Iraq now gas self-sufficient, paves the way for surplus exports
Iraq has now become self-sufficient in liquid gas and the surplus is usually exported abroad, strengthening the Iraqi economy.
Business
TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
Business
Economy
Saudi and Russian oil cuts to cause big supply shortfall: IEA
The IEA said world oil demand remains on track to grow by 2.2 million bpd to 101.8 million bpd this...
- The warning comes a day after oil prices jumped following OPEC's own update
- Saudi Arabia and Russia said that they would extend voluntary cuts until the end of the year
Geostrategy
IEA forecasts energy demand to reach record high this decade
The IEA's annual World Energy Outlook, due out next month, will show that "the world is on the cusp of...
- The shift will have implications for the battle against climate change as it will bring forward the peak in greenhouse gas emissions, IEA executive director Fatih Birol said.
- "This is the first time that a peak in demand is visible for each fuel this decade," he wrote in FT, adding that this was happening sooner than anticipated.
Geostrategy
Building less, repurposing more key to low construction sector emissions
The industry is responsible for 37 percent of global carbon dioxide emissions and growing urbanization is spurring the construction of...
- Mushrooming urban environments -- which add new buildings in an area equivalent in size to Paris every five days -- damage life-sustaining ecosystems.
- Building less and repurposing existing structures generates 50-75 percent fewer emissions than new constructions, a report said.
Geostrategy
150 dead in Libya after storm Daniel results in floods
"At least 150 people were killed as a result of flooding and torrential rains left by storm Daniel in Derna,...
- The storm struck eastern Libya on Sunday afternoon, notably the coastal town of Jabal al-Akhdar but also Benghazi, where a curfew was declared.
- Images filmed by residents of the disaster area showed massive mudslides, collapsed buildings and entire neighborhoods submerged under water.
Business
ENEC inks MoU with OSGE
Aim is to help in decarbonization of the Polish power sector.
- One of the aims of the agreement is exploring opportunities to invest in Small Modular Reactors.
- Nuclear energy is recognised by both the UAE and Poland as an essential clean energy resource.
Business
Iran-US non-oil trade reaches US$31m in January-July 2023
TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United...
- Trade between Iran and the US in January- July 2023 registered a 26 percent growth compared to the same period last year.
- Iran and the United States had traded US$24.7 million worth of non-oil products from January to July 2022.
Videos
Middle East sets global standards in renewable energy
This TRENDS Explainer Video explores how the Middle East is fueling its economy with renewables like solar, wind, and green...
- This TRENDS Explainer Video explores how the Middle East is fueling its economy with renewables like solar, wind, and green hydrogen, catalyzing a global clean energy shift
- By 2030, solar energy is expected to make up 15 percent of the Middle East's power mix, while new wind projects in Oman, Egypt, and Saudi Arabia will generate local jobs
Economy
Mega projects bet high on diversified future
This TRENDS infographic dives into Saudi Arabia’s ambitious transformation to discover how the Kingdom is reshaping its future with high...
- Saudi Arabia has allocated $250 billion in construction contracts since 2016 as part of its Vision 2030 strategy to diversify economy, attracting tourists and investments
- In 2022, Saudi Arabia emerged as the fastest-growing G20 economy, fueled by a massive $1.25 trillion investment in real estate and infrastructure projects
Geostrategy
Saudi crown prince says ready for economic partnership with BRICS
DUBAI, UAE – Saudi Arabian Crown Prince Mohammed bin Salman in a telephonic conversation with Russian President Vladimir Putin has...
- The Russian president and the Saudi crown prince discussed the outlook for BRICS expansion.
- The two leaders reviewed cooperation between the two countries within the OPEC+ agreement framework.
Business
Masdar, Africa50 sign MoU
The aim is to speed up clean energy transition in Africa.
- Masdar brings its technical expertise and extensive experience in emerging markets and will work with Africa50 to bridge the infrastructure funding gap.
- Africa50 brings its skill in developing projects in the continent and which, combined with Masdar, can help unlock clean energy potential.
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Iraq now gas self-sufficient, paves the way for surplus exports
Iraq has now become self-sufficient in liquid gas and the surplus is usually exported abroad, strengthening the Iraqi economy.
Business
Company News
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5 WEF reports shaping your 2024 agenda
Geostrategy
WEF24: AI stays at forefront of energy revolution
There is a need for global policy alignment to meet the rising energy demands and tackle climate change challenges, Marco...
Interview
Oil sees fluctuating prices, shifting output trends
The crude oil market experienced significant volatility in the year 2023, with prices swinging dramatically, influenced by various global factors.
Business
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Business
France flooded with applications for electric car leasing scheme
Paris, France - The French government has been flooded with applications from low-income households to lease a subsidized electric car from...
- Some 90,000 people have applied to the scheme since the start of the month, French Environment Minister Bechu said.
- President Emmanuel Macron unveiled the plan on social media in December as part of efforts to reduce carbon emissions in France.
Geostrategy
Shell halts Red Sea shipments over attack fears, say report
WASHINGTON, US - British oil giant Shell has paused transit through the key Red Sea shipping route indefinitely, over fears of...
- The worries of escalation grew after United States and United Kingdom strikes on scores of sites in rebel-held Yemen.
- The Houthis have been targeting what they deemed Israeli-linked vessels, but after the strikes, they declared US and British interests "legitimate targets."
Geostrategy
Turkish strikes leaves hundreds of Syrian villages without electricity
Qamishli, Syria - Hundreds of northeast Syrian villages and towns have lost power after Turkish strikes pounded electricity stations and infrastructure,...
- The Kurdish administration said Turkey launched a slew of strikes since Friday, mostly concentrated on infrastructure including power stations and oil refineries
- The semi-autonomous Kurdish administration listed hundreds of villages and towns facing blackouts due to the Turkish strikes in a statement Monday