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...
From climate action to global aid: Inside UAE’s remarkable year
Abu Dhabi, UAE -- The UAE is bidding farewell to 2023, dubbed the ‘Year of Sustainability'. From hosting the relatively...
YEARBOOK 2023
Economy
OPEC+ angers US with biggest oil output cut since pandemic
The 13-nation OPEC cartel headed by Riyadh and its 10 allies led by Moscow agreed to reduce output by two...
- The cut raises fears that it will turbocharge oil prices at a time when countries are already facing soaring energy-fuelled inflation.
- National Security Advisor Jake Sullivan and top economic advisor Brian Deese said in a statement that Biden was "disappointed by the shortsighted decision by OPEC+".
Economy
EU ‘ready to discuss’ plans to counter rising energy price
The EU is "ready to discuss" a price cap on gas within the bloc to bring down soaring energy costs,...
- Europe is facing an energy crunch as the price of electricity generation skyrockets because of a massive surge in the price of gas.
- Russia, which used to be Europe's main gas supplier, has turned off the taps after being hit by EU sanctions over the war in Ukraine.
Economy
Energy crisis feared by Europe long a reality in Iraq
Soaring energy prices fuelled by Russia's war in Ukraine have forced a new reality upon European nations, where people are...
- The noise of privately owned generators can be heard all over the country as households and businesses try to make up for supply shortfalls from the national electricity company
- The Middle Eastern country is rich in oil, but endemic corruption and devastating conflict have taken a heavy toll on its infrastructure and forced most of its people to adapt
Geostrategy
Germany to continue with $198bn energy fund despite EU criticism
Germany pushed back against critics of a 200-billion-euro ($198-billion) energy fund, as Berlin faces fresh accusations it is going it...
- France and key members of the European Commission are asking for EU-wide solutions to the energy crunch aggravated by the Ukraine war.
- They fear that European countries with high debts cannot afford the largesse demonstrated by Germany, the EU's biggest economy.
Market Report
Asian, European markets surge on interest rate hopes
Asian and European stocks rallied and the dollar dipped as weak US data sparked hopes the Federal Reserve could ease...
- Monetary tightening by Federal Reserve and other central banks has raised fears that it could plunge countries into recession.
- Eurozone manufacturing survey data showed a contraction on the back of the region's ongoing energy crisis.
Business
Multiply Group buys 80% of IEH
Firm aims to expand its utilities, energy investments.
- Multiply Group had recently invested US$2.7 billion in a 7.3 percent stake in the Abu Dhabi National Energy Company.
- Other investments include 100 percent ownership of PAL Cooling Holding, one of the top players in the UAE’s district cooling industry.
Geostrategy
IEA urges Europe to reduce winter gas consumption
Europe must ramp down gas consumption to survive the winter given perilously low stocks amid fears of a total cut...
- The IEA warned of "unprecedented risks" of shortages unless demand is reined in, estimating cuts of nine percent are needed
- IEA said diversification had at least enabled gas stockage facilities to stand at almost 90 percent of capacity at the end of September
Geostrategy
Turkey, Libya sign maritime hydrocarbons agreement
Turkey's foreign minister signed a deal in Libya's capital Monday allowing for oil and gas exploration in 'Libyan waters'.
- The deal follows an agreement Turkey signed with authorities in Tripoli in 2019, which demarcated the countries' shared maritime borders.
- The deal came at the height of a year-long battle between rival governments vying for control of the capital.
Geostrategy
UAE takes part in G20 Finance Track in Indonesia
UAE's Ministry of Finance (MoF) participated in the third Framework Working Group (FWG) meeting within the G20 Finance Track for...
- The meeting was held in Indonesia and sought to discuss key global economic issues.
- G20 members, invited non-G20 member countries, representatives of the World Bank, IMF, and OECD also attended the meeting.
Economy
Fed up of perennial power cuts, Gaza turns to solar
For most of Gaza's 2.3 million residents, living under a 15-year-old Israeli blockade, power cuts are a daily fact of...
- Gaza bakery owner Bishara Shehadeh began the switch to solar this summer, by placing hundreds of gleaming panels on his rooftop
- Green energy advocates say that solar energy is a vision for a global future as the world faces the perils of climate change and rising energy costs
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...
Company News
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Middle East sets global standards in renewable energy
This TRENDS Explainer Video explores how the Middle East is fueling its economy with renewables like solar, wind, and green...
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Mega projects bet high on diversified future
This TRENDS infographic dives into Saudi Arabia’s ambitious transformation to discover how the Kingdom is reshaping its future with high...
Economy
Saudi crown prince says ready for economic partnership with BRICS
DUBAI, UAE – Saudi Arabian Crown Prince Mohammed bin Salman in a telephonic conversation with Russian President Vladimir Putin has...
Geostrategy
Most Read
Oil, gas sector emission pledges stalling: report
According to Carbon Tracker, the weakest emissions reductions commitments came from US major ExxonMobil and five majority state-owned oil firms:...
- A report by Carbon Tracker assessed and ranked emissions reductions commitments by 25 of the largest oil and gas firms, as measured by 2022 production volumes
- Some 16 firms only covered operational emissions and failed to take into account indirect emissions linked to the full life cycle and use of their products
Business
Saudi Arabia and Russia extend oil cuts, Brent crude price up
The Saudi production cut of one million barrels per day which first took effect in July will continue "for another...
- Brent crude rose above $90 per barrel on the news for the first time since November, while West Texas Intermediate, the main US futures contract, jumped 1.9 percent to $87.16.
- Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
Business
UAE announces US$4.5bn in Africa clean energy investments
Speaking at a landmark climate summit hosted by Kenya, Sultan Al Jaber, who heads the government-owned renewable energy firm Masdar,...
- The minister said the investment in Africa is aimed to develop 15 GW of clean power by 2030
- As of 2022, the continent's renewable generation capacity was 56 gigawatts, according to the IREA