World adds 50% more renewable energy capacity in 2023
The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023,...
Economy
Energy companies to test CO2 capture in Brazil undersea oil field
PARIS, FRANCE - A consortium of Brazilian, British, French and Chinese energy firms will test new technology aimed at capturing CO2...
Business
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
Economy
France warns companies might have to cut energy use this winter
The French government warned Wednesday that companies might have to reduce energy use this winter even with the country's natural...
- Moscow has slashed its exports to Europe in response to punishing Western sanctions over the invasion of Ukraine by Russian forces.
- France is less reliant on Russian supplies than other EU countries, but its industrial sector still relies on gas and millions of people use it.
Business
OPEC+ meeting in focus as it decides on oil production strategy
After cutting production in 2020 in response to falling prices during the Covid pandemic, OPEC+ began to modestly raise it...
- The cartel led by Saudi Arabia and Russia has so far resisted US pressure to ramp up production significantly.
- Biden visited Saudi Arabia in July to convince the Kingdom about producing more oil and stabilizing market.
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World adds 50% more renewable energy capacity in 2023
The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023,...
Economy
Company News
Latest News
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
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...
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...
Most Read
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.
Geostrategy
Saudi Arabia, Kuwait reject Iran claims to disputed gas field
Both Saudi Arabia and Kuwait renewed "their previous and repeated calls to the Islamic Republic of Iran to negotiate" the...
- The offshore field has long been focal point of contention between Saudi Arabia, Kuwait and Iran
- Kuwaiti and Saudi authorities said that "they alone have full sovereign rights to exploit the wealth in that area"
Business
European LNG imports fall to lowest level since start of Ukraine war
Brussels, Belgium - Europe's liquefied natural gas (LNG) imports fell to the lowest level since the start of the Russian...
- LNG deliveries fell 7% in July from a year earlier to 8.6 million tons, the least since November 2021, according to ship-tracking data .
- This drop coincides with a slide in the regions benchmark gas prices, which have slumped more than 80% in the period.