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...
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
Economy
Oil prices down by 10% as US stockpiles increase
A rise in US stockpiles was partly responsible for a 10 percent drop in the commodity last week.
- A rise in US stockpiles was partly responsible for a 10 percent drop in the commodity last week
- Oil prices got support after OPEC+ decision of increase in production starting next September, by 100,000 barrel per day
Geostrategy
Syria more than doubles petrol prices, says commerce ministry
Syria's internal commerce ministry has announced a petrol price hike of around 130 percent in the war-torn country facing fuel...
- The cost of a liter of subsidized fuel will rise to US$0.99 (2,500 Syrian pounds), from US$0.43 (1,100 Syrian pounds)
- The cost of non-subsidized petrol will rise from US$1.39 (3,500 Syrian pounds) to US$1.59 (4,000 Syrian pounds), the ministry said.
Geostrategy
Gaza’s only power plant closes due to fuel shortage
Gaza's sole power plant shut down on Saturday after running out of fuel, an electricity company spokesman said, five days...
- The power station has gone without fuel deliveries through Israel since the country shut its goods and people crossings with Gaza on Tuesday.
- In a statement, Gaza's electricity company said the shutdown will affect all public utilities, crucial installations and exacerbate the humanitarian situation
Geostrategy
Turkey to pay for some Russian gas in rubles, says Erdogan
President Recep Tayyip Erdogan has confirmed that Turkey will start paying for some of its Russian natural gas imports in...
- Neither Erdogan nor Russian officials have said what portion of the gas will be covered by ruble payments
- Russia accounted for about a quarter of Turkey's oil imports and 45 percent of its natural gas last year
Science
Sustainable research centers in UAE being built on SDME designs
Several regions across the UAE are witnessing the implementation of the designs of some of the teams that participated in...
- In the UAE many sustainable research centers based on the designs of the teams participating in the first and second Solar Decathlon Middle East are being constructed
- SDMEs were organized by Dubai Electricity and Water Authority as part of its, Dubai Supreme Council of Energy and the US Department of Energy partnership
Economy
Saudi Arabia records $20 bn surplus after oil price surge
Despite being among the world's top crude exporters and the largest Arab economy, Saudi Arabia has failed to balance its...
- The surplus is largely due to oil revenues rising to more than 250 billion riyals, compared to around 132 billion during the same period in 2021, a jump of 89 percent
- In December, Saudi Arabia approved its 2022 budget projecting a surplus for the first time since oil prices slumped in 2014
Economy
Oil prices tumble on demand worries as global stocks mostly rise
The drop in oil prices came despite a move by the OPEC+ oil cartel, led by Saudi Arabia and Russia,...
- Oil prices finished about four percent lower following US energy data that showed unexpectedly weak gasoline demand
- Gasoline demand last week was 8.5 million barrels per day, down almost 13 percent from the year-ago period, which is part of the peak summer driving season
Economy
OPEC+ agrees small oil output rise despite Biden plea
The cartel led by Saudi Arabia and Russia decided to raise production by 100,000 barrels per day for September, much...
- Biden made a controversial trip to Saudi Arabia in July in part to convince the kingdom to loosen the production taps to curb rampant inflation
- Saudi Arabia faced a balancing act between its old ally, Washington, and its OPEC+ partner Moscow, which has been hit by Western sanctions over the Ukraine invasion
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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
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
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.
Geostrategy
Most Read
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.
Business
Saudi Arabia extends voluntary 1mbpd oil cut to September
Riyadh, Saudi Arabia -- Saudi Arabia will extend the voluntary 1 million barrels per day cut, announced in July, to...
- Saudi Press Agency, quoting an official source from the Kingdom's Ministry of Energy, said the country's production for September 2023 will be approximately 9mpbd.
- This cut is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which extends until the end of December 2024.