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
Business
Petrobras profits rise despite hurdles
Brazilian President Jair Bolsonaro has criticized it for rising fuel prices.
- Petrobras on Thursday reported a first-quarter net profit of 44.6 billion reais ($8.6 billion)
- The result was 38 times more than the Q1 2021 result of 1.2 billion reais ($180 million)
Economy
Al Maktoum Solar Park key to achieving UAE’s net zero goal: DEWA
Dubai Electricity and Water Authority (DEWA) is implementing the Mohammed bin Rashid Al Maktoum Solar Park clean and renewable energy...
- When completed, the park will reduce over 6.5 million tons of carbon emissions annually.
- Dubai also launched the Net Zero Carbon Emissions Strategy 2050 to provide 100 percent of Dubai's total power capacity from clean energy sources by 2050.
Business
Egypt to launch project for capturing and storing carbon di oxide
There will be a total of three projects on which Egypt and the Italian company Eni will work together.
- Egypt's Minister of Petroleum & Mineral Resources Tarek El Molla announced that investment cost of project is $25 million.
- The first project focuses on the extraction of 350,000 tons of algae oil annually to be used in biofuel production .
Business
EU members seek opt-outs from Russian oil embargo
European officials were preparing a new package of sanctions Tuesday to punish Russia for its invasion of Ukraine, but some...
- Ambassadors from the 27 EU countries will meet on Wednesday to give the plan a once-over
- The commission's proposal would phase in a ban on oil imports from Russia over six to eight months
Geostrategy
European Union readies for end of Russia gas, warns won’t pay in ruble
The European Union warned member states Monday to prepare for a possible complete breakdown in gas supplies from Russia, insisting...
- Germany's minister for economic affairs and climate Robert Habeck said Berlin would follow EU policy
- The anti-Russian measures will also target the country's largest bank, Sberbank, which will be excluded from the international SWIFT messaging system
Business
Iran oil minister meets Venezuela President amid rising oil prices
The two countries are said to have discussed ways to ‘overcome’ the effects of US sanctions against both nations.
- Javad Owji's visit to Venezuela came just weeks after a visit by US officials in the midst of rising global oil prices
- In March, a US delegation held a meeting with Maduro, whose very legitimacy as president Washington disputes
Science
Can pee help feed the world?
In the past, urban excrement was transported to agricultural fields to be used as fertilizer along with animal manure, before...
- Chemical fertilizers create emissions of the potent greenhouse gas nitrous oxide, contributing to climate change.
- Urine is not normally a major carrier of disease, so the World Health Organization recommends leaving it for a period of time, although it is also possible to pasteurize it.
Economy
Libya losing $60 million a day from oil facilities shutdown: Minister
Oil is the lifeblood of the North African country trying to move past a decade of conflict since the fall...
- The Libyan closures follow the selection of a new PM, Fathi Bashagha, by Libya's eastern-based parliament in a direct challenge to Tripoli-based interim PM Abdulhamid Dbeibah.
- Analysts say eastern Libyan forces who back Bashagha have forced the closure of the oil facilities in a bid to press Dbeibah to step down.
Geostrategy
Coal still the fossil fuel most responsible for global warming: Report
The number of coal-fired power plants in the pipeline worldwide declined in 2021, according to research released Tuesday, but the...
- Since the 195-nation Paris treaty was inked in 2015, coal power capacity under construction or slated for development has dropped by three-quarter.
- Globally, there are more than 2,400 coal-fired power plants operating in 79 countries, with a total capacity of 2,100 GW.
Economy
Losing Russian energy would weigh on Europe’s economy: IMF official
Europe can get by without Russian gas for six months, but beyond that, the economic impact would be severe, a...
- Alfred Kammer, head of the IMF's European Department, urged countries in the region to take a series of steps to ease the blow, including reducing consumption to build up inventory
- The International Monetary Fund projects that a total loss of Russian gas and oil supplies could cost the European Union three percent of GDP
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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
Company News
Latest News
Gas export to Europe continues via Greenstream pipeline : Libya
Vienna, Austria - Mohamed Aoun, Libyan Minister of Oil and Gas, has said that Libya is continuing its gas export...
Business
Saudi Arabia says oil production cut not at odds with Russia
Oil producers are grappling with falling prices and high market volatility amid fears of global economic slowdown and the Russian...
Geostrategy
All voices must be heard in transition, sustainability debates: OPEC
Secretary-General of OPEC Haitham Al Ghais, speaking at the 8th OPEC International Seminar in Vienna, reiterated the organization's keenness to...
Geostrategy
Most Read
Geostrategy
Libyan army commander warns of action over unequal oil revenue
Crude is the main revenue source for Libya, which has been torn by more than a decade of stop-start conflict,...
- Khalifa Haftar, military head of Libyan eastern command, said "a deadline at the end of August for this committee to complete its mission".
- Haftar said a committee must be established "to put in place financial arrangements with a view to fair management of public funds" and oil revenues
Business
RAKEZ inks MoU with ICFA to foster trade in food, agriculture
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA)...
- This alliance seeks to create opportunities for knowledge exchange, trade promotion, investment, and research and development collaboration.
- The agreement is set to facilitate promotional activities for trade, market access, and business matchmaking opportunities between UAE and India.
Geostrategy
Kuwait calls for border talks with Iran over gas field
KUWAIT CITY, KUWAIT - Kuwait reinvited Iran on Monday to talks on their sea borders after Tehran said it was ready...
- Iran and Kuwait have held unsuccessful talks for many years over their disputed maritime border area, which is rich in natural gas.
- Saudi Arabia is also a part of the dispute since it shares with Kuwait maritime gas and oil resources in the area.