<i>Hello from The National and welcome to the Energy This Week newsletter, our expert analysis on oil and gas, renewables and clean energy.</i> Oil prices <a href="https://www.thenationalnews.com/business/energy/2024/12/13/oil-prices-set-for-weekly-gain-amid-concerns-over-sanctions-curtailing-oil-supply/">gained</a> last week for the first time in three weeks, supported by potential tighter sanctions on Russia and Iran. Brent crude finished at $74.49 per barrel, up 1.47 per cent. However, sentiment for next year remains negative, focusing on an expected supply surplus and continued weak Chinese demand. Further weighing on prices, Opec finally bowed to the inevitable last Wednesday and cut its demand forecast for this year significantly, to 1.61 million barrels per day of growth, down from 1.82 million bpd. This is the largest of five consecutive monthly reductions in estimates, after it had foreseen 2.25 million bpd of growth as recently as August. It also trimmed its estimates for next year. President Sheikh Mohamed has approved the board of XRG, Adnoc’s new subsidiary for international low-carbon and chemicals investments. It includes Dr Sultan Al Jaber, Adnoc's chief executive and the Minister of Industry and Advanced Technology, UAE minister of investment Mohamed Alsuwaidi, former BP chief Bernard Looney, and OCI Global chairman Nassef Sawiris, among others. Adnoc on Monday signed a deal to <a href="https://www.thenationalnews.com/business/energy/2024/12/16/adnoc-signs-15-year-lng-agreement-with-germanys-enbw/">provide Germany’s EnBW</a> with 600,000 tonnes annually of liquefied natural gas over 15 years. Sharjah-based Dana Gas has <a href="https://www.thenationalnews.com/business/energy/2024/12/12/dana-gas-receives-20-million-in-payment-from-egypt/">received $20 million</a> from Egypt, as it seeks to reduce its overdue receivables in the country as part of a deal to encourage it to invest more to boost gas output. Arab forces launched an offensive against the Kurdish SDF militia and <a href="https://www.thenationalnews.com/news/mena/2024/12/11/kurdish-militia-in-syrias-deir-ezzor-retreats-as-rebels-take-over">captured</a> the provincial city of Deir Ezzor, and the area’s three largest oilfields. Syria’s oil was never important on the global stage, but it was crucial to the regime in Damascus. The country’s new government needs to use its petroleum to rebuild. Next door, Lebanon’s long electricity slump could be eased, as it is close to <a href="https://www.thenationalnews.com/business/energy/2024/12/14/war-ravaged-lebanon-turns-to-arab-neighbours-for-electricity-relief/">signing up</a> to the Arab Common Electricity Market, which could improve the chances of electricity imports from Jordan, Egypt or other Arab countries via Syria. Libya though continues to face political and security turbulence in its energy sector. The important Zawiya refinery in the west was shut down on Sunday after it was <a href="https://www.thenationalnews.com/business/energy/2024/12/15/libyas-force-majeure-at-zawiya-refinery-sparks-economic-challenges/">damaged in fighting</a> between armed groups. And the interruptions to oil, gas and other shipping through the southern Red Sea are likely to persist, as US-led naval patrols <a href="https://www.thenationalnews.com/news/mena/2024/12/17/how-the-red-sea-threat-has-risen-despite-us-led-naval-patrols/">have not seriously weakened</a> the Houthis’ attacking capabilities. The Yemeni rebel group is reported to earn about $180 million monthly from illegal safe-passage fees. Uzbekistan’s President Shavkat Mirziyoyev has <a href="https://www.thenationalnews.com/climate/2024/12/14/uzbekistan-starts-central-asias-largest-wind-farm-developed-by-masdar/">inaugurated</a> Central Asia’s largest wind farm, built by Abu Dhabi’s clean energy company Masdar, a 500-megawatt centre at Zarafshan. Gulf countries could use their advantage in cheap renewable energy to attract investment in data centres. The UK and Norway have <a href="https://www.thenationalnews.com/climate/road-to-net-zero/2024/12/15/keir-starmer-to-visit-carbon-capture-facilities-in-trip-to-norway/">revealed</a> a green energy partnership, which includes cross-border projects in carbon capture, use and storage (CCUS). Britain has allocated £21.7 billion ($27.6 billion) to fund CCUS projects over the next 25 years, and has just signed its first two CCUS contracts, which involve BP and Norway’s state company Equinor. Green hydrogen has run into some headwinds recently despite its promise. But Oman, one of the clean fuel’s leading proponents, says it will <a href="https://www.thenationalnews.com/business/energy/2024/12/11/oman-vows-to-press-ahead-with-green-hydrogen-plans-amid-growing-pains/">press ahead</a>. Its state-run Hydrom will hold a third round of auctions for areas to produce green hydrogen by the end of the first quarter next year, with a target of taking final investment decisions by 2027. Environmental damage will cost up to $25 trillion per year, or about a quarter of current global GDP, says a UN-supported report. This loss occurs through effects on food production, water, health and other areas. Cop16, the annual UN event on desertification, <a href="https://www.thenationalnews.com/climate/2024/12/14/cop16-gives-indigenous-communities-a-louder-voice/">held this year</a> in Riyadh, intended to give indigenous communities more of a voice. Mangrove restoration could be boosted by artificial intelligence. <a href="http://nabat.ai/" target="_blank">Nabat.ai</a>, an initiative of Abu Dhabi’s Advanced Technology Research Council, <a href="https://www.thenationalnews.com/climate/2024/12/10/uae-to-harness-ai-to-help-protect-crucial-mangroves-as-global-efforts-falter/">uses AI and drones</a> to locate suitable areas to distribute mangrove seeds.
