Oil prices slipped after Saudi-led OPEC and its Russian-led allies said Sunday they would maintain output levels but begin to restore production from October, even as questions about China's economic recovery and a spike in US stockpiles cause investors to fret over demand. Brent, the international benchmark, fell more than...

Rafah, Palestinian Territories--Power cuts have become a fact of life in war-torn Gaza. But thanks to embedded SIM cards, Palestinians can still access the internet and maintain a channel of communication with loved ones abroad."Without them, we'd be cut off from the world," said Hani al-Shaer, a local journalist who depends...

Russian President Vladimir Putin, according to his aide Yuriy Ushakov, will first arrive in the UAE this week and then visit Saudi Arabia to meet with the kingdom's Crown Prince Mohammed bin Salman. Putin's diplomatic journey to the Gulf region comes at a time of deepening ties with key Gulf...

Texas, US--Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply front, with the OPEC+ producers group expected to discuss output cuts and U.S. crude stocks forecast to show a big build-up.Brent crude futures fell 3 cents, or 0.04%, to $82.45...

WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall sharply this year, the World Bank said.The region’s gross domestic product (GDP) is expected to fall to 1.9 percent in 2023 from 6 percent in 2022, due to oil production...

WASHINGTON, US - The United States is heading toward a government shutdown this weekend with no foreseeable way out of a deadlock in Congress over hardline Republican calls for deep spending cuts.The new US fiscal year begins on October 1, but sharp disagreements in the Republican Party over the scale of...

Sweltering without air conditioning during the day and plunged into darkness at night, many Egyptians have responded with anger and ridicule to government measures for reducing energy consumption. Hours-long power cuts across Egypt, several times a day, prompted the directives as record temperatures hit the Mediterranean region this month.

MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023 to 1.3 percent, the International Monetary Fund (IMF) said on Monday.The projections reflect the oil production cuts by OPEC+, moderate growth in the non-hydrocarbon sector and a slowdown in global...

GENEVA, SWITZERLAND - The Red Cross announced Tuesday that it would cut 1,500 jobs over the next 12 months in a drive to slash costs due to a funding crunch.The International Committee of the Red Cross (ICRC) said an expected drop in humanitarian assistance budgets over the next two years was...

The Kremlin said oil output cuts by Russia, Saudi Arabia and other major producers that have caused prices to soar are "in the interests" of global markets. The surprise move on Sunday came as oil prices have cooled in recent months after soaring last year following the start of the...

The third quarters profits were boosted by higher oil prices.

A few days after US President Joe Biden said that there would be consequences for Saudi Arabia on its decision to cut oil production target, the kingdom today said that the OPEC+ decision was unanimous and took into account the balance of supply and demand. The kingdom rebuffed statements criticizing...

The failure to flesh out her economic plan failed to calm the jittery markets, however, and the pound slid 2.01 percent against the dollar, falling to as low as $1.1241 after her address.

The OPEC+ oil cartel will meet in Vienna next week for the first time since Covid curbs were introduced in 2020, the organization said.

Owing to its energy saving measures in recent weeks coupled with huge purchases of gas from suppliers other than Russia, Germany has replenished its gas stocks more quickly than expected. This, after Russia drastically reduced gas supply in the wake of the outbreak of war in Ukraine.

The agreement signed by Energy Minister Walid Fayad with his Jordanian and Syrian counterparts is expected to give Lebanon two extra hours of mains electricity a day, doubling the supply currently provided by the cash-strapped government.

Crisis-hit Lebanon will sign a deal with Jordan next week to bring in electricity via Syria to help ease grueling power cuts, the energy minister has told AFP.