Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...
Market Report
Apple’s Vision Pro headset available in US on February 2
WASHINGTON, US - Apple on Monday said it will release its highly anticipated Vision Pro mixed reality headset in the United...
Business
Geostrategy
Spain PM hopes Europe gas pipeline will soon be ready
Spanish Prime Minister Pedro Sanchez said Tuesday he hopes a gas pipeline linking the Iberian Peninsula to central Europe through...
- Russia has reduced deliveries and nations are scrambling for supplies to avoid a possible shortage this winter, while prices for gas and electricity have soared
- Spain currently has six liquefied natural gas (LNG) terminals for processing deliveries made by huge sea tankers back into gas and injecting them into its pipeline network
Economy
Oil prices fall as Aramco signals plan to raise crude production
Oil prices slipped in Asian trade, with both main contracts down around two percent as the stuttering Chinese economic recovery...
- Oil prices slipped in Asian trade, with both main contracts down around two percent as the stuttering Chinese economic recovery added to concerns about demand
- Crude prices which had gained following Russia’s invasion of Ukraine have declined over the last couple of months on fears of a possible economic recession
Economy
Jordan industries’ use 24m cubic feet gas daily in 2021
The average natural gas consumption for Jordan's industries amounted to 24 million cubic feet (CF) per day during 2021, according...
- Gas production from Risha Field, eastern Jordan, reached about 6,510 million cubic feet during 2021 at a daily rate of 17.8 million cubic feet
- The capacity of Risha Field has been raised to about 32 million cubic feet per day, as Risha Wells 53, 51, 50 have entered production in 2021
Business
SEWA completes 10-km natural gas line to Al Zubair district
Sharjah Electricity, Water and Gas Authority (SEWA) has completed the implementation of a 10-km line project to connect the natural...
- The natural gas network and pumping stations operate according to the best technical specification, said Amna bin Hadda, Director of the Natural Gas Department.
- She added that the SEWA is keen to encourage the residents of Sharjah to use natural gas as compared to using liquefied gas cylinders.
Economy
Oil demand up as surging gas prices force countries to switch fuels: IEA
Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries...
- Oil prices have dropped by $30 per barrel from a peak in June due to growing supplies and "escalating concerns over the deteriorating economic outlook, IEA said.
- Prices of natural gas and electricity have jumped to new records, prompting some countries to switch to oil use.
Business
DEWA H1 2022 revenue is $3.3bn
DEWA's net profit in H1 2022 is US$898 million
- In H1 2022, DEWA's revenue is US$3.3 billion (AED12.08 billion), and net profit is US$898 million (AED3.30 billion).
- DEWA's first half revenue increase of 15 percent to $3.3 b (AED12.08 b) was mainly driven by an increase in demand.
Geostrategy
Saudi delegation discuss energy, climate action at Tokyo conference
A delegation from Saudi Arabia’s King Abdullah Petroleum Studies and Research Center (KAPSARC), participated in Tokyo’s 43rd International Association for...
- The discussions included the future role of fossil fuels, decarbonization risks and opportunities, renewables, energy economics.
- Titled “Mapping the Energy Future, Voyage in Uncharted Territory,” the conference functioned from July 31 to August 4, 2022.
Business
ADDED, EWEC sign MoU to improve sustainability, clean energy adoption
The Emirates Water and Electricity Company (EWEC) and the Abu Dhabi Department of Economic Development (ADDED) today signed a Memorandum...
- EWEC will collaborate with ADDED through the Industrial Development Bureau (IDB) to develop new solutions that will support the innovation of energy products.
- They will also lead the drafting of proposals to ensure ongoing improvements to the ecosystem, attract new investments and enable sustainable firms to thrive in Abu Dhabi.
Business
ADNOC Drilling H1 profit $379mn
The firm's revenue increased 13 percent to US$1.27 billion
- ADNOC Drilling revenue increased 13 percent to US$1.27 billion compared to the same period last year
- First half EBITDA was $580 million, up 16 percent year-on-year, with a market-leading margin of 45.7 percent
Geostrategy
Fate of nuclear plant remains uncertain as Ukraine war rages on
The Russian-held Zaporizhzhia power plant in Ukraine, which is at the center of international concern amid mutual accusations of shelling...
- The power plant located close to the Crimean peninsula which was annexed by Moscow in 2014 was captured by Russian forces on March 4, 2022
- Ukraine says there are around 500 Russian troops at the plant and has called for the establishment of a demilitarized zone
Most Read
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
Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...
Market Report
Company News
Latest News
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...
Geostrategy
Most Read
Eni, British Petroleum, Sonatrach say resuming operations in Libya
Crude oil is the main revenue source for Libya, which has been torn by more than a decade of stop-start...
- The NOC said in a press release it "received official notifications from the Italian company Eni and the British company British Petroleum regarding the lifting of force majeure
- NOC had also been notified by Algeria’s Sonatrach that "exploration and fulfilment of contractual obligations in blocks 065 and 96/95 in the Ghadames Basin" had resumed
US aims to deploy troops on tankers to deter seizures by Iran
The US military says Iran has either seized or attempted to take control of nearly 20 internationally flagged ships in...
- The US security forces would provide a further layer of protection for the tankers in addition to the warships and planes operating in the strategically vital area
- Pentagon spokesman Brigadier General Pat Ryder and National Security Council spokesman John Kirby both declined to confirm reports of the planned deployment
Economy
Saudi Arabia posts budget deficit of US$1.41 billion in Q2 2023
RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of...
- Saudi Arabia, the world’s top oil exporter, recorded a budget surplus of almost $30 billion in 2022.
- Total revenues in Q2 stood at US$84 billion, down 15 percent from the same period last year.