GCC, OPEC boost ties to stabilize global oil markets
During his meeting with OPEC Secretary General Haitham Al Ghais, Albudaiwi praises the significant efforts of OPEC and its crucial...
Economy
Roadmap out for environmental education, sustainable development at WEEC2024
ABU DHABI, UAE - The Abu Dhabi Roadmap, a high-level plan outlining global recommendations to bolster Environmental Education (EE) and...
Geostrategy
France and Morocco mend ties after visa spat
RABAT, MOROCCO - France and Morocco announced Friday they were mending fences after months of tensions over visas, and said President...
- Speaking in Rabat alongside her Moroccan counterpart, French Foreign Minister said it was time to "write a new page together".
- French President Emmanuel Macron and Morocco's King Mohammed VI spoke by phone after their countries' dramatic World Cup semi-final clash.
Economy
With growing trade, energy ties, Germany and UAE look forward to hydrogen future, says envoy
“The UAE is Germany's most important trading partner in the region, with German exports to the UAE totalling US$8.4 billion...
- Beside growing trade, cooperation in decarbonization to tackle climate change opens an opportunity for Germany and the UAE to look forward to a hydrogen future, says German envoy
- The UAE is Germany's most important trading partner in the region, with German exports to the UAE totalling US$8.4bn in 2021, says German Ambassador to the UAE Alexander Schönfelde
Economy
EU energy ministers push gas price talks into next week
Gas prices are high, albeit lower than during the middle of the year, spurring worries that European homes and businesses...
- Europe has entered a bitingly cold winter with fewer energy options because Russia has reduced gas supplies in retaliation for EU sanctions imposed over its war in Ukraine
- Several EU countries, including France, Poland and Spain, criticised the commission proposal as being designed so  the price cap could never be triggered
UK inflation slows to 10.7% in November
The data was published on the eve of an interest rate decision from the Bank of England, which is widely...
- The Consumer Prices Index eased to 10.7 percent last month, the Office for National Statistics (ONS) said in a statement
- The modest slowdown followed falls in the price of motor fuel, but inflation remains high owing to soaring domestic energy and food bills
Geostrategy
EU eyes all acceptable energy price cap as winter arrives
Several EU countries, including France, Poland and Spain, want a price cap lower than the one proposed by the European...
- The continent has entered a bitingly cold winter with fewer energy options because Russia has reduced gas supplies in retaliation for EU sanctions.
- Gas prices are high, albeit lower than during the middle of the year, spurring worries that European homes and businesses could face blackouts.
Economy
Turkey discovers 150m barrels of oil reserves worth $12bn: Erdogan
Erdogan said Ankara aims to increase its daily production to 100,000 barrels by the centennial of the Republic of Türkiye.
- Erdogan said Ankara aims to increase its daily production to 100,000 barrels by the centennial of the Republic of Türkiye
- The newly discovered oil reserves have been named after Gendarmerie Esma Cevik, who was killed clearing mines on Gabar Mountain
Business
GPSSA clarifies conditions of insured individuals
ABU DHABI, UAE - The General Pension and Social Security Authority (GPSSA) said that the registration of insured individuals in...
- Emirati nationals should not be less than 18 years old nor over 60.
- Entities operating in the field of tourism and hotels, including in the free zones, who employ Emiratis are all subject to the provisions of the law.
Business
Algeria’s Sonatrach starts production in new gas field
The company announced the completion of production of the Tinrhert gas field at the end of November 2022.
- The company announced the completion of production of the Tinrhert gas field at the end of November 2022
- Algeria has signed many energy agreements with European countries during the current year
Geostrategy
Russia oil embargo, price cap disrupts tankers
Russia has assembled a "shadow fleet" of more than 100 vessels seeking to circumnavigate the Western sanctions regime. These ships...
- Aimed at depriving Russia of key income, the western sanctions have also slowed transportation of its oil by sea
- President Vladimir Putin on Friday warned that Russia could reduce crude production in response to the price limit
Economy
Pipeline leak in US results in 588,000 gallons crude spill
Canadian-based TC Energy, which operates the pipeline, detected the leak Wednesday night in Kansas and immediately halted the flow of...
- If the estimate on the size of the spill holds, it will be the largest crude oil spill in the United States since 2013
- Transportation Secretary Pete Buttigieg tweeted that authorities "are monitoring and investigating the... leak."
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
GCC, OPEC boost ties to stabilize global oil markets
During his meeting with OPEC Secretary General Haitham Al Ghais, Albudaiwi praises the significant efforts of OPEC and its crucial...
Economy
Company News
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BP rebounds with $4.9bn Q3 profit
The oil giant had posted a net loss of $2.2bn the previous year.
Business
Foreign investments rise in NE China due to several projects
SHENYANG, CHINA – Investments in the country’s northeast have grown over the past years as several multinational corporations put in...
Business
COP28 wide open to private sector, says climate talks chief
ABU DHABI, UAE - Upcoming UN climate talks in Dubai will be open to the private sector on an unprecedented scale,...
Geostrategy
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Geostrategy
1.5C goal on the line as countries gear up for key climate talks
Paris, France -- Facing record-shattering temperatures and a geopolitical tinderbox, countries are scrambling to lay the groundwork for crucial UN climate...
- Ministers meet next week in the United Arab Emirates to grapple with flashpoint issues, including the future of fossil fuels.
- Rich polluters are under pressure to finally meet their promise to provide $100 billion in funding by 2020 for poorer nations to prepare for climate extremes.
Business
Oil prices surge 3 percent amid Middle East tensions
New York, United States - Oil prices experienced a 3% surge on Friday, reaching a one-week high, driven by escalating...
- Brent crude futures increased by $2.55, or 2.9%, settling at $90.48 a barrel, while US West Texas Intermediate (WTI) crude saw a rise of $2.33, or 2.8%, closing at $85.54
- The widening gap between Brent and WTI prices, reaching its highest level since March, is making it more enticing for energy firms to export crude from the U.S.
Business
Eni Q3 profit drops
This drop is smaller than the 31 percent fall in Q2.
- Adjusted net profit -- a figure closely watched by the markets because it excludes exceptional items -- also fell, by 51 percent to US$1.9 billion (1.81 billion euros).
- The group's turnover fell 40 percent in the three months to US$23.5 billion (22.31 billion euros), well below analysts' expectations of US$34.4 billion (32.58 billion euros).