SEC, Emaar Economic City sign agreements
RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two...
Business
UK announces Europe’s first high-tech uranium fuel plant
HALEU fuel is needed to power many of the next generation of advanced nuclear reactors, including so-called small modular versions...
Geostrategy
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
Business
Gazprom suspends gas export to Latvia as tensions escalate
Russian energy giant Gazprom Saturday suspended gas supplies to Latvia following tensions between Moscow and the West over the conflict...
- Gazprom suspended its gas supplies to Latvia due to "violations of the conditions" of purchase, the company said on Telegram.
- Gazprom drastically cut gas deliveries to Europe via the Nord Stream pipeline on Wednesday to about 20 percent of its capacity.
Geostrategy
‘Kuwait an important partner in oil exploration sector’
Secretary-General of the Malaysian Foreign Ministry said Kuwait is an important partner in oil explorations sector, urging closer investment relations...
- Secretary-General, Malaysian Foreign Ministry says Kuwait is an important partner in oil explorations sector
- The official urges closer investment relations between the two countries.
Business
Eni reports Q2 net profit of US$3.9bn
Italian energy giant Eni said Friday that its profits sky-rocketed in the second quarter as energy prices soared in the...
- Eni said in a statement that bottom-line Q2 net profit increased 15-fold to $3.9 billion
- For the whole of 2022, Eni confirmed it was aiming for operating profit of 'at least' $1.22 billion
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
SEC, Emaar Economic City sign agreements
RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two...
Business
Company News
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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...
Economy
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...
Business
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...
Geostrategy
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Business
Oil majors still profitable even if 2022 super profits gone
From BP to ExxonMobil to TotalEnergies, none of the oil and gas majors have repeated the exceptional profits posted in...
- Before it, the US giant ExxonMobil saw its second-quarter profits tumble 56 percent to $7.9 billion, while rival Chevron saw a similar fall to $6 billion.
- Shell saw a 64 percent drop in net earnings to $3.1 billion, while TotalEnergies fared better with just a 28 percent slide to $4.1 billion.
Geostrategy
UK to issue hundreds of new oil and gas drilling licenses in North Sea
The announcement has angered environmental groups and comes amid an internal debate within the ruling Conservative party on green policies....
- "Investment in the North Sea will continue to unlock new projects, protect jobs, reduce emissions and boost UK energy independence," PM Rishi Sunak's office said.
- "The government is taking steps to slow the rapid decline in domestic production of oil and gas, which will secure our domestic energy supply," it said.
Geostrategy
UAE oil giant ADNOC pledges to ‘accelerate’ zero-carbon plan
ADNOC "is accelerating its decarbonization plan to advance its net-zero ambition to 2045, compared to its previous target of 2050,"...
- ADNOC said it has "reduced its greenhouse gas emissions" by about 5m tons in 2022, mostly through the use of solar and nuclear energy, to power all of its onshore operations.
- ADNOC CEO Sultan Al Jaber, who will head up COP28, has argued that fossil fuels will continue to play a key role, and that carbon capture technologies will contain emissions.