Friday's strike came as a US decision in January to redesignate the Houthis as "terrorists" formally came into force. The designation would not prohibit "the shipping of commercial goods into ports and airports in Houthi-controlled areas," the State Department spokesperson said.

Riyadh, Saudi Arabia - Saudi Aramco's President and CEO, Amin Nasser, anticipates a surge in global oil demand, projecting an increase of 1.5 million barrels per day (bpd) to reach 104 million bpd in 2024. “This is after rising by roughly 2.6 million bpd in 2023," Nasser said. "Higher demand,...

The US tightening sanctions on Iranian oil could have a negative impact on individual and institutional investment portfolios by disrupting the energy sector, contributing to inflationary pressures, and intensifying geopolitical risks. You need to be aware of the risks – but also the opportunities, he adds.

TEHRAN, IRAN - Foreign companies and governments committed some US$6.7 billion worth of investments during an exhibition that was held in early May here, Iran’s deputy foreign minister for economic diplomacy affairs said.   Mehdi Safari said on Thursday that Iran seeks to break new records in foreign investment attraction and...

The oil company's profits fell sharply to US$30.08 billion.

Crude oil is the main revenue source for Libya, which has been torn by more than a decade of stop-start conflict, involving foreign powers and a myriad of militias, since a NATO-backed revolt toppled strongman Moamer Kadhafi in 2011. Over the past decade, Libya has been regularly plagued by clashes...

Geopolitical tensions, such as the Russian-Ukrainian war and the trade war between the United States and China, have sent shockwaves through the oil market, says an expert.

The decision to prolong oil output cuts may herald a significant reversal for the Kingdom's fast-growing economy as oil remain a key source for its revenue, say experts.

Manama, Bahrain - Bahrain has reported a 4.09 percent increase in its real GDP in the fourth quarter of 2022 YoY, driven by a growth of 4.91 percent in the non-oil sector, as a result of its economic diversification initiatives. The high-achieving sectors include the financial corporations sector which grew...

"As the gold correction unfolded last week, platinum remained supported due to supply concerns from South Africa facing frequent power disruptions and Russia. Additionally, the World Platinum Investment Council has highlighted that the white metal is under-owned by investors and speculators," he adds.

Grains sector was on track for its first monthly gain this year, bolstered by a resurgence in corn prices due to increased export demand and forced short covering following a four-week period of record selling activity. Technical and fundamental outlook improvements signaled the shift, he adds.

Crude oil has been challenged by the continued loss of risk appetite. The banking crisis has particularly impacted the energy sector, with WTI and Brent crude oil down by over 10 percent and natural gas down nearly 20 percent. The market's focus on financial stability may offset underlying strength in...

The Chinese government’s desire to avoid making the same mistakes other governments and central banks have made has driven inflation to a four-decade high. Development consumers are now suffering the consequences as central banks increasingly apply their interest rate weapon to bring inflation under control, he adds.

Oil remains the most significant energy source in Japan, accounting for about 40 percent of the country’s total energy supply, according to the International Energy Agency.

Japan imported a total of 77.53 million barrels in the month, according to the Japanese Ministry of Economy, Trade and Industry.

Propelled by First Abu Dhabi Bank, the Abu Dhabi index shot up 1.5 percent, reversing losses of three consecutive days even as Saudi index shed it gains on concerns about decline in crude oil prices.

The jump comes after both main contracts suffered hefty losses in recent months on demand fears caused by an expected recession in major economies.

Japan imported 81.05 million barrels of crude during July, of which 79.17 million barrels, or 97.17 percent, came from Arab countries.

The increased production is consistent with announcements made by Kuwait Petroleum Corporation.

Recession worries pushed the price of Brent oil briefly back under $100 on Wednesday, and the euro moved closer to parity with the dollar. European stocks rebounded thanks to lower bond yields and bargain hunting, while US stocks also advanced, climbing after Federal Reserve minutes maintained a tough line on...

IMF has said food prices accounted for about 60 percent of last year’s increase in headline inflation in the MENA region, excluding the GCC countries.

Iraq received in excess of $11 billion as revenue for crude oil export in June, the Ministry of Oil said. Oil ministry was quoted as saying by the local media that "the total amount of crude oil exports for the month of June, according to the preliminary statistics issued by...

This is the first collaboration between Drydocks World and KANFA AS.

Crude oil exports of Saudi Arabia grew 147,000 barrels per day in April to 7.38 million, a level not seen since March 2020 when the Kingdom’s exports were 7.39 million bpd.

Each carrier has a carrying capacity of 320,000 deadweight tonnage.

The Agency for Natural Resources and Energy in Tokyo.reported that the amount of crude oil that Japan imported during that month amounted to 87.59 million barrels.

Kuwait's export of crude oil to Japan has climbed 7.6 percent to 6.61 million barrels, or 220,000 barrels per day (bpd), up for the second straight month, government data showed Tuesday. 

This puts the UAE on the top of crude oil providers and at crucial importance for the Japanese energy needs.

In an effort to ease Americans' pain at the gas pump, President Joe Biden has announced his administration will ease restrictions on the sale of E15 -- gasoline that includes 15 percent ethanol -- and new investments in biofuels as a whole. But the decision hasn't pleased scientists who study...

The Dubai Financial Market (DFM) and Dubai Mercantile Exchange (DME) will jointly explore financial products opportunities following the signing of an agreement, which will cater to DFM’s large and diversified investor base of over 852,000 investors. As the first initiative under this agreement, the two exchanges are planning to create...

Several other activities recorded an increase, namely transport and warehousing by 19.4 percent, wholesale and retail trade by 15.5 percent, real estate, professional, technical and administrative by 9.5 percent.

Top crude exporter Saudi Arabia warned Monday that Yemeni rebel attacks on the kingdom's oil facilities pose a "direct threat" to global supplies. It urged the international community to "stand firm" against the Houthi insurgents.

The crude oil exports of Saudi Arabia rose by 59,000 barrels per day to 6.996 million bpd in January, according to the Joint Organizations Data Initiative (JODI).

The White House said Monday that a US delegation held weekend talks in Venezuela with the government of President Nicolas Maduro that included a discussion of energy supplies as Washington looks for ways to reduce its imports of Russian oil. Venezuela's opposition also said it had met with the high-level...

The rate of Iraq's exports during February amounted to 3.314 million barrels per day.

Saudi stocks posted gains in the early hours of trading on Sunday due to a dip in the prices of crude oil. Stocks world over posted losses last week as Russia invaded Ukraine, taking over many areas of the western neighbor.

The additional revenues of $143 million were achieved from selling quantities of shipments of exported crude oil at a price premium.

European and UK gas prices rocketed Tuesday to all-time highs on strong winter demand and simmering geopolitical tensions between key supplier Russia and consumer nations. Europe's reference Dutch TTF gas price jumped nearly 20 percent from Monday to hit 175.00 euros per megawatt hour in early afternoon trading. Meanwhile, UK...

Iraq's crude oil export revenues reached $7 billion in October, according to the Iraqi Oil Marketing Company (Somo). Local media reports, which cited the Iraqi oil ministry's statement, said more than 96 million barrels of crude oil were exported in October. Of this, the quantity of crude oil exported from...

Kuwait is one of five countries that negotiated a higher baseline for its quota in a July 18 OPEC+ meeting.

Aramco has bagged a one-year contract from Guyana to market the crude oil produced in the South American country.

The US imposed its harshest sanctions on Iran three years ago as Washington, under President Donald Trump, unilaterally abandoned an international nuclear deal that Tehran had with it and five other global powers.

Iran produced 2.485 million barrels per day or bpd of crude oil in July, according to OPEC’s latest monthly report.

Russia is expected to favor increasing output Most investors are currently expecting a modest rise of some 500,000 bpd over the month of August   The OPEC+ group of oil-producing countries will meet on Thursday and are expected to agree to boost production in August to meet demand and dampen...

Libyan crude oil has a low sulfur content and is suitable for the production of fuel oils for Hawaiian electrics Oil reserves in Libya are the largest in Africa and among the ten largest globally About 20 percent of Hawaii’s crude oil requirement in 2020 was met by Libya, Par...

Goldman Sachs believes rollouts of more vaccination against Covid around the world could boost economic activity and demand for oil

The project is considered to be one of the largest in the world Some 114 sq km of land will be cleaned up of oil Kuwait has set itself the task to clean up its soil contaminated with crude oil from the destruction of nearly 700 oil wells in the...