, reinforcing the country's position in global rankings as the custodian of the sixth-largest oil reserves and the seventh-largest gas reserves.

Within the framework of the updated strategy, ADNOC announced the establishment of ADNOC Gas, a new world-class gas processing and marketing company, which will start operations in early January 2023.

The company will operate, maintain, and market the two ADNOC's gas processing and LNG operations through one integrated company.

The board directed ADNOC to proceed with an initial public offering (IPO) of a minority stake in the new company on the Abu Dhabi Securities Exchange (ADX) in 2023, subject to applicable regulatory approvals.

ADNOC's five-year business plan and capital expenditure (CAPEX) of $150 billion for 2023-2027 was approved to enable the accelerated growth strategy.

Minister of Industry and Advanced Technology Sultan al-Jaber lauded the vision and support of Sheikh Mohammed, adding that "through our Net Zero by 2050 ambition, we are placing sustainability at the center of our growth."

Jaber explained that the world needs maximum energy, minimum emissions, and all the energy solutions to ensure global energy security.

"ADNOC is committed to making today's energy cleaner while investing in the clean energies of tomorrow to strengthen our position as a reliable and responsible energy provider."



Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)
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Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)

Iraq produces more than 5 million barrels of oil per day (bpd), Oil Minister Basim Mohammed told state news agency INA on Saturday.

According to Reuters, Iraq is pushing for a higher OPEC production quota as the economic fallout from the Iran war and new investment by oil majors increase pressure on Baghdad to boost output, potentially putting it at odds with the producer group.

The conflict has hit Iraq particularly hard, forcing major export cuts and depriving the state of oil revenue, which accounted for 88% of government income last year.


IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
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IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)

Central bankers around the world would need to consider any slowdown in AI-driven growth as they assess steps in their fight against inflation, International Monetary Fund Managing Director Kristalina Georgieva said on Friday.

Georgieva said concerns about dependence on the AI investment boom and high valuations were impacting markets around the world.

"Things are going up and down, and this is likely to continue," she told an audience at IMF headquarters in Washington, adding that the volatility would complicate the job of central banks at a time when risks to price stability had been growing.

A steep rout in technology stocks on Thursday rippled through markets on fears that ⁠the Democrats' victory ⁠in the US midterm elections would increase regulatory scrutiny of AI and slow the data center build-out, sending investors to the safety of bonds.

The political jitters are hitting an AI trade already on shaky footing due to worry about return on massive spending on AI-related infrastructure, with the meltdown spurring margin calls and spooking retail investors and hedge ⁠funds alike.

Georgieva said the AI investment boom was lifting growth in some countries, helping to offset a negative oil-supply shock triggered by the war in the Middle East, but it was also adding to inflationary pressures and financial stability concerns.

The IMF last month flagged significant growth and financial stability risks from a potential ending of the AI investment boom, among other factors, including a prolonged Middle East war. At the time, it warned that a steep drop in AI investment could lead to a sharp fall in asset prices, ultimately cutting global GDP ⁠by 1.1% ⁠by 2028, including a 1.8% drop in US output.

Georgieva did not repeat the downside forecast on Friday, but acknowledged the recent market volatility.

"Should there be a slowdown in the AI-driven growth impulse, it would need to be factored in as central banks assess the necessary steps in the fight against stubborn inflation," she said.

Democrats are planning to unleash a flood of new legislation targeting artificial intelligence systems and data-center development when they take control of the US Congress in January, Reuters reported on Friday, citing congressional aides and advocates.

That would mark a sharp shift from the Republican-led Congress, where lawmakers largely focused on promoting AI development and declined to pass legislation restricting the technology.


World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
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World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.