The agreement is for the supply of 0.7mn tonnes of LNG.

ADNOC Gas has entered into a US$400mn three-year LNG supply agreement with Germany’s SEFE Securing Energy for Europe, as it continues to expand its global business

The agreement is for the delivery of 0.7mn tonnes of LNG, which will be supplied from ADNOC Gas’ Das Island 6 mtpa liquefaction facility. It builds on the ongoing collaboration between the UAE and Germany, including the 2022 Energy Security and Industry Accelerator (ESIA) pact and the 2024 Joint Declaration with the state of Baden-Württemberg, both aimed at fostering energy security and sustainable fuel development.

Fatema Al Nuaimi, chief executive officer of ADNOC Gas, said: “This agreement marks a significant step in strengthening our long-standing partnership with SEFE and reinforces ADNOC Gas’ role as a reliable and responsible global energy provider, committed to supporting Germany’s energy security.”

Frédéric Barnaud, chief commercial officer of SEFE, said: “Over the past two decades, we’ve built a strong partnership with ADNOC, and we value our relationship with such a reputable and reliable supplier. This new medium-term LNG contract builds on the long-term supply agreement with ADNOC that we signed last year, thereby adding another flexible source of LNG to our portfolio – to the benefit of both Europe’s security of supply and our global market trading activities.”

As a lower-carbon energy source, LNG plays a critical role as a transition fuel. ADNOC has ambitions to significantly grow its LNG capacity and strengthen its position as a global LNG player, shipping LNG to a growing range of international markets in Asia, Europe and beyond.

Global oil demand is forecast to reach 123mn bpd by 2050.

Global oil demand is set for continued robust growth to 2050, reaching almost 123 mn bpd by then, according to OPEC’s newly-launched 2025 World Oil Outlook (WOO)

OPEC forecasts that the world will require more energy in the decades to come, with global energy demand set to expand by 23% to 2050. This will be driven almost entirely from developing regions, led by India, Other Asia, Africa and the Middle East. Energy will need to be available in a “secure, stable and realistic manner” according to OPEC Secretary General, HE Haitham Al Ghais. Energy demand is set to rise from 308mn  barrels of oil equivalent (mboe/d) in 2024 to 378 mboe/d in 2050.

HE Al Ghais also highlighted that the world will continue to need all energies. “It is also a future in which we need to embrace all technologies, to drive innovation and efficiencies, and ensure that all peoples are taken into account, particularly given that it is the non-OECD developing world that will drive future energy growth”.

The report notes that energy policies across major economies are undergoing a significant recalibration, with a noticeable trend of policy pushback and intensified scrutiny, primarily in the US and in a number of other developed countries. Decision-makers are increasingly challenged to address a variety of priorities, including energy security, energy affordability, reducing emissions, sustainability and industrial competitiveness.

Oil is set to maintain the largest share in the energy mix in 2050, at just below 30%, according to the report. The combined share of oil and gas is expected to account for more than 50% between 2024 and 2050.

Supported by recent policy shifts and an improved economic outlook, global oil demand is set for continued robust growth of 9.6mn bpd over the medium-term period, rising from 103.7 mn bpd in 2024 to 113.3 mn bpd by 2030, with non-OECD countries leading this demand. In the long term, global oil demand is projected to rise by more than 19 mn bpd between 2024 and 2050, reaching almost 123 mn bpd.  India, Other Asia, the Middle East and Africa are set to be the primary sources of long-term oil demand growth.

In terms of demand by sector, the transportation sector accounted for more than 57% of global oil demand in 2024 and is projected to retain this share over the entire forecast period, with growth driven by road transportation and aviation. A significant demand increase is also projected in the petrochemical sector.

Middle East crude and condensate exports are likely to increase to all major importing regions, with more than 80% of Middle Eastern exports set to be shipped to the Asia-Pacific.

The report highlights the need for continued investment to satisfy rising demand, as well as to offset natural decline in mature fields, estimating that global cumulative investments of US$18.2 trillion are required over the 2025–2050 period, mainly for the upstream sector. “The challenge of meeting these investment requirements is huge, and any shortfall in meeting these needs could impact market stability and energy security,” the report cautions.

The LNG carrier market has come under sustained pressure.

New US tariffs and escalating global trade tensions have impacted vessel markets in the first half of 2025, depressing investment in some sectors while accelerating strategic orders in others, according to a report by Veson Nautical, a leading provider of maritime freight management solutions and data intelligence

Tanker slowdown

The tanker sector saw a marked slowdown, with newbuilding orders down 74% y-o-y and S&P volumes falling by 31%. Softer earnings and regulatory uncertainty were key drivers. Medium Range 2 (MR2) product tankers bucked the trend, accounting for over a third of transactions as buyers capitalised on lower values. Usually sized between 45,000 and 55,000 DWT, MR2s are product tankers that typically ship gasoline, diesel, jet fuel and other refined products across regional and intercontinental routes. Values for 15-year-old units fell by 24%, drawing renewed interest in ageing but versatile tonnage.

Pressure on the LNG carrier sector

The LNG carrier sector came under sustained pressure during the first six months of 2025, with average time charter earnings for large vessels falling by 66% y-o-y. The decline was driven by continued fleet expansion outpacing demand growth, along with weaker seasonal fundamentals. As rates fell, demolition activity increased sharply, with seven vessels scrapped—a 250% rise on the same period in 2024. Older steam turbine vessels saw the steepest value declines, with 15-year-old units down by more than 8%. While demand for LNG is expected to rise in the coming years, the current tonnage surplus is likely to keep pressure on earnings through the rest of 2025.

Tariff uncertainty hits the LPG carrier sector

In the liquid petroleum gas (LPG) carrier market, S&P activity slowed by 25% y-o-y, weighed down by trade policy uncertainty between the US and China. Newbuilding orders dropped by 80% compared with the same period last year. Most activity was concentrated at the very large and small ends of the fleet, with limited momentum in the midsize space. Values fell across the board, though long-term averages remain high by historical standards.

“Geopolitical pressure is no longer a background factor; it’s shaping the way owners think about risk, timing and capital,” said Matt Freeman, chief market analyst at Veson Nautical. “From regulation to rerouting, disruption is now part of the operating environment, and owners are recalibrating their strategies accordingly.”

The contract involves the testing and inspection of umbilicals. (Image source: JDR Cable Systems)

JDR Cables Systems (JDR), the global subsea cable supplier and service provider has been awarded a major service contract by Larsen & Toubro (L&T), to test 14 umbilical cables for offshore platforms in the Middle East

The work covers two major work scopes across multiple offshore platforms, to ensure the safety and efficient operation of the umbilical cables. This includes the testing and monitoring of critical hydraulic and electrical control systems to support operations across the platforms, from pre-deployment testing, to monitoring during lay operations, and integration testing. The project will be managed from JDR’s UK service centre in Newcastle, with offshore technicians, equipment, and technical support provided throughout the operation to ensure the umbilicals are properly monitored during the installation and integration phases and provide onsite support throughout the whole process.

Alan Combe, service sales manager EMEA at JDR, said, “Securing this contract reflects the strength of our service offering and the capability of our team to deliver technically complex service work in the Middle East. It’s an exciting region, full of opportunity and innovation, and an important part of JDR’s long-term focus. We’re looking forward to working closely with the L&T team throughout the installation and testing phases.” 

“The Middle East continues to present strong opportunities for JDR, both for our subsea cables and our service offering,” added Carl Pilmer, chief sales officer at JDR. “As we consolidate our presence in the Middle East, this project is a good example of how we’re supporting customers in the region with reliable and high-quality delivery.”