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
Analysis
Europe energy market: Will Qatar replace Russia?
The United States has asked Qatar to supply gas to Europe if Russian supplies were disrupted due to Moscow's military...
- Qatar gas exports account for about 106 billion cubic meters, with 80 percent going to Asia and 20 percent to Europe
- Qatar could cover around 13 percent of Russian gas imports to the European Union and the United Kingdom
Geostrategy
Libya’s energy sector paralyzed as second oil export terminal is shut
The suspension of operations at Brega terminal, which has an export capacity of 60,000 barrels per day, follows a force...
- Force majeure, a legal move, allows parties to free themselves from contractual obligations when factors such as fighting make meeting them impossible.
- Oil installations have often been attacked or blockaded by armed groups who hold sway in Libya.
Economy
Moroccan MPs call for cap on oil firms’ profit margins
Moroccan lawmakers on Monday called for a cap on oil firms' profit margins, describing them as "exorbitant" amid soaring fuel...
- Morocco, which relies on imports for its fuel consumption, has suffered from the skyrocketing prices of fuel
- In late March, the government said it would pay out more than $200 million to truck drivers who staged a national strike over spiralling fuel costs
Business
Nakilat Q1 net profit up 19.28 percent
Nakilat noted that earnings per share amounted to QR 0.07 in Q1 2022.
- Compared to its profit in April of 2021 which, stood at QR 320.106 million, the profit reached QR 381.835 million.
- Nakilat represents the main transport link in the global supply chain of liquified natural gas from the State of Qatar.
Economy
Iraqi PM sets up workgroup to coordinate gas supply with Iran
Al-Kadhimi asked the workgroup to visit Iran and remove the obstacles hindering the supply of gas to Iraqi electricity power...
- Al-Kadhimi asked the workgroup to visit Iran and remove the obstacles hindering the supply of gas to Iraqi electricity power plants
- Earlier this month, Iraqi Electricity Minister Adel Karim had said that Iraq will need to import gas from Iran at least for the next couple of years
Economy
SEWA carried out 35 lighting projects during 2021
Dr. Eng. Hassan Al Zarooni, Director of the Electricity Distribution Department, said the projects support its efforts to achieve sustainability...
- Dr. Eng. Hassan Al Zarooni, Director of SEWA said the projects aim for sustainability through energy conservation
- This comes as part of the Sharjah’s efforts to design and implement road lighting networks in all regions
Economy
Divers find ‘no leaks’ from fuel-laden ship sunk off Tunisia
Divers who inspected the hull of a tanker loaded with 750 tonnes of fuel that sank off southeast Tunisia have...
- The inspection was carried out by divers accompanied by the ship's captain and engineer
- Tunisian authorities rescued the seven-member crew, who received first aid and were moved to a hotel
Economy
Libya’s National Oil Corporation announces closure of Al-Fil oil field
Libya's National Oil Corporation announced Sunday the closure of production at a major oil field in the country's south, declaring...
- The closure comes after a group of individuals declared that they were halting production "until a government appointed by parliament takes office in the capital".
- The firm said it "is obliged to declare a state of force majeure" and would no longer be able to provide crude to the Mellitah complex on the country's northwestern coast.
Business
Jordan’s electricity linkages with neighbors on track
NEPCO Director Amjad Rawashdeh has called the linkages a model for Arab countries.
- Work is underway to double the electric power exported to the Palestinian Jerusalem Electricity Grid through the Al Ram Electrical Station
- The move is expected to raise the volume from the current 40 MW to 80 MW, according to an agreement signed by the two sides
Geostrategy
Tunisia works to contain diesel spill after cargo ship sinks
The tanker XELO, carrying 750 tons of diesel from Egypt to Malta, sank in the Gulf of Gabes off Tunisia’s...
- Tunisia’s Environment Ministry has said barriers will be put up and a perimeter set to contain the diesel spill from the vessel
- Divers are also expected to be mobilized to examine the extent of the spill and the infiltrated fuel will be pumped out
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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
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,...
Geostrategy
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)...
Business
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...
Geostrategy
Most Read
Economy
OPEC+ strives for market balance, sustainable growth
The international oil bloc’s technical team constantly monitors variables in global oil markets and presents its recommendations to the ministerial...
- UAE updates energy strategies and aligns with climate goals, helping it rank second in global Green Future Index, says a UAE minister
- The Gulf country has invested over $50 billion in clean energy projects and pledges an additional $50 billion over the next decade, he adds
Business
Iraq exports crude oil worth over US$7bn in June 2023
BAGHDAD, IRAQ - Total crude oil exports in June reached over 100 million barrels, the Iraqi government said in a...
- The majority of these exports - amounting to almost 99 million barrels - originated from the oil fields in central and southern Iraq.
- The average daily export volume was pegged at over 3.3 million barrels. The average price per barrel for the month was recorded at $71.11.
Geostrategy
France, UAE share vision to shift towards clean energy
PARIS, FRANCE - French Minister of Foreign Trade Olivier Becht said his country and the UAE share a common vision...
- The UAE and his country are working together on low-carbon energy solutions, the French minister said.
- The minister highlighted the rising number of natural disasters globally caused by climate change.