Unit 4 of UAE’s Barakah Nuclear Energy Plant commissioned
Abu Dhabi, UAE - The Emirates Nuclear Energy Corporation (ENEC) on Friday announced that its operating and maintenance subsidiary, Nawah...
Economy
Price of natural gas in Europe falls to a 3-year low
LONDON, UK – The price of natural gas in Europe fell again on Friday, taking it to its lowest in almost...
Business
Geostrategy
COP28 chair Sultan Al Jaber urges energy firms to cut emissions
Al-Jaber, head of the UAE national oil company ADNOC, told ministers from countries of the OPEC oil producers' grouping the...
- Jaber said the entire industry "should be aligned" to help the world meet the target of net-zero greenhouse gas emissions by 2050.
- This includes not only international oil companies but also national state-controlled ones, Jaber told an OPEC seminar in Vienna.
Business
Gas export to Europe continues via Greenstream pipeline : Libya
Vienna, Austria - Mohamed Aoun, Libyan Minister of Oil and Gas, has said that Libya is continuing its gas export...
- Libya developed a short-term strategic plan for the oil and gas sector, aimed at raising its oil production to two million barrels per day (bpd), said its energy minister.
- Libyan National Oil Corporation's plan to overcome obstacles in the oil and gas sector includes restructuring the sector, he said.
Geostrategy
Saudi Arabia says oil production cut not at odds with Russia
Oil producers are grappling with falling prices and high market volatility amid fears of global economic slowdown and the Russian...
- On Monday, Riyadh said that it would extend a production reduction of one million barrels per day (bpd), which began in July, to August to boost prices.
- At the same time, its ally in the OPEC+ group of oil producers, Russia, decided to slash exports by 500,000 bpd in August.
Geostrategy
All voices must be heard in transition, sustainability debates: OPEC
Secretary-General of OPEC Haitham Al Ghais, speaking at the 8th OPEC International Seminar in Vienna, reiterated the organization's keenness to...
- Ghaith said the concept of sustainability relates to how we fulfil the needs of current generations without compromising the needs of future generations.
- He asserted the importance of oil in the global energy mix and the industry's primary role in reducing carbon emissions.
Economy
Barakah Nuclear Energy Plant refinancing completed with UAE banking partners
Abu Dhabi, UAE - The Barakah One Company (Barakah One) - a joint-venture between the Emirates Nuclear Energy Corporation (ENEC)...
- Barakah has three reactors currently generating abundant, clean electricity for the UAE, with the fourth unit recently starting its operational readiness phase
- The refinancing is the next step in the development of the Barakah Plant as the project continues to progress through to full, four-unit commercial operations
Geostrategy
Libyan army commander warns of action over unequal oil revenue
Crude is the main revenue source for Libya, which has been torn by more than a decade of stop-start conflict,...
- Khalifa Haftar, military head of Libyan eastern command, said "a deadline at the end of August for this committee to complete its mission".
- Haftar said a committee must be established "to put in place financial arrangements with a view to fair management of public funds" and oil revenues
Business
RAKEZ inks MoU with ICFA to foster trade in food, agriculture
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA)...
- This alliance seeks to create opportunities for knowledge exchange, trade promotion, investment, and research and development collaboration.
- The agreement is set to facilitate promotional activities for trade, market access, and business matchmaking opportunities between UAE and India.
Geostrategy
Kuwait calls for border talks with Iran over gas field
KUWAIT CITY, KUWAIT - Kuwait reinvited Iran on Monday to talks on their sea borders after Tehran said it was ready...
- Iran and Kuwait have held unsuccessful talks for many years over their disputed maritime border area, which is rich in natural gas.
- Saudi Arabia is also a part of the dispute since it shares with Kuwait maritime gas and oil resources in the area.
Business
Oil prices increase after Saudi Arabia and Russia cut crude output
In April, several OPEC+ members opted to slash production voluntarily by more than one million bpd -- a surprise move...
- Brent crude, the international benchmark, and US counterpart WTI jumped after Riyadh extended a voluntary oil production cut.
- "It's the usual knee-jerk reaction to reports of production cuts," IG analyst Chris Beauchamp told AFP, when asked about the latest oil-price gains
Economy
OPEC+ strives for market balance, sustainable growth
The international oil bloc’s technical team constantly monitors variables in global oil markets and presents its recommendations to the ministerial...
- UAE updates energy strategies and aligns with climate goals, helping it rank second in global Green Future Index, says a UAE minister
- The Gulf country has invested over $50 billion in clean energy projects and pledges an additional $50 billion over the next decade, he adds
Unit 4 of UAE’s Barakah Nuclear Energy Plant commissioned
Abu Dhabi, UAE - The Emirates Nuclear Energy Corporation (ENEC) on Friday announced that its operating and maintenance subsidiary, Nawah...
Economy
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Russia, Saudi say sovereign Palestine state vital for regional peace
RIYADH, SAUDI ARABIA – Russia and Saudi Arabia expressed concern on the present situation in Gaza and said that a...
Geostrategy
COP28 draft deal calls for ‘reducing’ fossil fuel production, consumption
The draft no longer mentioned a "phase-out". The text prepared under COP28 president Sultan Al Jaber, the head of the...
COP28 UAE
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Economy
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...
- The OPEC agreement entails a substantial 2.2 million barrels per day reduction for the first quarter of next year
- Despite these global efforts, US output continued at a high of over 13 million barrels per day, contributing to a surplus in the market
Geostrategy
Mideast ministers met with Joly, Trudeau in Ottawa to discuss Israel-Hamas war
OTTAWA, CANADA — A group of foreign ministers from the Palestinian Authority, Saudi Arabia and Turkey met Canadian Foreign Affairs...
- The quietly planned meeting focused on ways countries could help efforts to secure peace for Palestinians and Israelis.
- The group is not a joint peace project with Israel, and says its leaders aim to speak on behalf of Arab and Muslim people people.
COP28 UAE
UAE leads global renewable energy drive: IRENA envoy
The UAE plays a pivotal role as IRENA headquarters and key renewable energy hub, Dr Nawal Al Hosany, the permanent...
- The UAE plays a pivotal role as IRENA headquarters and key renewable energy hub, Dr Nawal Al Hosany, the permanent representative of the UAE to IRENA, tells TRENDS.
- The ongoing COP28 aims to deliver an ambitious energy package, targeting significant increases in renewable capacity and energy efficiency by 2030, Al Hosany adds.