Over the past 15 years, the UAE has invested over US$40 billion in clean energy projects, Al Mazrouei went on to say, adding that this figure is likely to range between $150-200 billion through 2030 to ensure that the UAE's energy demand is met and maintain the sustainable growth of the country's economy.

Saudi Arabia's crude shipment to China are averaging 1.9 million b/d in August, up from 1.3 million b/d a month earlier, while Russia inflows are at 1.38 million b/d, up on month from 1.36 million b/d, according to Kpler shipping data. Imports from Saudi Arabia were at a 12-month low of 1.33 million b/d in July, while Russian shipments dropped to 1.91 million b/d in the month, the lowest since April, China General Administration of Customs data showed.

The committee reaffirmed the commitment of its member countries to the DoC which extends to the end of 2024 as agreed in the 35th OPEC and non-OPEC Ministerial Meeting (ONOMM) on 4th of June 2023.

The Akkuyu plant, in the southern Mersin province, is Turkey's first. Rosatom is building four VVER-1200 reactors, under a so-called BOO (build-own-operate) model.

UAE energy minister Suhail al-Mazrouei said the voluntary OPEC+ cuts would bear fruit soon and blamed the current market malaise on the disconnect between physical and paper traders.

China National Petroleum Corp. signed a 27-year LNG purchase agreement for 4 million tons annually with QatarEnergy on Tuesday.

Adjust the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC to 40.46 mb/d, starting 1 January 2024 until 31 December 2024, which is to be distributed as per the attached table.

The kingdom’s energy minister Prince Abdulaziz bin Salman, Opec’s de facto leader, made the move as part of a deal in which several weaker African members will have quotas reduced from next year.

Earlier this year Russia introduced a voluntary cut of 500,000 b/d from March after EU sanctions on imports of most Russian oil and G7 price caps came into force.

China currently has the second largest number of nuclear plants globally comprising 56 reactors, with 20 units under construction, which will account for 10-15% of power production by 2035.

They expressed satisfaction with the level of coordination at OPEC Plus aimed at ensuring the global oil market stability.

Since Western sanctions over the war in Ukraine cut off Russia from many of its established trading partners, state companies from Saudi Arabia and the United Arab Emirates have stepped in to take advantage of discounted prices for Russian products,

This will bring the total additional voluntary production adjustments by the above-mentioned countries to 1.66 million b/d.

Since Turkey can legitimately still import diesel-type fuel from Russia, traders can potentially bring in relatively cheap barrels to meet the country’s energy needs. At the same time, Turkey’s own production could be sold at a higher price to the EU.

Both sides expressed satisfaction with the positive dynamic of trade and economic relations, the successful implementation of joint strategic power engineering projects, including gas supplies, and the construction of the Akkuyu Nuclear Power Plant in Türkiye.