• Saudi Aramco CEO calls energy transition strategy a failure

    Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current energy transition strategy as a misguided failure on Monday. "In the real world, the current transition strategy is visibly failing on most fronts," Saudi Aramco Chief Executive Amin Nasser said...
  • Russia to ban petrol exports for six months to meet domestic demand

    Despite being the world's third largest oil producer, Russia has suffered sporadic fuel shortages since last summer amid high demand and repair works on refineries. Wholesale gasoline prices have risen since the start of the year, a problem exacerbated by repeated Ukrainian drone attacks on oil refineries.
  • flydubai net profit $572m

    This is the carrier's strongest-ever performance.
  • Gaza war deaths top 24,000 as UN chief calls for ceasefire again

    Bringing food and supplies to the besieged population of Gaza, which is increasingly at risk of famine, also depends on the opening of new entry routes into the territory, the World Food Program (WFP), UNICEF and the World Health Organization (WHO) said in a joint statement.
  • Biggest fuel refinery plant of Africa begins production

    Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company said on Saturday, calling it a "big day for Nigeria". The 650,000 barrel-per-day Dangote refinery could be a game changer when fully operational by helping end Nigeria's reliance on fuel...
  • World adds 50% more renewable energy capacity in 2023

    The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023, touching almost 510 gigawatts, with solar PV accounting for three-quarters of additions worldwide. Nearly 200 nations at the COP28 summit last month agreed to transition away from fossil fuels.
  • UAE announces reduction in fuel prices for January

    ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following fluctuations in the global oil market. This change reflects a continuous trend observed in the fuel prices over the past few months, with September and October witnessing increases and November...
  • US blames Iran for targeting tanker off India coast

    It was the first time the Pentagon has accused Iran of directly targeting ships since the start of Israel's war on the fighters group Hamas. The attack came amid a flurry of new drone and missile attacks by Yemen's Houthi rebels on the vital Red Sea shipping lane since the...
  • COP28 last chance to keep 1.5C target alive: John Kerry

    US climate envoy issued the warning after COP28 president Sultan Al Jaber proposed a draft deal that did not include a phase-out of fossil fuels, disappointing the United States, the European Union and low-lying islands most vulnerable to climate change. Kerry told ministers that many participants have called for the...
  • Faster hydrogen production needed for energy transition: WTO

    Abu Dhabi, UAE-- In order to speed up the energy transition there must be a fast increase in the production of green hydrogen, according to a joint report by the International Renewable Energy Agency (IRENA) and World Trade Organisation (WTO). The report published on December 9 provides insights into global...
  • OPEC implores members to oppose any COP28 deal targeting fossil fuels

    Dubai, UAE--The head of OPEC has urged members of the oil cartel to reject any deal at UN climate talks in Dubai that "targets" fossil fuels instead of emissions, according to a letter seen Friday by AFP. In the letter sent Wednesday, OPEC Secretary General Haitham Al Ghais said he...
  • COP28 chief urges nations to reach climate compromise

    Setting the ambitious goal of having a deal in place by Tuesday, the last day of the conference, Sultan Al Jaber exhorted the nearly 200 nations represented at COP28 to work with a "spirit of compromise", step out of their "comfort zones and find common ground to deliver a high...
  • Israel approves ‘minimal’ increase in fuel supply to Gaza

    Israeli Prime Minister Benjamin Netanyahu's office wrote on X that a "minimal supplement of fuel necessary to prevent a humanitarian collapse and the outbreak of epidemics" had been approved to enter "into the southern Gaza Strip". The announcement follows the UN warning of a total breakdown of public order in...
  • ENOC and Neste sign MoU to drive sustainable aviation fuel initiatives

    Dubai, UAE--ENOC Group has signed a memorandum of understanding (MoU) with Neste, the world's leading producer of sustainable aviation fuel (SAF), in a pivotal step towards exploring the possibilities of supplying and purchasing of SAF regionally in the coming years. This ambitious goal underscores ENOC's proactive approach to fostering a...
  • Sustainable aviation fuel production lags behind demand: IATA official

    Dubai, UAE -- The current production of sustainable aviation fuel (SAF) represents less than 1 percent of the sector's demand, despite the production and usage accelerating threefold in 2023 compared to the previous year. This has led to significant investments in the field, with airlines committing to purchasing available quantities...
  • First fuel consignment enters Gaza as Israel bows to pressure

    As UN warns of an increasingly desperate situation for 2.4m Palestinians and pleaded for a ceasefire, the first delivery of fuel arrived from Egypt on late Friday. At the same time, Israel carried on its offensive, combing Gaza's largest hospital. It has vowed to "crush" Hamas in response to the...
  • 24 die at Gaza hospital due to power outages caused by Israeli siege

    The announcement came shortly after Israel agreed to a US request to allow two fuel trucks a day into Gaza, following a UN warning that the shortages had halted aid deliveries and put people at risk of starvation. The situation was dire at the Al-Shifa hospital, the largest in Gaza,...
  • Jet fuel sales to reach over billion gallons by end of 2023: ENOC

    Dubai, UAE--ENOC Group will reach more than one billion gallons of jet fuel sales at the end of this year by supplying more than 153,000 commercial, military, and general aviation flights around the world. The company made the announcement on the sidelines of the 18th edition of Dubai Airshow, which...
  • UN warns fuel shortage to halt Gaza aid work in ’48 hours’

    JERUSALEM - The UN agency for Palestinian refugees warned Monday its operations in war-torn Gaza would shut down within two days due to fuel shortages as fighting rages between Israel and Hamas. "The humanitarian operation in Gaza will grind to a halt in the next 48 hours as no fuel...
  • UN warns Gaza fuel shortage will stop aid work as death toll mounts

    Israeli strikes have now killed more than 6,500 people in Gaza, a rise of over 700 since Tuesday, according to the Hamas-run health ministry. One doctor said he was forced to perform emergency surgery on the wounded without anesthetic. Israel has cut off impoverished Gaza's usual water, food and other supplies,...
  • UN rights chief calls for ‘immediate ceasefire’ in Gaza

    Volker Turk exhorted for a ceasefire as the first step in order to save the lives of civilians through the delivery of quick and "effective humanitarian aid" in the Gaza Strip. He asserted that violence will never end unless leaders stand up and "take the humane choices that are required...
  • Aid trucks for residents enter Gaza from Egypt

    The first aid trucks arrived in the war-torn Gaza Strip from Egypt, AFP journalists said, bringing desperately needed humanitarian relief to the Hamas-controlled Palestinian enclave under Israeli siege. Israel has vowed to destroy Hamas after the group carried out the deadliest attack in the country's history on October 7.
  • Women play ‘prominent’ role as hundreds protest in Syria

    Peaceful protests have swept Sweida province, the heartland of the country's Druze minority, since President Bashar al-Assad's government ended fuel subsidies last month. The move dealt a heavy blow to Syrians reeling from more than a decade of war and economic woes.
  • Morocco looks to become key player in green hydrogen

    According to the country's economy minister, around 1.5 million acres of public land -- nearly the size of Kuwait -- have been set aside for green hydrogen and ammonia plants. Morocco is looking to become North Africa's top player in the emerging "green hydrogen" sector, with plans to export the...
  • Iran seizes two oil tankers and arrests crews for alleged fuel smuggling

    Tehran, Iran - Iran has seized two oil tankers allegedly carrying smuggled fuel in the Gulf and arrested their crews, state television announced on Friday. "The Revolutionary Guards naval forces seized two ships over the course of the last two days," state television said, citing Mohammad-Sharif Shirali, a Guards commander. "The...
  • Oil prices spike on US stockpile draw and hurricane fears

    Dubai, UAE--Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge. Brent crude futures for October climbed 31 cents, or 0.36%,...
  • Ryanair inks pact with Joramco

    The airline is likely to carry 300m passengers a year by 2034.
  • Syrians rally against poor economic conditions in government-held areas

    Beirut, Lebanon - Hundreds of demonstrators took to the streets again on Monday in Syria's southern city of Sweida, local media and an activist reported, as dire living conditions stoke discontent in regime-held areas. Days of rare protests have erupted in the south after the government lifted fuel subsidies last week,...
  • DEWA files patent for energy liquid

    The liquid enhances efficiency of energy storage systems.
  • Syria doubles salary of civil servants, military personnel

    In a separate statement late Tuesday, the commerce ministry announced the total lifting of subsidies on petrol and a partial lifting of subsidies on fuel oil. As a result the price of petrol has risen to 8,000 pounds from 3,000 previously, and fuel oil to 2,000 pounds from 700 previously,...
  • Saudi Arabia posts budget deficit of US$1.41 billion in Q2 2023

    RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of 2023, the finance ministry said on Thursday. Saudi Arabia, the world's top oil exporter, recorded a budget surplus of almost $30 billion in 2022 as the high prices of the...
  • Oman inflation spikes 2.8% in 2022, pushing up food prices

    Muscat, Oman-- Oman's inflation rate increased by 2.8 percent in 2022 as the consumers price index (CPI) registered 109.7 points compared to 106.7 points in 2021. According to the data issued by the National Centre for Statistics and Information (NCSI), there was a rise in the prices of main groups...
  • Abu Dhabi Maritime signs MoU with ADNOC Distribution

    It seeks to enhance emirate's coastal and marine locations.
  • ADNOC Distribution, HPCL ink agreement

    Will help to enhance efficiency of overseas operations.
  • Sri Lankan economy contracts 11.5 percent in Q1 2023

    COLOMBO, SRI LANKA - Crisis-hit Sri Lanka's economy shrank by 11.5 percent in the first quarter just before an IMF bailout kicked in, official figures showed Thursday. The contraction in the first three months compared with shrinkage of 0.5 percent in the corresponding period of 2022, and a decline of 12.4...
  • Saudi inflation in May rises slightly to 2.8% on higher rents

    Dubai, UAE -- Saudi Arabia’s inflation increased by 2.8%, compared to May 2022, slightly higher than April 2023 (2.7 percent), the kingdom's General Authority for Statistics (GASTAT) said Thursday. The main driver of Consumer Price Index inflation in May was the higher prices of housing, water, electricity, gas, and other...
  • Drone strike targeted lawmaker’s home: Libya parliament

    The UN-recognized Government of National Unity said the strikes hit "hideouts used by gangs of smugglers in fuel, narcotics and humans" and that they were ordered by interim PM Abdulhamid Dbeibah. But the country's parliament accused the Tripoli-based government of targeting the home of one of its lawmakers Ali Bouzribah,...
  • Syrians abandon babies at mosques, under trees as war grinds on

    "Only a few cases of child abandonment" were officially documented before the war broke out in 2011, according to the Washington-based group Syrians for Truth and Justice, which records human rights abuses in the country. But between early 2021 and late 2022, more than 100 children -- 62 of them girls...
  • ADNOC Distribution’s profit up

    Its profit vaulted to US$150 million in Q1 of 2023
  • Emirates Group yearly profit $3bn

    The group declared a dividend of $1.2 billion to its owner.
  • Japan’s investment in Egypt soars, but bilateral trade contracts

    Cairo, Egypt-- Egypt's trade with Japan dropped 26.3 percent to US$1.1 billion in 2022, but the value of Japan's investments in the North African country shot up 98.7 percent to $73.7 million during the 2021-2022 period. According to the Central Agency for Public Mobilization and Statistics, Egypt exported goods worth...
  • EU agrees to boost use of green aviation fuel to cut emissions

    Aviation emissions in Europe were on an upward curve of around five percent per year between 2013 and 2019, dropping off after that only because of travel curbs under the coronavirus pandemic. Those curbs are now largely lifted, and aviation traffic is bouncing back.
  • UN chief calls for ceasefire in Sudan, says conflict may affect region

    Foreign nations pushed with evacuations of their citizens from Sudan which, the UN chief warned, is "on the edge of the abyss" after 10 days of brutal fighting between rival forces. As army and paramilitary troops again clashed in Khartoum and across the country, Sudanese have sheltered in their homes...
  • G7 starts ‘difficult’ climate talks on fossil fuel commitments

    Sapporo, Japan--G7 allies kicked off two days of "difficult" climate talks in northern Japan on Saturday, facing pressure to show progress on key fossil fuel commitments in an example to other major economies including China. Campaigners have warned climate and environment ministers from the group of developed countries against backsliding on...
  • ADNOC L&S to deploy five very large gas carriers

    ABU DHABI, UAE - ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of ADNOC, announced on Thursday the deployment of five new-build Very Large Gas Carriers (VLGC). The gas carriers were built at Jiangnan Shipyard in Shanghai, China, and will be owned and operated by AW...
  • Kais Saied denounces IMF bailout conditions as ‘foreign diktats’

    The IMF was originally expected to approve a bailout deal on December 19, but that was delayed pending a Tunisian budget, which has since passed, and a law to stop banks charging excessive interest.
  • Trends Poll: Saudi will reach net-zero first in GCC

    Gulf countries have substantial financial and other resources to achieve zero- emission goals but they need to identity and address the obstacles.
  • EU, Germany reach deal on fossil fuel car phaseout

    BRUSSELS, BELGIUM - The European Union and Germany on Saturday said they had struck a deal after a dispute over the planned phaseout by 2035 of the sale of cars using fossil fuels. A landmark deal to prohibit new sales of fossil fuel cars from 2035 is key to the bloc's...
  • Egypt raises fuel prices amid spiraling economic crisis

    The Egyptian pound has lost half of its value, propelling annual inflation in the import-dependent country to 26.5 percent in January, figures in February showed. Of the $34.2 billion in Cairo's foreign reserves -– a 20-percent drop from February 2022 –- some $28 billion are deposits from wealthy Gulf allies....
  • High vegetable prices, inflation hit Moroccans ahead of Ramadan

    The situation has been made worse by a crisis facing the agricultural sector, which makes up 14 percent of gross domestic product. The worst drought in four decades has been compounded in recent weeks by a snap of unusually cold weather. The government has boosted subsidies on some basic products...