WorldOil UAE to add 3.8 MMbbl capacity to oil storage hub in 2020 Brooge Energy Ltd. expects new tanks at its oil-storage terminal in the United Arab Emirates to be fully operational by the end of the year, with a single customer booked to lease all the additional capacity. ADNOC announces $20.7 billion energy infrastructure deal Foreign investment into ADNOC’s infrastructure unlocks significant capital to reinvest in ADNOC’s strategic growth projects and reinforces the UAE as an investment destination of choice. Oceaneering wins significant asset integrity scope in the Middle East The award includes the provision of general and advanced non-destructive testing (NDT) and fabric maintenance inspection services across the operator’s onshore and offshore facilities in the Middle East. OPEC+ proves its mettle by swiftly delivering oil production cuts Despite skepticism over the efficacy of the measures unveiled in mid-April by Saudi Arabia, Russia and their partners, compared to the immense hit to demand, the impact has been substantial. Oil prices have recovered by 60% in the past three weeks, as a pick-up in fuel use is complemented by the supply cuts. OPEC cuts Q2 demand estimates again while members make deeper cuts OPEC presented a bleaker assessment of global oil markets for the second quarter as the coronavirus crisis continues to drain demand, days after some of the cartel’s biggest producers pledged to make even deeper production cutbacks. ADNOC terminates Dalma gas project with Petrofac Petrofac received notice of termination from Abu Dhabi National Oil Company (ADNOC) of two recently awarded contracts for the Dalma Gas Development Project. Oil glut closes Middle East’s largest crude terminal With the coronavirus choking fuel demand and the world awash in surplus crude, even the Middle East’s main oil-trading hub has run out of room to store unwanted barrels. These countries have the most firepower in the oil price war With OPEC’s output limits suspended and a price war under way, the group’s biggest oil producers are preparing to churn out more barrels to protect market share. Abu Dhabi discounts its Murban crude in growing oil price war Abu Dhabi took a cue from Saudi Arabia and cut pricing for its crude as the world’s biggest producers prepare to flood oil markets in a race for market share. Daily Brief podcast, Wednesday, March 11th As the UAE piles on to Saudi Arabia and Russia’s production hikes, is this the time for the U.S. to implement an import fee to partially protect domestic output?