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 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...
Geostrategy
New Russian strikes cuts Ukraine’s power supplies
Energy restrictions were "forcibly applied" in several regions, including the capital Kyiv and its surrounding region, Ukrenergo said. In western...
- Russian forces rained over 80 missiles on cities across Ukraine on October 10, according to officials in Kyiv
- The attack was in retaliation for an explosion that damaged a key bridge linking the Crimean peninsula to Russia.
Geostrategy
Saudi energy minister holds talks with counterparts in India
Prince Abdulaziz is also the Chairman of the Ministerial Committee for Economy and Investment in the Saudi-Indian Strategic Partnership Council.
- Prince Abdulaziz is also the Chairman of the Ministerial Committee for Economy and Investment in the Saudi-Indian Strategic Partnership Council
- Saudi minister said the visit will further enhance the strategic partnership between the two countries and enable them to explore further opportunities for cooperation
Economy
Egypt to host 24th meeting of Gas Exporting Countries Forum
The meeting comes amid a global dialogue about energy security and just weeks ahead of the 2022 UN Climate Change...
- The meeting comes amid a global dialogue about energy security and just weeks ahead of the 2022 UN Climate Change Conference (COP27)
- The GECF comprises of 11 member states: Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago and Venezuela
Geostrategy
Spain says new gas pipeline may take 7 years to build
A planned underwater energy pipeline linking Barcelona in Spain and Marseille in France could take up to seven years to...
- France, Spain and Portugal announced that they had agreed to build the maritime pipeline.
- The underwater pipeline - dubbed BarMar - would initially be used for natural gas but, over time, more and more for hydrogen.
Business
Reliance Q2 net profit at $1.65bn
RIL's core oil-refining business hit overall profits.
- Revenues from operations increased 33.7 percent on-year to US$28.19 billion helped by strong contributions from Reliance's newer consumer-facing businesses.
- Additional excise duties cost Reliance US$488 million (40.4 billion rupees) in the quarter, the company said,
Economy
EU agrees ‘roadmap’ to contain energy prices
The summit agreement set out a "solid roadmap to keep on working on the topic of energy prices", European Commission chief...
- The accord came after 11 hours of wrangling over broad proposals to lower energy bills as gas prices pushed skywards by the war in Ukraine
- The bloc's 27 member states have been squabbling for months over which joint initiatives to adopt, riven by the fact that energy mixes in the countries vary greatly
Geostrategy
Lebanon fails to pick President for third time
The political deadlock has hit efforts to form a new government since the outgoing cabinet's mandate expired in May, despite...
- Parliament speaker Nabih Berri called for another vote on Monday in the hope of overcoming long-running discord between political factions.
- A total of 119 lawmakers from Lebanon's 128-seat parliament attended the session, but quorum was lost before a second round could be held.
Business
High investments in H1 2022 for DEWA transmission substations
Dubai Electricity and Water Authority (DEWA) recorded substantial growth of 22 percent in investments allocated to transmission substations during the...
- From January this year to June 2022, DEWA commissioned a new 400 kV transmission substations.
- Now the total number of 400 kV transmission substations in Dubai has risen to 26.
Asia, Middle East up diesel exports to Europe in October
According to ship tracking data from Refinitiv, about 289,000 tonnes of gasoil will be loaded from South Korea and China...
- According to ship tracking data from Refinitiv, about 289,000 tonnes of gasoil will be loaded from South Korea and China to northwest Europe in October
- This month has seen a flurry of spot tenders from South Korea and Taiwan, two of Asia's largest fuel exporters
Economy
Biden to release 15m barrels from US oil reserves: official
The decision to make the biggest-ever dip into the emergency oil reserves -- usually kept for responding to situations such...
- New tranche of oil from the Strategic Petroleum Reserve will be "completing the 180 million barrel release authorized in the spring," in response to price hikes
- Major energy exporter Russia was hit with US and European sanctions soon after it invaded Ukraine in February, causing turmoil on markets
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...
Company News
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OQGN inks $1.2bn financing deal
Business
ADNOC L&S buys VLCC
Business
China to control half the world’s hydrogen electrolyser capacity
China's installed electrolyzer capacity has jumped significantly in recent years, and is expected to reach 1.2 gigawatts –- 50 percent...
UK to revoke plan to attain net zero emissions by 2050
LONDON, UK- The UK looked set to backtrack on Wednesday on policies aimed at achieving net zero emissions by 2050 with...
Business
TotalEnergies, Adani Group set up JV for wind, solar power production in India
PARIS, FRANCE - French firm TotalEnergies and Indian group Adani unveiled plans on Wednesday to create a joint venture to develop wind...
Business
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Geostrategy
Jordan’s interconnection projects to serve as hub for energy exchange
AMMAN, JORDAN -The Kingdom’s Ministry of Energy and Mineral Resources has emphasized the significance of current and upcoming electrical interconnection...
- Jordanian authorities are working on a project to connect the Kingdom’s Risha electrical station to Iraq's Rutba station.
- The interconnection line will allow the Iraqis to power the Rutba area's loads, using the Jordanian grid.
Business
California sues oil giants, alleges environment, climate-risks deception
The US state of California sued five of the world's largest oil companies, alleging the firms caused billions of dollars...
- The suit follows numerous other cases brought by US cities, counties and states against fossil fuel interests over the impact of climate change.
- The suit seeks the creation of an abatement fund to pay for future damages caused by climate disasters in California.
Business
Oil prices at a crossroads as production cuts persist
Oil stocks drop as Saudi Arabia and Russia extend a 1.3 million barrel per day oil supply reduction, leading to...
- Oil stocks drop as Saudi Arabia and Russia extend a 1.3 million barrel per day oil supply reduction, leading to an anticipated market deficit until 2023-end, says a report
- Refineries grapple with material changes and disruptions as Russia's diesel export reduction boosts futures prices and OPEC+ cuts drive high oil prices during Q3 of 2023