OPEC and non-OPEC allies — generally referred to as OPEC+ — agreed at this week’s meeting in Vienna to reduce production by 2 million BPD from November levels.

The US reaction to the Saudi-led decision was swift. President Joe Biden has warned of "consequences," and the country has announced more releases of crude from its strategic reserves.

Additional domestic gas production from a bigger reserve base in the Black Sea may allow Turkey to reverse some of the recent electricity and gas price hikes.

UAE Minister of Industry and Advanced Technology and Special Envoy for Climate Change Dr. Sultan Al Jaber and Special Presidential Coordinator Amos Hochstein signed the Partnership on behalf of the UAE and the US.

“Türkiye, due to its geographical position, is an energy corridor from Russia, Iran, and Saudi Arabia. Any kind of natural gas or oil that is going to be transported or shipped, will cost less and will be shipped more safely,”

India’s cooperation with the UAE and the rest of the world in green energy will give an optimistic note on future energy scenario.

Aramco announces third quarter 2022 results Q3 net income rises 39% YoY to $42.4 billion; free cash flow increases to a record $45.0 billion

Concluding the plenary part, Maksim Malyarchuk, Executive Director of the Russian-Iraqi Business Council at the Chamber of Commerce and Industry of the Russian Federation, spoke about the activities of the Council and assistance to Russian and Iraqi companies in the new conditions.

Saudi Arabia previously signed in February 2019 several memorandums of understanding for an investment of US$21bn in various sectors of the Pakistani economy, including for the project of a deep conversion refinery and petrochemical complex with an investment of US$12bn.

Saudi Arabia is China's top crude supplier with most of the country's refineries designed to crack Middle East crudes.

Qatar is carrying out another expansion plan, North Field East, which will cost almost $30 billion and is set to send out its first shipments in 2026. Some supply agreements have already been finalized for that project, Kaabi said.

"The operation of TurkStream is now fully secured in the long term following the Dutch decision," foreign minister Peter Szijjarto was quoted as saying by Hungarian government spokesman Zoltan Kovacs.

The UAE has expressed support for the statement by the Ministry of Foreign Affairs of the Kingdom of Saudi Arabia regarding reviewing the status of oil markets and reducing production, noting that the decision was collective and based on the vote of OPEC+.

Akkuyu is the first nuclear power plant under construction in Turkey and will eventually host four units of Russian-designed VVER-1200 reactors.

The OPEC+ alliance, co-chaired by Russia and Saudi Arabia, last week agreed to cut its production by 2 million barrels a day, the biggest reduction since 2020.