EU seeks 90 percent drop in greenhouse emission by 2040
Strasbourg, France - The EU on Tuesday urged a 90-percent cut to its greenhouse gas emissions by 2040, even as the...
Geostrategy
OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...
Business
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
‘Close the windows’: Lebanon power plant sparks cancer fears
Thick black smoke sometimes billows from its red-and-white chimneys, leaving a grey haze in the air above the Zouk Mikael...
- A Greenpeace study found that the surrounding Jounieh area ranked fifth in the Arab world and 23rd globally for cities most contaminated by nitrogen dioxide
- The environmental group's 2018 study singled out the Zouk plant, built in the 1940s, as well as cars on a busy motorway and privately owned electricity generators
Market Report
Markets climb on bright US earnings, UK policy U-turns
Major global equities rose, with sentiment soothed after upbeat US earnings and Britain shredded its controversial budget. Analysts pointed to...
- US industrial production also picked up more than anticipated in September, according to official data.
- On Wall Street, the Dow Jones jumped two percent at the open after a day of strong trading in Asia and Europe, before paring back gains later in the morning.
Geostrategy
Nord Stream probe tailored against Russia, says Kremlin
The Kremlin said that the investigation into the explosions that tore through the Nord Stream gas pipelines was being 'tailored'...
- Russia has accused Western countries of being behind the explosions of the pipelines.
- Russia had earlier expressed bewilderment over its exclusion from an investigation into the incident.
Economy
France braces for nationwide strike amid fuel shortage
Fuel workers voted to continue stoppages at several refineries run by TotalEnergies, the coordinator for the hard-left CGT union Eric...
- Leading unions have called for strikes Tuesday in their biggest challenge yet to President Emmanuel Macron
- The French government, increasingly impatient with striking workers, said it was forcing key staff back to work
Geostrategy
UAE, Chile ink pact to exchange knowledge on energy sector
UAE's Ministry of Energy and Infrastructure signed a Memorandum of Understanding with its counterpart in Chile to exchange knowledge and...
- Under the agreement UAE and Chile will exchange information, knowledge and expertise, hold high-level meetings to discuss issues.
- The two sides will organise relevant academic research and enhance their cooperation in clean and renewable energy.
Business
BP to buy Archaea for US$4.1bn
BP bought US firm to reach net zero emissions by 2050.
- BP, the London-listed energy major, is flush with cash after recent surges in oil prices.
- There have been calls for the cash-strapped UK government to massively enlarge a windfall tax on British energy giants.
Economy
Biden faces tough options with Saudis after OPEC+ oil price hike
US National Security Advisor Jake Sullivan told CNN on Sunday that Biden would "act methodically, strategically" in re-evaluating US-Saudi relations,...
- Saudi Arabia has insisted the OPEC+ decision was purely economic and said US weapons sales serve both countries' interests
- The Biden administration has voiced openness to retaliatory measures in Congress by enraged fellow Democrats
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EU seeks 90 percent drop in greenhouse emission by 2040
Strasbourg, France - The EU on Tuesday urged a 90-percent cut to its greenhouse gas emissions by 2040, even as the...
Geostrategy
Company News
Latest News
ADIPEC 2023: Energy world to ponder energy transition
Abu Dhabi, UAE - Abu Dhabi International Progressive Energy Congress (ADIPEC) 2023 begins today here to deliberate decarbonization of the...
Economy
Oil-reliant Saudi revises budget, projects deficit
The Gulf kingdom, the world's biggest crude exporter, had planned for a surplus of 16 billion Saudi riyals ($4.27 billion)...
Expo 2023 building in Guinness World Records for largest green roof
Doha, Qatar -- The main building of Expo 2023 in Doha has made it to the Guinness World Records for...
Business
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Economy
ADB capital reforms unlock $100bn to support Asia and the Pacific region
MANILA, PHILIPPINES - The Asian Development Bank (ADB) approved capital management reforms that unlock US$100 billion in new funding capacity...
- The expansion of available funds will be further leveraged by mobilizing private and domestic capital required to tackle the climate crisis.
- The reforms also create a Countercyclical Lending Buffer to support ADB developing member countries facing unexpected crises.
Geostrategy
US to auction three new oil and gas leases in the Gulf of Mexico
WASHINGTON, US - President Joe Biden's administration on Friday announced it would auction three new oil and gas leases in the...
- The move triggered a furious reaction from environmental groups who said the move would accelerate climate change.
- The action was denounced by advocates of the fossil fuel industry as it reduced the number of lease sales planned by previous US administration.
Business
Europe should move faster on energy transition, say IEA, ECB
PARIS, FRANCE - Europe must invest more quickly and massively in its energy transition if it wants to remain a global...
- Europe must invest more quickly in its energy transition if it wants to remain a global industrial power, top policymakers said.
- Private sector investment faces barriers including policy uncertainty, bureaucratic red tape and higher energy costs, they said.