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
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.
Geostrategy
OPEC+ to discuss its output strategy after Biden’s Saudi visit
After cutting production in 2020 in response to falling prices during the Covid pandemic, OPEC+ began to modestly raise production...
- Craig Erlam, analyst at OANDA trading platform, said the OPEC+ meeting will show whether "President Biden has any influence in the cartel at all."
- Biden made a controversial trip to Saudi Arabia in July in part to convince the kingdom to loosen the production taps to stabilise the market and curb rampant inflation
Geostrategy
Iran hits out at US for sanctions against oil trade
The sanctions block any assets the entities own under US jurisdiction and ban US persons or entities from doing business...
- The US government blacklisted six companies Monday that it said helped Iran export petrochemicals to East Asia.
- Three Hong Kong-based trading companies and one United Arab Emirates firm were hit with US Treasury sanctions.
Geostrategy
Iran sees way out of nuclear talks deadlock after fresh EU proposal
Iran said Monday it remains "optimistic" about a possible revival of the 2015 nuclear deal after the European Union tabled...
- Josep Borrell submitted a new draft text and urged the different sides to accept it or "risk a dangerous nuclear crisis"
- Qatar hosted indirect talks between US and Iran in a bid to get the Vienna process back on track but the discussion broke up after two days without any breakthrough
Economy
UAE plays pivotal role in securing global energy supplies: OPEC Secretary-General
Al Ghais said an action plan will be developed in consultation with the OPEC member states and technical committees, in...
- Al Ghais said an action plan will be developed in consultation with the OPEC member states and technical committees, in line with OPEC's long-term strategy
- He said that December 2022 will mark six years since the conclusion of the OPEC+ agreement, of which the UAE is a pivotal part
Interview
Here’s why Saudi Arabia is buying more Russian oil
The Kingdom has for several years imported Russian oil, which helps to reduce its need to refine crude for products...
- The Kingdom’s crude imports from Russia allow it to free up its own oil for export to reap profits from the record-high prices in the global market, Pat Thaker of EIU tells TRENDS
- Saudi Arabia, the latest data suggest, imported 647,000 tonnes, or 48,000 barrels per day (bpd), of fuel oil from Russia via Russian and Estonian ports in April-June this year
Geostrategy
Focus on OPEC+ in Wednesday meet as crude prices surge
The 13 core members of OPEC find themselves at a crossroads. After the drastic output cuts they agreed to in...
- According to the London-based research institute Energy Aspects, OPEC+ could adjust its current agreement in order to keep raising crude production volumes.
- Any decision on Wednesday will have to be unanimous, which may lead to a longer meeting than normal.
Economy
Saudi Arabia GDP climbs nearly 12% in Q2 on oil price hike
Saudi Arabia's year-on-year economic growth in the second quarter was 11.8 percent compared to the same period last year, according...
- Saudi Arabia's year-on-year economic growth in the second quarter was 11.8 percent compared to the same period last year
- The Middle East's largest economy has benefited from a spike in oil prices triggered by Russia's invasion of Ukraine
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 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
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.