The painful PMI data comes as the European Central Bank is eyeing a further rate hike this week in its quest to tame inflation.

NEW DELHI, INDIA - Energy ministers from the group of 20 nations meeting in India on Saturday failed to agree on a roadmap to phase down the use of fossil fuels in the global energy mix. A final statement after the meeting did not even mention coal, a major contributor...

The Saudi energy giant unveiled plans in March to acquire the stake in Rongsheng Petrochemical, valued at $3.4 billion. The deal calls for the supply of 480,000 barrels per day of Saudi crude to an integrated refining and chemicals complex owned by a Rongsheng affiliate.

PARIS, FRANCE - New carbon-cutting plans by this year's UN climate talks host the UAE were branded "insufficient" by an analysis on Thursday that hit out at the oil-rich nation for allegedly undermining its own targets with plans to increase fossil fuel production. The UAE, which will host the COP28 United...

China's President Xi Jinping has pledged stronger ties with Algeria, highlighting the importance of their comprehensive strategic partnership. Algeria, Africa's largest natural gas exporter, has been seeking to join the BRICS economic group, and China has shown support for this goal.

RIYADH, SAUDI ARABIA – Saudi Arabia and Japan issued a joint statement on Lighthouse Initiative for Clean Energy Cooperation. The statement is as follows: On July 16, in Jeddah, Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, and Kishida Fumio,...

DUBAI, UAE - The Dubai Supreme Council of Energy (DSCE) has received the ISO 50001:2018 in energy management systems and the net-zero statement of verification and assurance certificate. This followed a comprehensive assessment conducted by W3 Solutionz - USA through CanaGulf International Standardization. The new accomplishment adds to DSCE's achievements...

Jeddah, Saudi Arabia--Looking to consolidate trade and investment ties, the Gulf Cooperation Council (GCC) and Japan announced their resumption of the Free Trade Agreement (FTA) negotiations. In this regard the two sides signed a joint statement on the sidelines of the meeting held here today between Fumio Kishida, Prime Minister...

The deal between the two countries will include partnership on irregular migration, economic development and renewable energy. Tunisia has been criticized over its treatment of migrants after President Kais Saied accused "hordes" of migrants from sub-Saharan African countries of a "plot" to change the country's demographic makeup.

Tripoli, Libya - Oil production has resumed at two major Libyan oil fields, the oil ministry said Sunday, after a brief shutdown by demonstrators protesting the arrest of a former minister. "Operations have resumed in the Al-Sharara and Al-Fil oil fields... after they were suspended" Thursday, said the ministry, part of...

Morocco has sought to diversify its energy sources particularly since neighbouring Algeria stopped supplying natural gas via the GME in November 2021, after severing ties over the disputed Western Sahara territory. According to ONEE chief Abderrahim El Hafidi, the agreement with Shell will "address part of our needs and ensure...

We cannot shut down the energy system of today before we build the new energy system of tomorrow that is equipped with zero-carbon emission sources," said Sultan Al Jaber, head of the United Arab Emirates national oil company ADNOC. "We don't want to create an energy crisis."

IDB will fund renewable projects by joining ETAF platform.

The parliament's biggest political grouping, the conservative European People's Party (EPP), had sought to shoot down the text, arguing that it would reduce EU food security and limit possibilities to build wind and hydroelectric energy facilities.

Guangdong, China - A DEWA delegation led by Al Tayer, MD and CEO DEWA, discussed enhancing cooperation and exchanging experiences in energy storage, smart grids, digital transformation, cloud computing, and electric vehicle charging station with Huawei in China. Digital DEWA and Huawei signed an MoU which focuses on accelerating digital...

The Iraqi prime minister said the decision to pay for Iranian gas imports with oil corresponds with the mechanism agreed with the US in order not to violate the sanctions. Gas is crucial for Iraq's electricity generation, but US sanctions on Iranian oil and gas impose restrictions on how Baghdad...

Algiers, Algeria - Algeria's state oil company Sonatrach said on Sunday it had signed contracts to boost gas production under an existing agreement worth about $740 million with French giant TotalEnergies. The companies will increase output from two Sahara desert fields in southeastern Algeria, for export to France and elsewhere in...

There will be a process to select the best proposal.

The Egyptian pound has lost half its value against the dollar since early last year, shooting prices upward and adding to the burden of families struggling to make ends meet in the import-dependent country. The latest figures, a rise of almost 37 percent from June last year, also showed a...

BAGHDAD, IRAQ - A powerful alliance of pro-Iran factions in Iraq called on Sunday on Baghdad to pressure the United States to unlock pending payments to Tehran for crucial gas imports. Iraq, ravaged by decades of conflict and international sanctions, relies on gas imported from its eastern neighbor for a third...

DUBAI, UAE- Dubai Electricity and Water Authority (DEWA) aims to grow the city’s network of public charging stations by 170 percent in less than three years, local media reports said. This is in accordance with Dubai's plan to expand its electric vehicle (EV) charging infrastructure. By 2025, EV Green Charging...

France's energy transition minister Agnes Pannier-Runacher left the world's biggest oil exporter early Sunday morning after meeting with her Saudi counterpart. Emissions reduction targets can be more credible "when we give ourselves objectives in a short period -- 2030-2035 -- and therefore do not postpone the subject to 2050," Pannier-Runacher said in...

Riyadh, Saudi Arabia--Saudi Arabia and France have signed a memorandum of understanding (MoU) to cooperate in the field of energy, with a focus on renewable resources. In this connection, Saudi Energy Minister Prince Abdulaziz bin Salman and his French counterpart, Agnes Pannier-Runacher, signed the agreement. The two countries released a...

DUBAI, UAE- Dubai Electricity and Water Authority (DEWA) said the MENA Solar Conference (MENA-SC) which it organizes from November 15-18 2023, will discuss six innovative research areas. Prominent experts, specialists and researchers worldwide will highlight the latest developments, technologies and scientific research in solar power, local media reports said. The...

BAGHDAD, IRAQ -  Secretary General of the Gas Exporting Countries Forum (GECF) Mohammed Hamel on Friday stressed the importance of Iraq in the oil and gas sector. Iraqi Ministry of oil said in a statement, “Deputy Prime Minister for Energy Affairs and Oil Minister Hayyan Abdul Ghani, met GECF Secretary...

LONDON, UK - Shell's chief executive told the BBC on Thursday that cutting gas and oil output would be "irresponsible" because it could further lift energy bills and worsen the cost-of-living crisis. Wael Sawan was asked about recent comments from UN head Antonio Guterres, who had declared it was "moral and...

Al-Jaber, head of the UAE national oil company ADNOC, told ministers from countries of the OPEC oil producers' grouping the industry must "urgently decarbonize its operations and take collective action to eliminate operational emissions".

Vienna, Austria - Energy and oil ministers from the Organization of Petroleum Exporting Countries (OPEC) on Wednesday expressed support for the latest production cuts by Saudi Arabia, Russia, and Algeria. Saudi Arabia on Monday extended its voluntary production cut of 1 million barrels per day (bpd) into August, while Russia...

Vienna, Austria - Mohamed Aoun, Libyan Minister of Oil and Gas, has said that Libya is continuing its gas export operations to Europe through the Greenstream pipeline, local media reports said. He noted that an increase in gas exports is currently unfeasible, but could be considered in the future, after...

Oil producers are grappling with falling prices and high market volatility amid fears of global economic slowdown and the Russian invasion of Ukraine, which has upended economies worldwide.

Secretary-General of OPEC Haitham Al Ghais, speaking at the 8th OPEC International Seminar in Vienna, reiterated the organization's keenness to stabilize the market, reduce the environmental footprint and move towards a "sustainable and comprehensive energy transition".

Baghdad, Iraq-- Iraqi President Abdul Latif Rashid has emphasized the need for reinforcing partnership with Iran in the fields of trade and energy. The president made the remarks during a meeting with an Iranian delegation headed by deputy foreign minister Bagheri Kani in Baghdad. Rashid accentuated the imperative of reinforcing...

Crude 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.

The new ministry will bolster the UAE's business aims and investment policies, apart from promoting its infrastructure as a global platform to attract investments in various sectors. The ministry will propose the general investment policies of the country in coordination with the relevant authorities, in addition to preparing strategies, legislation,...

RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA) signed a Memorandum of Understanding (MoU) aimed at fostering mutual growth and development within the food and agriculture sectors of the UAE and India. The MoU was signed by Group...

In April, several OPEC+ members opted to slash production voluntarily by more than one million bpd -- a surprise move that briefly raised prices but failed to bring about lasting price recovery.

The shareholders elected a new board of directors as well.

VIENNA, AUSTRIA -  A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected to significantly strengthen energy security in northwest Tanzania. The project will include constructing a 166km overhead transmission line connecting the Kagera region to the national grid, replacing the current energy...

The central bank has hiked rates at the fastest pace ever over the past year in a bid to cool inflation after Russia's war in Ukraine sent energy and food prices surging.

Firm will deliver a complete end-to-end managed service.

BERLIN, GERMANY - On his many visits to semiconductor factories and electric car plants, Germany's Chancellor Olaf Scholz bangs the drum for an economy at the forefront of an industrial transformation. But the picture painted by business leaders and experts is less rosy, predicting hard times to come for Europe's largest...

Libya's internal turmoil may worsen with the head of the country's east-based administration threatening to block oil and gas exports from territory under its control. Oussama Hamad blamed the UN-recognized government in Tripoli for wasting energy revenues. He warned that the government is ready to take more steps, including an...

In spite of economic sanctions imposed by the Western governments against Iran, the country has seen its oil exports surge in May to 1.9 million barrels per day. According to its oil minister, the energy diplomacy and its strengthening relations with countries in Asia, Africa, and Latin America have helped...

FRANKFURT, GERMANY -  Shares in Siemens Energy plummeted on Friday after the company warned that technical problems at its wind turbine unit were worse than previously thought. The group scrapped its full-year profit target and said it was setting aside more than US$1.1 billion (1 billion euros) over the coming years...

VIENNA, AUSTRIA - The Federal Authority for Nuclear Regulation (FANR) is taking part in an international conference organized by the International Atomic Energy Agency (IAEA) here. In the five-day event, which will conclude on Friday, over 500 participants from 94 countries and seven international organizations are gathering to discuss effective...

Dubai, UAE-- The UAE and France have reiterated their commitment to widening cooperation in important fields and sectors. The resolve was renewed at the 15th session of the UAE-France Strategic Dialogue held in Paris. The two countries discussed the status of the strategic bilateral investment partnerships, which were signed in...

The peace deal has ignited debates on its potential to transform Middle East from a region hit by conflicts to a peaceful place. Dive into an in-depth analysis from TRENDS.

The bilateral peace agreement has sparked intensified debates about its potential to transform the Middle East from a conflict-ridden region to peaceful and prosperous place.

SEOUL, SOUTH KOREA - Hyundai Motor said on Tuesday it aims to sell two million electric vehicles a year by 2030, raising its target from the 1.87 million it set last year as the market for clean-energy vehicles continues to soar. It also announced plans to invest a total of 109.4 trillion...

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...