INSEAD Day 4 - 728x90

Energy

2PointZero posts profit surge

Growth driven by merger consolidation.

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

Emirates Stallions Q1 revenue up 11%

The rise helped by strong demand in real estate

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

Shell annual profit drops to US$19.4bn

Its revenue dived almost a fifth percent to US$316.6 billion.

Business

Oil sees fluctuating prices, shifting output trends

The crude oil market experienced significant volatility in the year 2023, with prices swinging dramatically, influenced by various global factors.

Business
Economy

Oil prices rise as OPEC+ agrees to cut output by two million barrels a day

Oil prices had slid in recent weeks back to the levels before the war in Ukraine on concerns of a...
  • In Vienna, ministers from the 13-nation OPEC cartel and a group of 10 exporters led by Russia agreed to reduce production by two million barrels a day from November
  • It is the biggest cut since the height of the Covid pandemic in 2020 and came despite concerns it could fuel inflation further and push central banks to hike interest rates
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.

Shell annual profit drops to US$19.4bn

Its revenue dived almost a fifth percent to US$316.6 billion.
Business

Company News

Latest News

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
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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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