Iran asserts peaceful nuclear agenda amid western concerns
Tehran, Iran - Iran's nuclear program remains peaceful, said Nasser Kanani, the spokesman for the Iranian Ministry of Foreign Affairs,...
Geostrategy
Oil prices rise following Red Sea attacks
Oil prices shot up three percent as more companies suspended shipping through the Red Sea following attacks on vessels by...
Market Report
Economy
Jordan’s oil expenditure up by nearly 50 percent in Q1 2022
Jordan's oil bill went up by 49.1 percent in Q1 2022, compared to the same period in 2021, the Department...
- The value of the oil bill in Q1 2022 increased to JD761 million compared to JD510 million in the same period of 2021.
- Jordan’s crude oil import amounted to JD126 million, followed by gasoline with JD142 million and kerosene with JD9 million.
Economy
Germany inflation highest in 50 years as energy, foodstuff prices rise
Germany hit the highest level of inflation in 50 years due to a rise in the cost of living, energy,...
- The data provided by the Federal Statistical Office of Germany indicate that levels of inflation reached 7.9 percent in May 2022.
- The Federal Statistical Office of Germany blamed the war in Ukraine and the rise in oil prices for hitting this record high inflation.
Geostrategy
Iran’s uranium pool exceeds nuclear deal limit: UN nuclear watchdog
The International Atomic Energy Agency said in its latest report on Iran's nuclear program that it "estimated that, as of...
- The report also says that Iran is continuing its enrichment of uranium to levels higher than the 3.67 percent limit in the deal.
- Enrichment levels of around 90 percent are required for use in a nuclear weapon. Iran has always insisted its nuclear program is peaceful.
Economy
Saudi Arabia, UPLink in deal to counter sustainable development issues
This is a part of the Kingdom’s agenda to achieve sustainable development 2030 locally and internationally.
- The Saudi ministry seeks to explore the joint issues in the field of food security, food waste recycling.
- The move is a part of the Kingdom’s agenda to achieve sustainable development 2030 locally and internationally.
Geostrategy
G7 nations to stop financing fossil fuel projects abroad by end 2022
Japan Friday for the first time joined fellow members of the Group of Seven industrialised nations in pledging to end...
- Ending subsidies for the international fossil fuel energy sector was already part of a series of commitments agreed to by around 20 countries at COP26 climate summit in Glasgow.
- Six of the G7 club of rich nations were among the signatories at the time -- Britain, Canada, Germany, France, Italy and the United States -- but Japan had resisted until now.
Business
UAE and India to expand ties in renewable power, sustainable finance
India was the second-largest trading partner of the UAE in 2021 as it accounted for 9 percent of the total...
- The UAE and India agreed to expand bilateral cooperation towards accelerated climate action and implementation of the Paris agreement.
- The UAE’s cooperation with India in the area of climate aims to support India’s ambition to achieve 450 gigawatts (GW) of renewable energy.
Business
Sanctions hit Russia, Iran to boost cooperation in energy and trade
Tehran and Moscow are seeking to expand cooperation in energy and trade, officials said Wednesday, as Russian Deputy Prime Minister...
- Both countries have huge oil and gas reserves but are constrained by sanctions imposed by the West.
- The two countries vowed to increase the use of their national currencies in their trade exchange.
Business
ADNOC partners with BP, Masdar
The three firms will create green hydrogen and sustainable aviation fuel.
- ADNOC and BP will begin the design phase of the H2Teesside low-carbon hydrogen project.
- Cooperation agreements related to BP's HyGreen Teesside, a large-scale green hydrogen production facility in UK.
Economy
Global ESG assets could reach $50 trillion by 2025 : PIF Governor
Global environmental, social, and governance assets are expected to hit $41 trillion by the end of this year, and $50...
- PIF is developing its ESG strategy due to its broader long term strategy aimed at achieving net zero emissions in the country by 2060.
- The PIF governor also revealed that Saudi Arabia has launched seven solar and wind projects that could power 600,000 households.
Geostrategy
Russia may cut gas supplies to Finland over Ruble payment refusal
Russia may cut gas supplies to Finland soon over the Nordic country's refusal to pay Gazprom in rubles, Finnish state-owned...
- On Sunday, Russia suspended electricity supplies to Finland overnight after its energy firm RAO Nordic claimed payment arrears.
- Moscow has repeatedly warned Finland that any NATO membership application would be "a grave mistake far reaching consequences".
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Iran asserts peaceful nuclear agenda amid western concerns
Tehran, Iran - Iran's nuclear program remains peaceful, said Nasser Kanani, the spokesman for the Iranian Ministry of Foreign Affairs,...
Geostrategy
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Pro-Iran parties urge Iraq to clear energy dues with Tehran
BAGHDAD, IRAQ - A powerful alliance of pro-Iran factions in Iraq called on Sunday on Baghdad to pressure the United States...
Geostrategy
Dubai to expand EV charging points by 170 percent till 2025
DUBAI, UAE- Dubai Electricity and Water Authority (DEWA) aims to grow the city’s network of public charging stations by 170...
Business
Saudi Arabia should ‘review’ emissions targets: French minister
France's energy transition minister Agnes Pannier-Runacher left the world's biggest oil exporter early Sunday morning after meeting with her Saudi counterpart....
Geostrategy
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Economy
Russia to cut oil output by another 500,000 bpd
Moscow, Russia - Russia on Friday confirmed the reduction of oil supplies to markets by 500,000 barrels daily in August...
- Earlier, Deputy Prime Minister Alexander Novak told reporters that Russia will slash oil supplies to markets in August through the reduction of exports
- Saudi Arabia and Russia have recently announced their decision to extend cuts to oil production in an effort to bolster global oil prices
Business
Iraq, GECF discuss role of oil, gas in country’s development
BAGHDAD, IRAQ -Â Secretary General of the Gas Exporting Countries Forum (GECF) Mohammed Hamel on Friday stressed the importance of...
- The two discussed the oil and gas sector and stressed on the importance of supporting gas and renewable energy investment projects.
- The two leaders discussed on the development of the oil and gas sector in Iraq and its role in the country's economy.
Economy
Oil and gas firms must invest more in clean energy
“The phase down of fossil fuels is in-evitable. It is in fact essential. But it cannot be irresponsible. We must...
- Dr. Sultan Al Jaber, the COP28 President-Designate, highlights the need for comprehensive decarbonization and an urgent shift towards a new clean energy system
- The COP28 President-Designate also insists on responsible management of the fossil fuel phase-down, emphasizing energy security, accessibility, and affordability