OPEC+ cartel’s grip on oil market loosening as demand slows: IEA
Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up...
Business
Antique stoves make a comeback in Gaza as the only way to cook during war
With a squeeze of pliers, a new wick, and a refill of homemade fuel, a flash of fire miraculously begins...
Geostrategy
Economy
Canada torn between economy, climate in deciding oil project
Environment Minister Steven Guilbeault will soon face his first major test in deciding on a new offshore oil project.
- Norwegian firm Equinor is seeking to develop oil discoveries in the Flemish Pass Basin, generating $2.8 billion in royalties
- However, exploiting an estimated 300 million barrels of oil over 30 years would set back efforts to curb climate change
Geostrategy
Blinken to travel to Israel, West Bank, Morocco, Algeria
US Secretary of State Antony Blinken will travel to Israel, the West Bank, Morocco, and Algeria over March 26-30 to...
- Blinken will meet separately Israeli Prime Minister Naftali Bennett and Palestinian president Mahmoud Abbas in Ramallah
- While in Morocco, he will meet Abu Dhabi Crown Prince Mohammed bin Zayed, besides other regional politicians
Business
Unit 2 of Barakh Nuclear Energy Plant starts operations
The Emirates Nuclear Energy Corporation (ENEC) announced today the start of commercial operations of Unit 2 at the Barakah Nuclear...
- Unit 2 adds 1,400 megawatts of zero-carbon emission electricity to the national grid, bringing the total produced by Units 1 and 2 to 2,800 megawatt.
- This new addition takes ENEC and its subsidiaries to the halfway mark of delivering on its commitment to supply a quarter of the country's electricity needs.
Geostrategy
Kuwait, KSA agree on plan to develop joint offshore gas field
The project is a joint endeavor between the Saudi-based Aramco Gulf Operations Company and Kuwait Gulf Oil Company.
- The project is a joint endeavor between the Saudi-based Aramco Gulf Operations Company and Kuwait Gulf Oil Company
- The gas output will be divided evenly between the Gulf Arab neighbors, at a time where soaring consumption has led to growing demand for energy in the two countries
Economy
In fair phase-out of oil, gas-rich nations should stop first: Report
For a 50/50 chance of limiting the rise in global temperatures to 1.5C, 19 countries in which per capita GDP...
- The overarching objective, enshrined in the 2015 Paris Agreement, is to cap global warming ‘well below’ 2C, and 1.5C if possible
- A torrent of research since 2015 has confirmed that the lower aspirational target is by far a safer threshold
Geostrategy
Oil prices soar on Saudi, Russian supply fears
Oil prices soared Monday as a weekend attack on Saudi facilities and discussions among European Union members over banning Russian...
- At a meeting Monday, EU nations remained split over banning Russian energy imports, with Germany, reluctant given its huge reliance on Russian gas.
- Kremlin spokesman Dmitry Peskov warned that an oil embargo "is a decision that will hit everyone."
Business
Russia warns embargo on its oil imports will impact everyone
An embargo on Russian oil imports, pushed for by some European countries over Moscow's military action in Ukraine, would have...
- Some EU countries including Baltic states have called for an embargo on Russian oil and gas
- EU foreign ministers on Monday are meeting to discuss the situation in Ukraine
Geostrategy
Japan presses UAE to pump more oil as Ukraine war spikes prices
The plea by Japan's Foreign Minister Yoshimasa Hayashi came during meetings with Emirati officials which coincided with a visit by...
- The plea by Japan's Foreign Minister Yoshimasa Hayashi came during meetings with Emirati officials which coincided with a visit by Germany's economy minister
- British Prime Minister Boris Johnson also flew to the UAE and Saudi Arabia to push for more oil this week in a bid to ease prices of over $100 a barrel
Geostrategy
Germany to ‘fast-track’ gas terminals as part of Qatar deal
Germany has committed to "fast track" the construction of two liquefied natural gas terminals as part of a new long-term...
- Economic Affairs Minister Robert Habeck secured the accord during talks in Doha with its emir and energy minister
- European states have been forced to turn to Qatar in recent months as they seek an LNG alternative to Russian gas in the wake of Moscow's invasion of Ukraine
Business
Houthi drone attack causes ‘temporary reduction’ in Saudi oil
Top crude exporter Saudi Arabia announced a "temporary reduction" in oil output at a facility run by energy giant Aramco...
- The Iran-backed Houthis, against whom Saudi Arabia leads a military coalition in Yemen, have repeatedly targeted the kingdom, including Aramco's sites
- The latest round of attacks comes after an oil refinery in the Saudi capital Riyadh was targeted on March 10 by a drone, an operation claimed by the Huthis
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OPEC+ cartel’s grip on oil market loosening as demand slows: IEA
Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up...
Business
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Oman’s economic growth to reach 2.7 percent in 2024, says IMF
MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023...
Economy
Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of...
Business
Sri Lankan economy contracts 11.5 percent in Q1 2023
COLOMBO, SRI LANKA - Crisis-hit Sri Lanka's economy shrank by 11.5 percent in the first quarter just before an IMF bailout...
Economy
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Business
GCC ramps up ESG efforts amid green investment push
Businesses are getting ready for COP28 by moving from starting ESG programs to growing them, and those who know the...
- Businesses are getting ready for COP28 by moving from starting their ESG programs to growing them, and those who know the benefits of ESG Reporting may gain a lot, say experts
- Companies in the region have also been cautioned against viewing ESG as synonymous with Corporate Social Responsibility or merely as a "tick the box" obligation
Business
Green activists cry foul as Shell decides to steady oil production
Campaign group Global Witness labelled Wednesday's announcement as a "climate-wrecking U-turn", urging it instead to invest far more in cleaner...
- The group said Wednesday that it had already cut average daily liquids production to 1.5 million barrels per day by the end of 2022 on divestments.
- That marked a 21-percent reduction from 2019, or the equivalent of cutting output by two percent per year until 2030, according to the company.
Economy
Peak in oil demand ‘in sight’ before end of decade: IEA
"The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight...
- IEA forecast in its Oil 2023 medium-term market report that annual demand growth would slow sharply over the next five years
- Energy prices soared last year after Russia, a major exporter of fossil fuels, invaded Ukraine and cut deliveries of natural gas to Europe