Electric cars credited with lower CO2 emissions in US neighborhoods
LOS ANGELES, US – The booming use of electric vehicles in parts of California is reducing CO2 emissions in those areas,...
Business
Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
Market Report
Economy
IMF forecasts UAE GDP growth of 3.4% in 2023
MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by...
- The IMF's forecast is in line with that of the World Bank, which released a similar estimate two days ago.
- It forecast that the economies of Middle East and Central Asia will grow by 2 percent in 2023 and 3.4 percent in 2024.
Economy
Oil prices spike as Hamas attack on Israel fuels supply fears
The attack and Israel's declaration of war in response to it have raised concerns that a potential broadening of the...
- The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high
- It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices
Geostrategy
Saudi Arabia launches mechanism to advance global climate goals
RIYADH, SAUDI ARABIA - The Clean Development Mechanism Designated National Authority (CDMDNA) announced on Monday the operation of Saudi Arabia's...
- Greenhouse Gas Crediting and Offsetting Mechanism will be accessible to all entities within the Kingdom.
- This step reflects the Kingdom’s role in addressing climate challenges and enabling institutions to tackle their emissions.
Geostrategy
OPEC sees no peak in global oil demand on the horizon
In its 2023 annual report, the Organization of the Petroleum Exporting Countries forecasts demand for crude to reach 116 million...
- According to OPEC, whose 13 member states include Saudi Arabia, the Gulf states and Venezuela, oil demand will be driven by emerging and developing nations.
- OPEC also backed developing technological solutions to reduce emissions, such as carbon capture and storage.
Economy
Saudi Arabia explores carbon capture, storage potential
“Achieving success in this area will benefit everyone and align with the goals of the Paris Climate Agreement,” he adds...
- The Kingdom can be a source of clean hydrogen and a producer/source of clean electricity, says Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud
- Saudi Arabia has adopted a comprehensive approach harnessing potential for renewable energy, hydrogen production, and electricity transmission, the minister adds
Geostrategy
Saudi Arabia, India ink MoU on electrical interconnectivity, green hydrogen
RIYADH, SAUDI ARABIA - India and Saudi Arabia signed a Memorandum of Understanding (MoU) here in electrical interconnection, green/clean hydrogen,...
- The signing took place during the Middle East and North Africa Climate Week 2023 in Riyadh, Saudi Arabia.
- The MoU was signed by Saudi Arabia’s Minister of Energy and India’s Minister of Power and New and Renewable Energy.
Geostrategy
MOCCAE and Tadweer sign MoU to launch ‘Waste to Zero’ initiative
Abu Dhabi, UAE -- UAE's Ministry of Climate Change and Environment (MOCCAE) and Abu Dhabi Waste Management Company (Tadweer) have...
- The initiative is part of the Year of Sustainability and UAE's preparations for hosting the Conference of the Parties COP28.
- The initiative aims to strengthen the UAE's role in leading global action and contribute to international efforts to achieve the 43% emission reduction target by 2030.
World can’t ‘unplug’ existing energy system: COP28 head
Riyadh, Saudi Arabia - The president of the upcoming COP28 climate talks in Dubai called on Sunday for governments to abandon...
- Climate activists have criticized the appointment of Jaber to lead the COP28 talks which kick off in Dubai next month, given that he is also head of the oil firm ADNOC.
- But Jaber has garnered the support of COP parties including US climate envoy John Kerry, partly by emphasising his belief that "the phase-down of fossil fuels is inevitable."
Geostrategy
Putin launches Russian gas shipments to Uzbekistan
Moscow, Russia - Russian Vladimir Putin on Saturday announced the start of gas supplies to Uzbekistan via Kazakhstan, a boost for...
- Despite being home to a wealth of natural resources including gas, the Central Asian country of Uzbekistan has faced energy shortages.
- Russian gas exports decreased by 21.5 percent in 2022 - as its largest buyer the European Union drastically reduced imports.
Business
Dubai’s weeklong real estate transactions exceed US$2.5bn
DUBAI, UAE - A total of 1,445 real estate transactions worth over US$2.5 billion (AED 9.5 billion) were conducted during...
- The Dubai Land Department report showed that 248 plots were sold for US$476 million.
- The DLS report said 1,197 apartments and villas were purchased for US$865 million.
Electric cars credited with lower CO2 emissions in US neighborhoods
LOS ANGELES, US – The booming use of electric vehicles in parts of California is reducing CO2 emissions in those areas,...
Business
Company News
Latest News
Jordan’s EMRC grants approvals for EV charging infrastructure
AMMAN, JORDAN - The Energy and Minerals Regulatory Commission (EMRC) has issued over 300 authorizations for the installation of electrical...
Business
Parisians vote in anti-SUV parking and pollution referendum
Paris, France -- Parisians were voting on Sunday in a referendum on tripling parking costs for hefty SUV-style cars, a campaign...
Geostrategy
Most Read
Business
OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...
- In a statement following a meeting via videoconference, the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ stopped short of making any recommendations on its output policy.
- However, the panel said it "reviewed the crude oil production data for the months of November and December 2023", noting the "high conformity" among participating nations.
Business
Shell annual profit drops to US$19.4bn
Its revenue dived almost a fifth percent to US$316.6 billion.
- Revenue of the British energy major dived almost a fifth percent to $316.6 billion, Shell will nevertheless return $3.5 billion to shareholders
- "Shell delivered another quarter of strong performance, concluding a year in which we made good progress," said chief executive
Economy
Iran and Turkey to utilize modern tech for electricity exchange
Tehran, Iran - Iran and Turkey are set to enhance their electricity exchange capabilities through the implementation of modern technology,...
- The Iran Grid Management Company and the Turkish Electricity Transmission Company (TEIAS) will operationalize the Khoy-Van grid line
- The agreement sets the stage for full-scale operation, opening avenues for electricity exchange between Turkey and several European countries