ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business
Coal use to decline next year after record high in 2023: IEA
The latest forecast came after nearly 200 countries at the COP28 UN climate talks adopted a deal stating that the...
Geostrategy
France urges cooperation with Algeria after Russia-Ukraine crisis
France and Algeria have been attempting to improve their ties after a diplomatic crisis.
- Algeria is a major exporter of natural gas, which covers over 11 percent of Europe's needs, compared to the 47 percent from Russia
- European countries have been trying to ramp up Algerian exports to reduce their reliance on Russia after it invades Ukraine
Business
Petrobras names new CEO
Jose Mauro Coelho was appointed to the post for a one-year term.
- Jose Mauro Coelho is the third Petrobras CEO in just over a year after President Jair Bolsonaro fired his predecessors in a standoff over fuel prices
- He was the government's choice to succeed Joaquim Silva e Luna, who was ousted by Bolsonaro last month after slightly more than a year in the post
Economy
USA to ease limitations on E-15 gasoline sale as oil demand surges
In an effort to ease Americans' pain at the gas pump, President Joe Biden has announced his administration will ease...
- In 2011, the US Environmental Protection Agency approved the use of E15 following research on its pollution impact.
- According to the White House, at today's prices, E15 can save an average of 10 cents per gallon of gasoline.
Economy
Ecuador starts oil mining in protected area of Amazon rainforest
Current President Guillermo Lasso has plans to double Ecuador's oil production in spite of opposition from indigenous communities and environmentalists.
- Extraction of 3,600 barrels per day started in the Ishpingo oil field, one of the three oil fields containing more than 40 percent of country's crude.
- The three fields together hold over 1 billion of former OPEC member Ecuador's 4 billion barrels of proven oil reserves.
Geostrategy
Saudi, Kuwait to develop gas field despite Iran complaint
Saudi Arabia and Kuwait will develop a disputed gas field despite Iranian objections, while urging Tehran to engage in negotiations,...
- The two countries also issued a new invitation for Iran to negotiate over the boundary of the gas field
- Tehran had earlier said that the deal contravened "previously held negotiations", adding that it "reserves its right to exploit" the field
Economy
OPEC cuts 2022 world oil demand forecast due to Ukraine war
In a monthly report, the OPEC said world demand would rise by 3.67 million barrels per day (bpd) in 2022,...
- In a monthly report, the OPEC said world demand would rise by 3.67 million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast
- The invasion in February sent oil prices soaring above $139 a barrel, the highest since 2008, worsening inflationary pressures
Business
As EU eyes stopping Russian gas imports, Israel sees an opening
As Europe aims to wean itself off Russian fossil fuel because of the Ukraine invasion, Israel hopes to help fill...
- EU states remain divided on the time scale, but European Commission President Ursula von der Leyen has said the bloc hopes to phase out its dependency on Russian gas, oil and coal.
- Israel could build one or more pipelines, potentially via Greece or Turkey, or increase the quantity of gas piped to Egypt to be liquified and shipped off, say experts.
Geostrategy
From Denmark to Portugal, Europe ups effort to quit Russian gas
In Denmark, large black pipes are about to be buried in a muddy trench, as construction of a gas pipeline...
- In Middelfart in central Denmark, work resumed last month on the Baltic Pipe project intended to help Poland reduce its dependence on Russian
- In southern Europe, Spain and Portugal are strengthening an alternative supply route to help Europe wean itself off Russian gas
Infographics
How do MENA oil prices compare with the world?
Prices of crude oil have skyrocketed across the world, thanks to the Russian invasion of Ukraine and the subsequent sanctions...
- Russia is a major supplier of oil to European countries and the United States, besides other countries
- However, they are not accepting crude from Russia anymore, pushing up prices of oil from elsewhere
Analysis
Global projects to fuel Aramco 2022 growth
The Saudi Arabian Oil Company has outlined a clear strategy to continue to invest in both upstream and downstream segments,...
- In March, Saudi Aramco said its net income increased 124 percent to $110 billion in 2021, compared to $49 billion in 2020
- This was the result of higher oil prices, stronger refining and chemicals margins, and SABIC’s consolidation of full-year results
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ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business
Company News
Latest News
Oil prices increase after Saudi Arabia and Russia cut crude output
In April, several OPEC+ members opted to slash production voluntarily by more than one million bpd -- a surprise move...
Business
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...
Economy
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...
Business
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Economy
OFID, partners offer $60m loan to Tanzania for renewable energy
VIENNA, AUSTRIA - A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected...
- The project will include constructing a 166km overhead transmission line connecting the Kagera region to the national grid.
- Tanzania is investing in expanding its hydropower capacity with plants under development at Rusumo and Kakono in its northwestern region.
Economy
UAE offers the world an eco-friendly economic model
“The World Meteorological Organization is extremely pleased with the UAE's actions, including the decision to increase investment in clean energy...
- The UAE's economy is less than 20 percent reliant on fossil fuels, setting a leading example in the Gulf region, says WMO Secretary-General Prof Jukka Petteri Taalas
- The UAE's commitment to clean energy and the decision to host the IRENA headquarters align with WMO's strategy for addressing climate change, he points out
Business
Aquaterra gets UAE contract
Firm will deliver a complete end-to-end managed service.
- Aquaterra Energy will work closely alongside in-country partners to manufacture and transport the project equipment.
- This will provide thousands of hours of local employment for the region, as well as opportunities for upskilling and knowledge sharing.