IEA boss says COP28 bid farewell to fossil fuels
PARIS, FRANCE - While the UN's COP28 climate summit marked a pivot moment, when the world pledged to say "goodbye" to...
COP28 UAE
‘Nuclear solutions remain key to sustainable future’
“In the context of energy transition, flexibility is gaining more traction in the energy markets. This is exactly what small...
Economy
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
Business
Italy PM in Algeria seeking gas to reduce Russia reliance
Italian Prime Minister Mario Draghi arrived in gas powerhouse Algeria on Monday as Rome steps up efforts to reduce its...
- Italy buys the vast majority of its natural gas from overseas, with over 40 percent of those imports coming from Russia.
- Rome is hoping its second-biggest supplier Algeria can boost output via an undersea pipeline in order to provide alternatives.
Economy
Russia’s alarming hold over German energy infrastructure
The war in Ukraine has exposed not only Germany's dependence on Russian gas, but also the large share of Russian...
- The German subsidiaries of Russian giants Gazprom and Rosneft are key players in the energy landscape of Europe's biggest economy
- Gascade, one of the largest gas distribution network operators in Germany, is 50.03-percent owned by Gazprom Germania
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IEA boss says COP28 bid farewell to fossil fuels
PARIS, FRANCE - While the UN's COP28 climate summit marked a pivot moment, when the world pledged to say "goodbye" to...
COP28 UAE
Company News
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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
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...
Geostrategy
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...
Economy
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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.
Business
ADNOC Distribution, HPCL ink agreement
Will help to enhance efficiency of overseas operations.
- With an annual demand of three billion liters, India is among the world’s most significant markets for lubricants.
- ADNOC Distribution aims to enter this dynamic market, gaining access to a vast network of over 28,000 retail stations.
Economy
Libya’s east-based government threatens to block oil exports
Libya's internal turmoil may worsen with the head of the country's east-based administration threatening to block oil and gas exports...
- Hamad also said that he had "frozen" 2022 oil revenues "equivalent to more than 130 billion dinars" (around $27 billion) as a first step
- He accused the government in Tripoli of squandering energy revenues by making "extravagant spending", without elaborating