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
Oil prices up on Saudi, Russia push for output reduction
Riyadh, Saudi Arabia - Collaboration between Saudi Arabia and Russia to drive OPEC+ members toward output cuts has resulted in...
Economy
Geostrategy
Germany voices opposition to postponing Iran nuclear deal
Israel has said that regardless of any agreement that may be reached in Vienna, it would maintain full freedom to...
- The latest round of negotiations to salvage Iran's 2015 nuclear deal started in late November
- The deal, known as the Joint Comprehensive Plan of Action (JCPOA), secured sanctions relief for Iran
Economy
Biden says US will contribute half of 60 mn emergency oil barrel release
The United States will contribute half of the 60 million barrels of oil International Energy Agency (IEA) countries agreed to...
- The decision aims to "send a unified and strong message to global oil markets that there will be no shortfall in supplies," the IEA said in a statement earlier
- The invasion came "against a backdrop of tight global oil markets, price volatility, commercial inventories that are at their lowest level since 2014," the statement said
Economy
Brent oil breaks $110 a barrel, WTI up 5% on Ukraine conflict
Brent crude broke above $110 a barrel on Wednesday and WTI was up more than five percent as Russia's invasion...
- Brent climbed 4.88 percent to $110.09, while WTI was up 5.06 percent at 108.64
- The conflict in eastern Europe came as prices were already soaring owing to tight supplies
Business
Shell to sell stakes In Gazprom
Action followed after Russia's invasion of Ukraine.
- The announcement came after UK Foreign Secretary Liz Truss said more than 3 million Russian companies would be unable to access funding from London-based financial institutions
- European football's governing body UEFA also ended its estimated 40-million-euro sponsorship deal with Gazprom
Business
Italy looks to Algeria to cover possible gas shortage
Italy imports around 95 percent of the gas it uses, and around 45 percent of that comes from Russia.
- Russia last week invaded Ukraine, causing the United States and its allies to impose sanctions on Moscow
- The conflict also sparked alarm among countries like Italy, which depend on Russia for their energy needs
Economy
DEWA completes Smart Grid Strategy short-term goals, installs 2m smart meters
Dubai Electricity and Water Authority (DEWA) has said it completed all short-term goals of its Smart Grid Strategy 2014-2035 as,...
- Between 2015 and 2020, it replaced all electricity and water meters with smart meters, a deployment of over two million smart meters.
- Between 2015 and 2017, DEWA fully automated its transmission network connected to the 400kV and 132 kV substations.
Economy
Oil and safe havens rally, ruble sinks on Russia sanctions
Oil prices and safe havens surged Monday while the ruble plunged after world powers imposed fresh sanctions on Russia over...
- Oil prices and safe havens surged Monday while the ruble plunged after world powers imposed fresh sanctions on Russia over its invasion of Ukraine
- Russian President Vladimir Putin's decision to send troops across the border last week has sent shivers through trading floors as investors fret over a protracted war
Geostrategy
Russia on nuclear alert as Ukraine fiercely resists invasion
President Vladimir Putin ordered on Sunday Russia's nuclear forces onto high alert in response to what he called ‘unfriendly’ steps...
- Russia invaded on Thursday and quickly announced it had neutralized key Ukrainian military facilities, but fierce fighting has since raged
- Ukraine forces, backed by Western arms, are stymieing the advance of Russian troops, while the US leads Western condemnation and sanctions
Economy
WTI surges 6%, Brent 5% on Ukraine invasion by Russia
WTI rose 6.27 percent to $97.33, while Brent crude was up 5.24 percent at $103.06.
- Traders will closely watch an OPEC+ meeting this week, led by Russia, where they will discuss plans for further output
- The group has agreed previously to increase production gradually each month, but the Ukraine crisis could disrupt it
Economy
Riyadh confirms commitment to ‘OPEC Plus’ deal with Russia
Saudi Arabia confirmed its commitment to the OPEC+ agreement with Russia Sunday, the Saudi Press Agency reported, as Moscow faces...
- Members of the OPEC+ oil producers' group will meet Wednesday to discuss loosening the taps -- just days after Russia's invasion of Ukraine sent crude soaring past $100 a barrel
- The 13 members of OPEC proper will be joined by their 10 allies in the OPEC+ group at the teleconference meeting
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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
Company News
Aramco reports bumper profits
Business
Latest News
Iran’s supreme leader urges cooperation with IAEA
Iran's supreme leader urged continued cooperation with the UN nuclear watchdog, while warning against succumbing to "bullying" based on "unfounded...
Geostrategy
Iran’s Raisi, France’s Macron discuss ways to promote ties
Iran's President Ebrahim Raisi and his French counterpart Emmanuel Macron in a lengthy phone call discussed ways to promote ties,...
Geostrategy
45 governments endorse doubling energy efficiency by 2030
PARIS, FRANCE - Forty-five governments have endorsed doubling the average global rate of energy efficiency improvements by the end of...
Geostrategy
Most Read
Business
UK to scrap energy windfall tax if oil, gas prices drop further
The UK government said it would scrap a windfall tax on the energy sector should oil and gas prices drop...
- The government said it would return to 40 percent should average Brent North Sea oil fall to, or below, $71.40 per barrel for two quarters in a row.
- Should prices remain above historical norms, the windfall tax would remain until October 2028 as previously announced.
The phase down of fossil fuels is inevitable: Emirati COP28 chief
Al-Jaber, who runs the Abu Dhabi National Oil Company (Adnoc), defended a COP28 roadmap that includes a "global goal to...
- "The phase down of fossil fuels is inevitable," Sultan al-Jaber said on the sidelines of technical climate talks six months ahead of the summit
- On Wednesday, al-Jaber signed a statement with EU Commission chief calling for “a transition towards energy systems free of unabated fossil fuels"
Business
Barakah Plant’s final unit begins operational readiness preparations, says ENEC
ABU DHABI, UAE - The Emirates Nuclear Energy Corporation (ENEC) has announced that Unit 4, the fourth and final unit...
- Barakah Plant has had a transformational impact on the UAE, spearheading the rapid decarbonization of the UAE’s power sector.
- Unit 4 will raise the Barakah Plant’s total clean electricity generation capacity to 5.6GW, equivalent to 25 percent of UAE’s electricity needs.