Shell annual profit drops to US$19.4bn
Its revenue dived almost a fifth percent to US$316.6 billion.
Business
Geostrategy
Biden has ‘no plans’ to meet Saudi Crown Prince at G20 summit: US
Stormy US-Saudi relations have seen new strain over Riyadh's recent support for oil production cuts, with Biden warning of unspecified...
- The move was widely seen as a diplomatic slap in the face, since Biden traveled to Saudi Arabia in July and met with the crown prince.
- The Biden administration has voiced openness to retaliatory measures in Congress by enraged Democrats,. Saudis defended the move as motivated purely by economics.
Geostrategy
Oil depot hit and on fire in Russia’s Belgorod, says governor
An oil depot in Russia's Belgorod region bordering Ukraine is on fire after being shelled, the governor said, as strikes...
- One of the shells hit the oil depot in the Belgorod region, regional governor Vyacheslav Gladkov said.
- State-run news agency TASS cited a source in the emergency services saying the burning depot was located in the village of Razumnoye-71
Economy
TotalEnergies’ workers pledge to continue their strike
The hard-left CGT union, which launched the industrial action three weeks ago, said that workers at three TotalEnergies sites had...
- Four of France's seven refineries and one fuel depot were out of action, after strikers rejected a pay offer from the hydrocarbon industry leader.
- The blockages have caused queues outside petrol stations, and worry across all sectors of the economy, from mobile healthcare workers to farmers.
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
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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
Company News
Latest News
ExxonMobil Q2 profits $7.9bn
Business
UN conference adopts plan to reduce harmful chemicals
PARIS, FRANCE - A new roadmap to reduce the environmental risks from chemicals and waste was adopted at a United Nations...
Geostrategy
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...
Economy
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...
Geostrategy
Most Read
Science
Politicians fail to understand scientific facts of climate, says expert
PARIS, FRANCE - Wavering ambition by governments and a growing belief that science is politically subjective are great causes for concern...
- Several extreme weather events have occurred in 2023, which the European Union's climate monitor says is likely to be the hottest in human history.
- These underscores the urgency of slashing planet-heating greenhouse gas emissions to avert the catastrophic impacts of greater global warming.
Business
QatarEnergy inks pact with Marubeni
QatarEnergy will supply naphtha to Marubeni for 10 years.
- This pact builds on the five-year Naphtha sales agreement signed in 2018 between QatarEnergy and Marubeni Corporation.
- Japan-based Marubeni Corporation is the largest petrochemical feedstock trading entity and aggregator in Asia.
Business
Rising demand for critical metals pose dilemmas for investors
PARIS, FRANCE - Soaring demand for the raw materials needed for the transition towards renewable energy is creating dilemmas for investors...
- Demand for lithium, an essential component of car batteries, could increase ninefold between 2022 and 2050, said the International Energy Agency.
- Lithium and other metals that the IEA calls “key to the clean energy transition” will be the topic of a summit hosted by the global energy watchdog in Paris.