World unites at COP28 to shift away from fossil fuels
Nearly 200 nations in Dubai have collectively endorsed an agreement to move away from fossil fuels, marking a significant step...
COP28 UAE
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
Business
Aramco profits doubled in 2021
The rise was due to crude prices, as the global economy recovered.
- Aramco's net income increased by 124 percent to $110 billion in 2021, compared to $49 billion in 2020
- It had achieved a net income of $88.2 billion in 2019 before the coronavirus pandemic hit global markets
Business
LNG projects in the Gulf of Mexico boosted as Russian gas alternative
The White House had earlier said that "federal policies are not limiting the production of oil and gas."
- Tellurian's future liquefaction plant will export 3.6 billion cubic feet LNG per day once completed
- The US administration has also said that supply must keep up with demand of energy for the short term
Business
GCC airfares soar as oil prices rise
The amplifying factors include sanctions against Russia’s aviation sector, which cast a global pall over the aviation industry.
- Several Arab airlines have decided to raise the prices of their tickets slightly
- Kuwait’s Jazeera Airways increased fares to all destinations from March 7
Economy
Italy to tax energy profits to ease price burden
The amount generated is expected to help families and businesses struggling with high bills.
- The money will help fund a new €4.4-billion package to ease the pain of high energy prices
- This apparently comes on top of the €16 billion Italy has already spent in recent months
Geostrategy
Powered solely by renewables, PORRIMA docks at Dubai Harbour
Dubai Harbour welcomed the Swiss experimental vessel powered solely by renewables, PORRIMA, to its marinas on Thursday as part of...
- The first-of-its-kind solar, wind and hydrogen-powered ship has travelled more than 11,000 kilometers without stopping since departing Osaka, Japan, on December 18, 2021.
- Now, using solar, wind and hydrogen, the 36-metre 100-tonne vessel also utilizes artificial intelligence and technologies inspired by nature.
Economy
OPEC projects UAE economy to grow rapidly in 2022
OPEC Monthly Oil Market Report has predicted the UAE's economic growth to quicken in 2022.
- OPEC released the reports on Tuesday where it credited tourism as one of a factor for the economic growth
- Further, the rise in crude oil prices would also be a reason for rapid economic growth, said the OPEC reports
Economy
IEA cuts oil demand outlook, fears Russia supply ‘shock’
The International Energy Agency cut its world oil demand forecast for 2022 on Wednesday, warning that sanctions against Russia over...
- Russia, the world's biggest exporter of oil, has been hit with a slew of international sanctions over the war in Ukraine, which sent oil prices soaring.
- While the measures exclude the energy market, the IEA said major oil companies, trading houses, shipping firms and banks have "backed away from doing business with the country".
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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