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
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
Business
Aramco JV inks China deal
The refinery, in China’s Panjin, should be operational by 2024.
- The liquids-to-chemicals complex is being built by Huajin Aramco Petrochemical Company (HAPCO), of which Aramco is a part
- The other members of the JV are North Huajin Chemical Industries Group Corporation and the Panjin Xincheng Industrial Group
Economy
Ukraine war affects green energy transition
The EU, IEA, and NGOs stress that the development of renewable energy sources and biogas must be accelerated.
- The global demand for the dirty fossil fuel reached a historic high in 2021 as several countries including China prefer it to pricier gas
- Some countries could burn coal for longer, using it to transition to renewable energy sources without passing through a gas-power phase
Geostrategy
Britain urges all G7 members to ban Russia oil imports
The US has led a Western assault on Russia's economic lifeline by banning imports of oil and gas followed by...
- The British foreign secretary, standing alongside US Secretary of State Antony Blinken, hailed transatlantic unity against Russia
- Blinken called absurd and offensive the Russia proposal of safe passage of Ukrainians through its own territory
Analysis
Can Gulf producers tame oil prices?
However, Gulf countries have an interest in acting in coordination — both within OPEC, and with Russia-led allies in the...
- US President Joe Biden on Tuesday announced a ban on US imports of Russian oil and gas
- Britain said it would phase out crude imports from the country by the end of this year
Geostrategy
US tells oil majors it needs more supply
The surge in energy costs is a consequence of Russia's invasion of Ukraine, which prompted Washington and its European allies...
- Oil prices are in the midst of the recovery from the Covid-19 pandemic, which has caused demand to collapse
- The prices have now surged, contributing to a wave of inflation that has damaged Biden's approval ratings
Geostrategy
UAE says will urge OPEC to boost oil output
Brent had spiked to $139 on Monday — about $8 short of an all-time record — in expectation of the...
- US President Joe Biden on Tuesday announced a ban on US imports of Russian oil and gas
- Meanwhile, Britain said it would phase out crude imports from the country by the end of 2022
Business
Major UAE companies to work for raising solar power production capacity
The companies are Emirates Global Aluminum (EGA), Abu Dhabi National Energy Company (TAQA), Dubai Holding and Emirates Water and Electricity...
- TAQA and Dubai Holding envisage acquiring EGA's electricity generation assets in the UAE, holding a 50 percent share each.
- For TAQA, the acquisition of EGA's power assets would increase the company's UAE-based capacity to more than 23 gigawatts.
Geostrategy
Western nations halt Russian oil as Ukrainians flee
The United States led a Western assault on Moscow's economic lifeline Tuesday, banning imports of Russian oil as civilians fled...
- Britain said it would phase out Russian oil by year's end while oil giants BP and Shell announced an immediate halt to Russian oil and gas
- The latest Western strike at Russia's economy came as the United Nations said more than two million civilians have flooded across Ukraine's borders
Geostrategy
Yemen rebels back UN proposal for abandoned oil tanker
Yemen's Huthi rebels have signed a UN agreement hoped to help stop a rusting oil tanker in the Red Sea...
- Huthi leaders and David Gressly, the UN humanitarian coordinator for war-torn Yemen, signed a MoU on a framework to resolve the threat posed by the FSO Safer
- The United Nations proposal includes pumping the toxic cargo from the tanker to another ship, but remains dependent on raising donor cash to fund the work
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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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Business
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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
Regulating energy providers crucial for sustainability
“The new policy will contribute to the UAE’s GDP and help achieve financial returns that amount to AED21.5 billion (US$5.85bn)...
Economy
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...
Geostrategy
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Business
DEWA commissions 6 new transmission substations in Jan-April 2023
DUBAI, UAE - Â 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.
Business
Greenpeace denounces UK energy firm over coal-fired power station
LONDON, UK - Greenpeace slammed Britain's power grid operator on Monday after it requested the reactivation of a coal-fired power station...
- National Grid ESO has asked energy firm Uniper to fire up a coal unit of its power station in Ratcliffe-on-Soar, central England.
- Temperatures in Britain could exceed 30 degrees Celsius (86 degrees Fahrenheit) on Monday and remain high this week, forecasters say.
Economy
Pakistan gets first Russian crude under discount deal: PM
Since Russia launched its invasion of Ukraine last year, economic sanctions have seen a significant cut in its oil and...
- Pakistani State Minister for Petroleum previously said shipments will be paid in currencies of "friendly countries", with Pakistan's US dollar reserves dangerously low
- Local media reported the cargo of 100,000 metric tons of oil left Russia a month ago and was split across two smaller ships in Oman before sailing to Karachi