Adnoc joins the trading party
The Middle Eastern NOC’s new trading venture adds to the oil market’s evolution, and potentially to the pressure on middlemen
Abu Dhabi's state-owned Adnoc inked a deal with Eni and Austria's OMV in late January that gave the European IOCs stakes in both its refinery arm and in a new trading venture to manage refined product exports. Eni will take a 20pc stake in Adnoc Refining and OMV 15pc, although no information has been given on whether the trading venture will have the same ownership structure. Physical and derivative trading is slated to begin in 2020 "when all necessary processes, procedures and systems are in place". According to Adnoc, Eni and OMV will provide it with know-how, operational experience and support to accelerate the development of the trading joint venture, enabling all partners to optimise t
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
