Abu Dhabi National Oil Co., or Adnoc, joined the United Arab Emirates' 1 billion-Emirati-dirham National Industrial Resilience Fund.
Managed by Emirates Development Bank, the fund aims to strengthen industrial value chains across multiple sectors, according to a Friday release.
Under the agreement, the Industry Ministry will identify projects, the bank will provide financing, and Adnoc will support supplier localization and demand through long-term contracts.
UK Energy Secretary Ed Miliband has privately urged Prime Minister Keir Starmer to consider setting out a timeline for his resignation amid concerns over Labour's performance in local elections, The Times reported on Thursday, citing sources.The report said Miliband raised the suggestion during a meeting around two weeks ago as speculation grows over Starmer's future if Labour suffers heavy losses in Thursday's local elections.Potential rivals including Angela Rayner and Wes Streeting are also preparing possible leadership bids, according to the newspaper.A spokesperson for Miliband disputed The Times' account but declined to comment on private conversations or specifically deny that the suggestion had been made. The spokesperson said Miliband continues to support the prime minister.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Shell (SHEL) CEO Wael Sawan said the global oil market faces a shortage of nearly 1 billion barrels of crude due to the ongoing Iran conflict, warning that the supply deficit is "deepening every single day."Speaking during Shell's first-quarter earnings call on Thursday, Sawan said the market has lost significant volumes either through "locked-in barrels or unproduced barrels," adding that the recovery process would take time.He said Shell was already seeing the impact across the refining market, with some demand destruction emerging in sectors such as aviation.Sawan added that the extent of future demand weakness remained uncertain and would depend on how the conflict evolved in coming months.The comments come as disruptions linked to the Iran conflict continue to tighten global crude and fuel markets, particularly around the Strait of Hormuz, a key route for oil and LNG shipments.Shell executive said up to 15% of global crude supplies have been disrupted by the conflict.