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
Business
Petrobras 2021 profit hits $20bn
Debt dropped to $47.62 billion in 2021 from $63.17 billion in 2020.
- Net profit for the final quarter last year came in at $5.64 billion, bringing 2021's total to $19.88 billion
- Petrobras said this was a stark contrast to 2020's total of just over $1 billion due to effects of the pandemic
Geostrategy
Oil price break $100 on Russian ‘military operation’ in Ukraine
According to the UN, a full-scale Russian invasion on Ukraine would have a devastating global impact that would likely spark...
- The crisis comes as governments struggle to contain runaway inflation fueled by demand as life returns after recent Covid-19 lockdowns,
- World Markets have been hammered since a week as the Kremlin recognized Ukraine's rebellion and said it would provide "peacekeepers" to the regions
Geostrategy
US declares Russia’s prized Nord Stream 2 pipeline ‘dead’
Although the pipeline is seen as an efficient way to supply energy to the European Union, which depends heavily on...
- Built to funnel Russian natural gas to Germany under the Baltic Sea, Nord Stream 2 has long been controversial
- The pipeline is completely built, but has not been put in use and for now at least it won't be
Economy
Energy sector methane emissions underreported: report
The International Energy Agency said its latest annual Global Methane Tracker had found that emissions by the energy sector were...
- The IEA said its latest annual Global Methane Tracker had found that emissions by the energy sector were about 70% higher than official government figures
- It said this showed the need for greater transparency as well as "stronger policy action to drive down emissions of this potent greenhouse gas
Business
Aramco is targeting investment in China : CEO Amin Nasser
Saudi Aramco is interested in investing in China, its President and CEO Amin H Nasser, said. He asserted that Aramco...
- Aramco is holding initial talks with partners, including the state-owned defense contractor Norinco.
- The talks were reportedly about the development of a $10 billion refining and petrochemicals complex in China.
Geostrategy
Gas prices ‘in God’s hands’, producers warn as Ukraine crisis sparks surge
Major gas exporting nations said Tuesday they could not guarantee prices or supplies at a summit overshadowed by the worsening...
- Emir of #Qatar', which hosted a summit, said #gas producers were working to ensure "credible and reliable" supplies.
- The United States has asked Qatar to help Europe if supplies are cut, but its Energy Minister Saad Sherida al-Kaabi said that his country could not rescue Europe alone.
Geostrategy
Oil nears $100 as Western powers prepare sanctions against Russia
The jump in oil prices is compounding worries about inflation around the world, with the US Federal Reserve coming under...
- That has in turn battered equity markets in recent months, and the latest developments out of Europe led to another day of hefty selling on Tuesday.
- Russia's recognition of the breakaway regions of Ukraine will "strongly increase" economic uncertainty for the EU, its economy commissioner Paolo Gentiloni said.
Business
Aramco stock rises 4%
Recently, a 4% stake of the oil giant had been transferred to PIF in an $80bn deal.
- The share price hit SR39.3 ($10.5) yielding a market cap of $2.09 trillion
- Earlier in the session, the shares hit an all-time high of SR40 ($11)
Business
Aramco head calls for sustained investment in oil sector
Saudi Aramco President and CEO Amin H Nasser urged companies and governments to continue investing in the oil sector to...
- Nasser revealed that Aramco continued investing in 2020 even during the COVID-19 pandemic
- Aramco increased the spare capacity from 12 million barrels per day to 13 million bpd in 2020
Geostrategy
Using alternative sources of energy saved UAE $191 bn: Suhail Al-Mazroui
UAE has saved $191 billion by using alternative sources of energy, according to Suhail Al-Mazroui, UAE energy minister. Speaking at...
- Energy minister Suhail Al-Mazroui said his country is working on 40 international projects helping other countries implement solar and wind projects.
- UAE has plans to capture 25 percent of the global hydrogen market share, Al-Mazroui told IPTC 2022 Riyadh.
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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
Latest News
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...
Business
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...
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...
Business
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Business
Saudi Arabia’s RVCMC to hold biggest carbon credit auction in Nairobi
The event on Jun 14 aims to sell more than 2 million tons of high-quality CORSIA carbon credits registered with...
- An auction held by RVCMC last year at Future Investment Initiative (FII) in Riyadh was then the largest-ever auction with 1.4 million tons of carbon credits sold.
- RVCMC was established by PIF and Tadawul Group to help MENA businesses play their role in the global transition to zero neutrality.
Geostrategy
US official meets UAE diplomats to discuss climate change
DUBAI, UAE - US special climate envoy John Kerry has met senior Emirati officials in Abu Dhabi, including the head of...
- Oil producers have for year touted carbon capture as a potential global warming solution.
- With little investment, carbon capture technology is nowhere near the scale needed to make a significant difference.
Economy
OPEC+ looks to slash production to rein in weak prices
The UAE energy minister Suhail Mohamed Al Mazrouei said he expected the outcome of meeting to "balance the market and...
- The 13-member OPEC is due to consult with 10 other oil-producing nations, including Russia, to review the grouping's future output policy
- An output cut of 700,000 bpd to one million bpd was one of the options being discussed, a source told AFP, stressing that nothing was set in stone