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
Geostrategy
Promote bicycles to combat climate change: UN
It calls on member states to "integrate the bicycle into public transportation, in urban and rural settings in developing and...
- The resolution, proposed by Turkmenistan, was passed unanimously and like all General Assembly resolutions is non-binding.
- The resolution encourages member states to "give special attention to cycling in cross-cutting development strategies, including bicycle sharing services,"
Geostrategy
British PM meets Saudi Crown Prince to plead for oil
British Prime Minister Boris Johnson met with oil-rich Saudi Arabia's Crown Prince Mohammed bin Salman to lobby for higher production...
- "It's not just a question of looking at the OPEC countries and what they can do to increase supply, though that is important," Johnson told British media
- Saudi Arabia and the UAE, which are two of the world's biggest oil exporters have so far avoided taking a position against Russia.
Economy
Oil prices plunge on China lockdowns, stocks diverge
Oil prices plunged on Tuesday as China, a major energy consumer, placed nearly 30 million people under COVID lockdown, and...
- China reported 5,280 new COVID-19 cases on Tuesday, more than double the previous day's tally
- "China oil demand risk is real," Dickson said, adding that a strengthening dollar also pressures crude prices since oil is traded in dollars
Geostrategy
Power restored at Ukraine’s Chernobyl: IAEA
Power has been restored at Ukraine's Chernobyl nuclear power station, the site of the world's worst nuclear disaster in 1986,...
- The retired Chernobyl nuclear reactors -- enclosed in a giant steel and concrete sarcophagus -- had also lost power early last week but supply was restored Sunda
- The 1986 explosion at the Chernobyl nuclear power plant killed hundreds and spread a radioactive cloud across Europe
Geostrategy
Arab Youth Council and HSBC to educate Arab students about climate action
HSBC sponsors the program that provides open-source sustainability skills, ideas and solutions to all university and college students in the...
- The two parties signed a pact by which they will cooperate in building the capacities of students and developing their skills.
- The two parties would collaborate to implement an interactive curriculum project available to all students of universities, colleges.
Geostrategy
Amid NFT boom, artists worry about climate costs
Most NFTs are currently traded on Ethereum, which reportedly uses as much electricity as all of the Netherlands, with a...
- K-pop fans in South Korea last year staged a brutal campaign against plans for popular groups include BTS and A.C.E. to sell crypto-art.
- Selling art as non-fungible tokens, or NFTs, uses the same technology as crypto-currencies like Bitcoin. The buyer receives a verified digital token as a mark of genuineness.
Economy
DEWA completes first stage of world’s largest aquifer project
Dubai Electricity and Water Authority (DEWA) has completed the construction of the first stage of the Aquifer Storage and Recovery...
- The full scale of the ASR project can store up to 6,000 million imperial gallons of water once completed by 2025 as a strategic reserve.
- The production capacity of desalinated water of DEWA is currently 490 MIGD, including 63MIGD using Sea Water Reverse Osmosis (SWRO) technology.
Economy
Too early to dismiss oil’s role in energy market
Saudi Arabia, the world's second-largest oil producer that produced more than 10 million barrels of crude per day before the...
- Saudi Arabia, the world's second-largest oil producer, plans to produce 13.5 million barrels by 2027, as well as 23 billion cubic feet of gas by 2030
- Despite its national policy to diversify the economy and lessen reliance on fuel, the Kingdom continues to increase its oil and natural gas production
Geostrategy
US seized cargo of ships allegedly carrying Iranian crude
Several weeks ago US authorities seized the oil which they said left Iran in 2020 and was then transferred to...
- Several weeks ago US authorities seized the oil which they said left Iran in 2020 and was then transferred to other vessels using surreptitious means.
- The court case was made public only recently, after the oil was resold for between $38 million and $45 million
Economy
Libya armed groups step back after Tripoli escalation
Libya has had rival administrations since the eastern-based assembly swore in a prime minister earlier this month in a challenge...
- Libya has been riven by conflict since the 2011 revolt that toppled dictator Moamer Gadhafi
- It has had two rival governments before: from 2014 till Abdulhamid Dbeibah was sworn in last year
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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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Rosneft 2022 profit at $10.5bn
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...
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...
Business
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...
Economy
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Geostrategy
Saudi Arabia announces international conference on Sudan aid
Saudi Arabia announced that it would jointly lead a conference on the humanitarian response to the war in Sudan next...
- Saudi Arabia and the United States have been mediating in the eight-week conflict.
- The kingdom played a leading role in evacuating thousands of foreigners from Sudan early in the war.
Geostrategy
Iranian nuke expert, EU officials review Tehran’s atomic program
A landmark deal in 2015, formally known as the Joint Comprehensive Plan of Action (JCPOA), gave Iran sanctions relief in...
- Germany's foreign ministry said the meeting took place on Monday and that discussions broached topics concerning Iran's nuclear program.
- Iran's nuclear program has long been the subject of scrutiny from Western powers, resulting in sanctions that have hit the country's economy.
Business
DEWA commissions 6 new transmission substations in Jan-April 2023
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned six new 132/11 kV transmission substations from January to...
- The project included 3,450 meters of 132kV ground cable to connect with the main transmission network.
- The new transmission substations are in Al Jaddaf, Tilal Al Ghaf, Bani Yas, Jebel Ali Port, Marsa Dubai and Al Yufrah 1.