Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...
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...
Economy
Europe prepares for winter without Russian gas
Many believe Russian President Vladimir Putin is using energy supplies as a strategic weapon to put pressure on nations that...
- Berlin has accused Moscow of halting supplies over Western sanctions imposed over Russia's invasion of Ukraine
- The European Union has told its 27 member countries that they will have to cut their gas consumption by 15 percent
Economy
Dubai’s RTA reduces energy consumption by 18 percent
Director-General and Chairman of the Board of Executive Directors of the Roads and Transport Authority said that RTA had achieved...
- RTA had managed to reduce the total emissions by 13 percent and energy costs by 10 percent compared with the average consumption from 2016 to 2019.
- RTA has a roadmap that aims to achieve zero-emission from public transport in Dubai by 2050.
Economy
WGES 2022 to encourage investment in green projects
The 8th World Green Economy Summit (WGES), to be held in Dubai, will focus on developing investment partnerships in green...
- In WGES 2022 several heads of states and governments, experts from government and non-government sectors would participate.
- The summit would enable finding innovative solutions and financial tools that promote clean and renewable energy projects and sustain growth
Geostrategy
Putin, Macron call for IAEA inspection of Ukraine nuclear plant
Russian President Vladimir Putin and his French counterpart Emmanuel Macron called for independent inspections at the Moscow-occupied Zaporizhzhia nuclear plant,...
- Putin "stressed that the systematic shelling by the Ukrainian military of the territory of the Zaporizhzhia nuclear power plant creates the danger of a large-scale catastrophe.
- As per the Kremlin, both leaders called for experts of the International Atomic Energy Agency (IAEA) to inspect the plant "as soon as possible" and "assess the real situation.
Business
Saudi, Uzbekistan sign cooperation pact in several energy sectors
Saudi Arabia and Uzbekistan have signed an agreement to develop cooperation and exchange information and experiences in all fields of...
- They will develop cooperation and exchange information and experiences in all fields of energy though research and studies besides exchanging policies and laws related to these.
- The agreement was signed by the acting Minister of Energy Dr. Essam bin Saad bin Saeed and the First Deputy Minister of Energy of Uzbekistan Azim Ahmed Khojayev.
Business
OPEC revises oil demand projection to 3.1mn barrels a day
The recent drop in oil prices reflects global concern over an economic slowdown and “masks physical market fundamentals," says OPEC...
- The recent drop in oil prices reflects global concern over an economic slowdown and “masks physical market fundamentals,” says OPEC secretary general
- He predicted a slowdown in demand growth in 2023 but said it should not be worse than what has already been experienced in the last two years
Geostrategy
Israel planning renewable energy projects in MENA region
The companies are also developing projects in Morocco, the UAE and Bahrain, along with Egypt and Jordan.
- The companies are also developing projects in Morocco, the UAE and Bahrain, along with Egypt and Jordan
- The plans follow two years after Israel normalized relations with the UAE, Bahrain and Morocco. Israel also signed a Free Trade Agreement with the UAE
Opinion
Goal: A just energy transition that’s equitable to all
It must be based on scientific, economic, and engineering facts, appreciate the multiple dilemmas and challenging trade-offs, and accelerate the...
- Record growth in renewables, representing over 80 percent of all new power-generating capacity last year, is the clearest sign yet that the energy transition is gathering pace
- Policies aimed at divesting from hydrocarbons too soon, without adequate viable alternatives, are self-defeating. They will undermine energy security, erode economic stability
Business
Russian gas supply cut: Germany to fall short of gas reserve target
Germany is heavily dependent on Russian gas and has seen deliveries drop sharply amid tensions over the Ukraine war.
- Warning of looming shortages, Economy Minister Habeck outlined a series of targets last month for gas stocks to reach 95% by November 1.
- "I am not counting on our achieving our next reserve goals as quickly as the first," said Klaus Mueller, president of the Federal Network Agency.
Economy
OPEC not responsible for soaring inflation: Secretary-General
“OPEC is not behind this price increase,” said the secretary-general of the the influential group of producers Haitham Al-Ghais. “There...
- Al-Ghais’ comments follow the OPEC’s decision to add only 100,000 barrels per day from next month
- He said the factors behind the spike in gas and oil prices are beyond OPEC and identified underinvestment as the main problem
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Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...
Company News
Latest News
DEWA picks bidder for 1,800MW phase of Al Maktoum Solar Park
Dubai, UAE -- In a step towards its clean energy ambitions, the Dubai Electricity and Water Authority (DEWA), has announced...
Business
US to invest $1.2 bn on facilities to pull carbon from air
The two projects -- in Texas and Louisiana -- each aim to eliminate one million tons of carbon dioxide per...
Geostrategy
IEA predicts record oil demand of 2.2m barrel a day in 2023
PARIS, FRANCE - The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in...
Business
Most Read
Geostrategy
ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
- The project’s objective is to fully connect the Kagera administrative region with the national electricity grid.
- It will reduce dependency on energy imports from Uganda and provide sustainable electricity source.
Business
Aramco Q2 profits drop 38%
The oil company's profits fell sharply to US$30.08 billion.
- Production from the world's biggest crude exporter was down after Riyadh in April announced cuts of 500,000 barrels per day
- The kingdom's daily production is now approximately nine million bpd, far below its reported daily capacity of 12 million bpd
Geostrategy
Blazing heat spurs record energy consumption in Bahrain
Life in Bahrain largely moves indoors during the summer months, with the ever-present Arctic blast of air-conditioning systems.
- Manama's Electricity and Water Authority said the region "recorded its highest-ever electricity consumption rate" on Thursday at 3,798 megawatts
- Beating last year's record of 3,708 MW, the latest figure came as temperatures on Thursday reached 40 degrees Celsius (104 degrees Fahrenheit),