Poorer countries need money before raising climate targets, says COP29 head
Copenhagen, Denmark - Developing countries should not have to set stricter targets for cutting their carbon emissions before funds are available...
Geostrategy
Business
Saudi Arabia extends voluntary 1mbpd oil cut to September
Riyadh, Saudi Arabia -- Saudi Arabia will extend the voluntary 1 million barrels per day cut, announced in July, to...
- Saudi Press Agency, quoting an official source from the Kingdom's Ministry of Energy, said the country's production for September 2023 will be approximately 9mpbd.
- This cut is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which extends until the end of December 2024.
Geostrategy
Saudi Arabia, Kuwait reject Iran claims to disputed gas field
Both Saudi Arabia and Kuwait renewed "their previous and repeated calls to the Islamic Republic of Iran to negotiate" the...
- The offshore field has long been focal point of contention between Saudi Arabia, Kuwait and Iran
- Kuwaiti and Saudi authorities said that "they alone have full sovereign rights to exploit the wealth in that area"
Business
European LNG imports fall to lowest level since start of Ukraine war
Brussels, Belgium - Europe's liquefied natural gas (LNG) imports fell to the lowest level since the start of the Russian...
- LNG deliveries fell 7% in July from a year earlier to 8.6 million tons, the least since November 2021, according to ship-tracking data .
- This drop coincides with a slide in the regions benchmark gas prices, which have slumped more than 80% in the period.
Business
Oil majors still profitable even if 2022 super profits gone
From BP to ExxonMobil to TotalEnergies, none of the oil and gas majors have repeated the exceptional profits posted in...
- Before it, the US giant ExxonMobil saw its second-quarter profits tumble 56 percent to $7.9 billion, while rival Chevron saw a similar fall to $6 billion.
- Shell saw a 64 percent drop in net earnings to $3.1 billion, while TotalEnergies fared better with just a 28 percent slide to $4.1 billion.
Geostrategy
UK to issue hundreds of new oil and gas drilling licenses in North Sea
The announcement has angered environmental groups and comes amid an internal debate within the ruling Conservative party on green policies....
- "Investment in the North Sea will continue to unlock new projects, protect jobs, reduce emissions and boost UK energy independence," PM Rishi Sunak's office said.
- "The government is taking steps to slow the rapid decline in domestic production of oil and gas, which will secure our domestic energy supply," it said.
Geostrategy
UAE oil giant ADNOC pledges to ‘accelerate’ zero-carbon plan
ADNOC "is accelerating its decarbonization plan to advance its net-zero ambition to 2045, compared to its previous target of 2050,"...
- ADNOC said it has "reduced its greenhouse gas emissions" by about 5m tons in 2022, mostly through the use of solar and nuclear energy, to power all of its onshore operations.
- ADNOC CEO Sultan Al Jaber, who will head up COP28, has argued that fossil fuels will continue to play a key role, and that carbon capture technologies will contain emissions.
Business
National Leasing’s profits hit $2.37m
A jump of 28 percent in net profit vis-a- -vis H1 2022.
- National Leasing Holding was established in 2003
- It was listed on QSE in 2003 with a capital of $135.9 million.
Arts & Culture
Egypt energy-saving measures evoke satirical reaction among citizens
Sweltering without air conditioning during the day and plunged into darkness at night, many Egyptians have responded with anger and...
- After 11 days of daily blackouts, Prime Minister Mostafa Madbouli ordered civil servants to work from home once a week.
- He announced scheduled power outages at least through August, and proposed other solutions to Egypt's energy crisis.
Economy
Fire at substation in Iraq sparks nationwide power outage
Baghdad, Iraq--A fire at an electricity substation in southern Iraq triggered a nationwide power outage Saturday, authorities said, just as demand peaks...
- In spite of the country's vast oil reserves, Iraq continues to suffer from frequent power outages with its power grid incapable of meeting peak demand
- The electricity ministry said in a statement that the power grid experienced a total shutdown due to a fire that affected a transmission substation
Business
Aramco, 5 local firms to jointly work on project in Pakistan
ISLAMABAD, PAKISTAN - Five Pakistani state-owned companies are set to collaborate with Saudi Arabia’s Aramco to execute a $10 billion...
- The proposed joint venture will establish a mega refinery in Gwadar with a capacity of 400,000 barrels per day.
- The government of Pakistan has already approved a refinery policy for new projects in the country.
Poorer countries need money before raising climate targets, says COP29 head
Copenhagen, Denmark - Developing countries should not have to set stricter targets for cutting their carbon emissions before funds are available...
Geostrategy
Company News
ENEC, X-energy sign agreement
Business
Latest News
Russian oil price cap partially successful
Geostrategy
5 WEF reports shaping your 2024 agenda
From AI to the future of jobs and slow climb to gender parity, WEF reports provide insights into some of...
Geostrategy
Iran asserts peaceful nuclear agenda amid western concerns
Tehran, Iran - Iran's nuclear program remains peaceful, said Nasser Kanani, the spokesman for the Iranian Ministry of Foreign Affairs,...
Geostrategy
Russia redirected most oil exports to China and India, says Novak
After President Vladimir Putin sent troops to Ukraine in February 2022, Western countries hit Russia with a slew of sanctions including a...
Geostrategy
Most Read
Business
Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
- The government aims to raise renewable energy-based hydrogen production to at least one million metric tonnes (mt)/year by 2030.
- Local state-owned enterprise Hydrogen Oman (Hydrom) signed six investment agreements, worth over US$38 billion, with partners in 2023.
Business
ENEC announces completion of Unit 4 of Barakah Nuclear Energy Plant
The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4...
- The three current commercially operating Units at Barakah, delivered in three consecutive years, are already generating more than 30TWh of zero-emission electricity every year.
- The Barakah Plant, a pivotal player in the international nuclear energy sector, boasts four APR-1400 units, marking it as one of the largest nuclear energy facilities globally.
Market Report
Oil prices rise following Red Sea attacks
Oil prices shot up three percent as more companies suspended shipping through the Red Sea following attacks on vessels by...
- Yemen's Iran-backed Houthi rebels said on Monday that they had attacked two "Israeli-linked" vessels in the Red Sea..
- Ships must travel through the Red Sea to use the Suez Canal, a key transit route for cargo and oil..