Saudi Arabia has pressured smaller nations to accept production quota reductions
E&P investment becoming mission impossible
Oil price volatility and the high cost of hedging mean putting money into exploration and production is unaffordable for all but the largest players
The Opec+ members and central bankers from the EU, the US and the UK all announced key decisions in June 2023. Their actions vividly demonstrated why investors across the world will put money into building plants to produce everything from computer chips to batteries but will not back proposals to drill for oil. The central bankers, as usual, telegraphed their actions in advance in a concerted effort to warn investors and/or confirm market expectations. The policies adopted since the appointment of Prince Abdulaziz bin Salman as oil minister have made it more challenging for most companies to invest safely in oil exploration. These policies clearly result from Crown Prince Mohammed bin Salma
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The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
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E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
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Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
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The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
