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Trump Energy Chief Says Fuel Export Ban Wouldn't Lower Prices

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Interior Secretary Doug Burgum said Monday that a US ban on fuel or crude exports would not lower domestic pump prices, Bloomberg reported.

Burgum said the administration would consider an export ban only if there were a direct correlation between stopping exports and lowering prices at home, the report said.

The comments came as retail diesel prices topped $6 a gallon and gasoline prices exceeded $4, with speculation that the administration could impose export restrictions ahead of the midterm elections, Bloomberg said.

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Equities

Saudi Arabia Shutters East-West Oil Pipeline Following Drone Attack

Saudi Arabia halted supply through its 1,200-kilometer East-West pipeline after drone attacks, Reuters reported Sept. 12, citing the world's largest crude oil exporter.The Saudi Ministry of Foreign Affairs confirmed on Sept. 11 that the drone attacks on the pipeline spanning the Riyadh and Madina regions originated from Iraq, where Iran's militant allies are located. The ministry did not disclose the impact of the attack on the kingdom's exports but noted that it caused injuries and that the damage was being evaluated.

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Equities

Adnoc, XRG, Masdar Sign Energy, Industry, Technology Deals With German Businesses

Abu Dhabi National Oil Co., or Adnoc, its international energy investment business XRG, and Abu Dhabi Future Energy Co., d/b/a Masdar, signed deals with German companies that could enable over 5 billion euros of investment in Germany's energy and industrial sectors, according to a Sept. 11 release.Adnoc and German energy group RWE's (RWE.F) supply and trading unit signed a letter of intent for up to two long-term liquefied natural gas contracts, with deliveries slated to begin in the early 2030s. The state-owned oil company and XRG, meanwhile, agreed to consider a potential collaboration with Securing Energy for Europe, involving gas supply, infrastructure, logistics and portfolio optimization. Adnoc will also look into advanced technology and artificial intelligence partnerships with Bosch Middle East, Siemens Energy (ENR.F), and Siemens Industrial.Additionally, United Arab Emirates-based chemicals producer Ta'ziz and Covestro (1COV.F) decided on the next steps in their joint feasibility study into a methylene diphenyl diisocyanate value chain in Ruwais, UAE, aiming for production start-up in the early 2030s. Along with Fertiglobe (ADX:FERTIGLB), Covestro and MB Energy will evaluate the joint development of low-carbon ammonia supply chains into Germany.Renewable energy company Masdar and RWE agreed to explore participation in future German offshore wind auctions and investments in offshore wind and battery storage projects in Germany and wider Europe.

$1COV.FADX:FERTIGLB$ENR.F$RWE.F
Equities

RWE, Masdar Enter Offshore Wind, LNG Supply Deals

Energy group RWE (RWE.F) and Abu Dhabi Future Energy Co., d/b/a Masdar, entered into two deals that involve offshore wind auctions and liquefied natural gas supplies.The first agreement covers a memorandum of understanding that has an indicative investment value of more than 3 billion euros, according to a Sept. 11, 2026, release. The MoU entails joint involvement in offshore wind auctions in 2027.For the remaining agreement, the parties signed a letter of intent regarding the potential terms of two liquefied natural gas sale and purchase deals in Europe, Germany, as well as Asia. The potential deal is expected to take effect in the early 2030s.

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