World adds 50% more renewable energy capacity in 2023
The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023,...
Economy
Energy companies to test CO2 capture in Brazil undersea oil field
PARIS, FRANCE  - A consortium of Brazilian, British, French and Chinese energy firms will test new technology aimed at capturing CO2...
Business
Geostrategy
Iran refutes allegations of providing weapons to Russia
Iran has rejected allegations that it has supplied Russia with weapons "to be used in the war in Ukraine", its...
- Kyiv and many of its Western allies have accused Moscow of using Iranian-made drones in attacks on Ukraine in recent weeks.
- On Monday, Ukrainian President Volodymyr Zelensky said Iranian drones were used in Russian attacks on energy infrastructure.
Business
Germany fills 95 percent of gas reserves as winter draws near
Berlin, Germany - Germany on Friday said it had filled its gas reserves to 95 percent of capacity faster than...
- Europe's largest economy had been heavily dependent on Russian gas and has raced to bolster its reserves after deliveries from Russia halted.
- The government said energy-saving measures in recent weeks and massive purchases of gas from other suppliers had led to significant progress.
Business
US banks report solid results, warn of rising recession risk
Large US banks reported a round of solid quarterly profits, but cautioned of rising recession risks as the economy absorbs...
- There are worries including on stubborn inflation that has prompted significant central bank interest rate hikes.
- There are concerns over geopolitical fallout from the Ukraine crisis, uncertainty in the oil market and worries about European energy security this winter.
Geostrategy
Russia’s Rosneft sues Germany over refinery seizures
Russian oil giant Rosneft has filed a complaint against the German government for taking control of its German-based refineries, a...
- Berlin in September took control of Rosneft's German subsidiaries, which account for about 12 percent of oil refining capacity in the country.
- Germany said the dramatic move last month was necessary to counter "a threat to the security of energy supply", as relations with Russia deteriorate.
Business
ENOC unveils service station of future for public at Expo City
Dubai, Abu Dhabi -- ENOC Group announced Wednesday that its Service Station of the Future is now open to the...
- Expo City Dubai is now ready to host 145,000 residents and workers, becoming the UAE’s first 15-minute city.
- This includes amenities in close proximity to the 85 start-ups and small businesses that occupies the commercial space.
Geostrategy
Biden to ‘re-evaluate’ Saudi ties after OPEC snub
The 13-nation OPEC cartel and its 10 allies headed by Moscow angered the White House last week with its decision...
- Saudi Arabia has defended the planned production cuts, saying the priority of OPEC+ was "to maintain a sustainable oil market"
- Partnership between US and Saudi Arabia was sealed after World War II, providing the kingdom with military protection in exchange for American access to oil
Economy
Russia-Germany oil pipeline partly shut after leak: operator
The Druzhba (Friendship) pipeline network was started in the 1960s and now covers 5,500 kilometres, pumping oil from the Urals...
- The leak was detected late on Tuesday near the village of Zurawice about 180 kilometres (112 miles) to the west of Warsaw in central Poland
- PERN spokeswoman Katarzyna Krasinska was quoted by PAP news agency as saying that the pipeline was mainly supplying two refineries in Schwedt and Spergau in Germany
Business
DEWA to enhance ties with foreign firms at GITEX Global 2022
MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer received Consul-General of Canada to Dubai...
- Al Tayer emphasized DEWA’s keenness to consolidate cooperation and exchange expertise with Canadian companies.
- The DEWA CEO highlighted DEWA’s key development projects and strategic initiatives, especially the technological projects.
Geostrategy
UN urges transformation of global energy system
Climate change risks undermining global energy security unless the use of renewables is dramatically scaled up, the UN warned Tuesday,...
- Energy sector is a major source of the carbon emissions that drive climate change, the UN's World Meteorological Organization said.
- WMO said that increasingly extreme weather events, droughts, floods and sea-level rise - all linked to climate change - were already making energy supply less reliable.
Market Report
Equities, oil prices slide on recession fears
Stock markets and oil prices slumped as investors grow fearful that more big interest rate hikes will tip economies into...
- Traders had hoped that bumper rate increases by the US Federal Reserve this year would begin to drag on the economy and slow runaway prices.
- Chip manufacturers globally took a pounding from new US export controls.
World adds 50% more renewable energy capacity in 2023
The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023,...
Economy
Company News
Latest News
ADNOC in talks with OMV
Business
ExxonMobil to buy Denbury
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...
Business
Turkey-China nuclear power plant deal possible soon: Minister
Dubai, UAE -- The talks between Turkey and China to build a nuclear power plant in eastern Thrace are progressing and...
Business
Turkey casts doubt on need for new Russian gas hub
Putin first raised the idea of creating "a gas hub in Turkey for supplies to other countries" during talks with...
Most Read
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.