OPEC Fund provides US$50m loan to support agriculture in quake-hit Türkiye
VIENNA, AUSTRIA – The OPEC Fund for International Development (OPEC Fund) is extending a US$50 million loan to Türkiye to...
Geostrategy
ENEC and General Atomics to collaborate on use of technology for nuclear energy
Abu Dhabi, UAE--The Emirates Nuclear Energy Corporation (ENEC) today announced that it has signed a Memorandum of Understanding (MoU) with...
Science
Oil, gas sector emission pledges stalling: report
According to Carbon Tracker, the weakest emissions reductions commitments came from US major ExxonMobil and five majority state-owned oil firms:...
- A report by Carbon Tracker assessed and ranked emissions reductions commitments by 25 of the largest oil and gas firms, as measured by 2022 production volumes
- Some 16 firms only covered operational emissions and failed to take into account indirect emissions linked to the full life cycle and use of their products
Business
Saudi Arabia and Russia extend oil cuts, Brent crude price up
The Saudi production cut of one million barrels per day which first took effect in July will continue "for another...
- Brent crude rose above $90 per barrel on the news for the first time since November, while West Texas Intermediate, the main US futures contract, jumped 1.9 percent to $87.16.
- Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
Business
UAE announces US$4.5bn in Africa clean energy investments
Speaking at a landmark climate summit hosted by Kenya, Sultan Al Jaber, who heads the government-owned renewable energy firm Masdar,...
- The minister said the investment in Africa is aimed to develop 15 GW of clean power by 2030
- As of 2022, the continent's renewable generation capacity was 56 gigawatts, according to the IREA
Economy
G20 per capita coal emissions growing: research
According to the research published by Ember, an energy thinktank that pushes for renewable power, per capita G20 coal emissions...
- Countries such as Britain, Germany and the United States were able to significantly decrease per capita emissions
- But at the same time, other countries, including G20 host India, Indonesia and China, all saw their emissions rise
Business
Improving power situation in Libya brightens life
Till last year, outages could last 20 hours, turning the streets dark and leaving residents sweltering in temperatures above 40...
- Chronic electricity shortages had shaped the daily lives of Libyans since the fall of Moamer Kadhafi in a NATO-backed 2011 uprising.
- A decade of stop-start fighting between rival groups followed, adding combat damage and looting to the dilapidated grid in Libya.
Economy
Oil prices climb to highest level in seven months on supply fears
Dubai, UAE--Oil prices rose to their highest in over half a year and snapped a two-week losing streak, buoyed by...
- Russia's Deputy Prime Minister Alexander Novak said on Thursday that his country has agreed with OPEC+ to cut oil exports next month
- The International Energy Agency and OPEC are relying on China, the world's largest oil importer, to shore up oil demand over the rest of 2023
Economy
UAE economy expected to grow by 3.5 percent in 2023, says UBS
ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross...
- The bank's positive outlook on the UAE’s medium-term growth prospects is supported by strong demand for its oil exports and energy investments.
- The bank also expects a strong 4.5 percent expansion for the non-energy part of the economy for this year.
Geostrategy
Renewables helped save $520bn fuel costs globally in 2022: Report
In non-OECD countries, just the saving over the lifetime of new capacity additions in 2022 will reduce costs by up...
- In addition to these direct cost savings, there would be substantial economic benefits from reducing CO2 emissions and local air pollutants.
- IRENA’s Director-General Francesco La Camera said the world must add 1,000 GW of renewable power annually on average every year until 2030 to keep 1.5°C within reach.
Geostrategy
French President says change in existing world order would weaken West, Europe
PARIS, FRANCE - Attempts to change the existing world order threaten to weaken the West and especially Europe, French President...
- Emmanuel Macron said the role of the UN Security Council, International Monetary Fund and World Bank are constantly being challenged.
- Emmanuel Macron said the role of the UN Security Council, International Monetary Fund and World Bank are constantly being challenged.
Business
Iran inaugurates final phase of country’s largest gas field
The South Pars gas field is one of the world's largest natural gas condensate fields. Iran shares the gas field...
- Oil Minister Javad Owji said around 50 million cubic meters of gas will be extracted daily from phase 11 of the project "after the completion of the wells".
- Iran has the world's second largest gas reserves, after Russia, and the world's fourth largest oil reserves.
OPEC Fund provides US$50m loan to support agriculture in quake-hit Türkiye
VIENNA, AUSTRIA – The OPEC Fund for International Development (OPEC Fund) is extending a US$50 million loan to Türkiye to...
Geostrategy
Company News
Oil prices rise following Red Sea attacks
Market Report
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ADNOC to buy stake in Fertiglobe
Business
ENEC, CNNC sign MoU
Business
DEWA records 12.5 million digital transactions in 2023
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that its customers conducted around 12.5 million digital transactions in...
Business
Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...
Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...
Market Report
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Business
SEC, Emaar Economic City sign agreements
RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two...
- The two agreements aim to deliver electrical service to the second and third phases of KAEC projects.
- These aim to provide electrical energy for major projects related to achieving the goals of the Kingdom’s Vision 2030.
Economy
France drops renewables targets in new energy bill
The proposed text affirms "the sustainable choice of using nuclear energy as a competitive and carbon-free" source of electricity. But...
- The proposed text reaffirms France's commitment to nuclear power to ensure "energy sovereignty"
- The draft law also drops targets for reducing energy consumption via renovation of buildings.
Oil prices slump but stock markets mostly higher
Wall Street indices enjoyed solid gains, including the Dow, which mustered a 0.6 percent advance in spite of an eight...
- US and European oil futures fell around four percent after top exporter Saudi Arabia cut the price of its crude, weighing also on shares of energy majors, analysts said
- Drop in oil prices weighed on energy shares, with Shell down 2.9 percent as investors reacted to mixed trading update ahead of British oil major's annual earnings due next month