Washington, United States - Consumer inflation in the United States picked up in August for a second straight month, according to government data released Wednesday, putting the heat on policymakers as they work to lower prices. The consumer price index (CPI), a key inflation gauge, jumped 3.7 percent from a year...

Tehran, Iran - The CEO of Iran’s largest car manufacturing company, IKCO (Iran Khodro Industrial Group), said that his company will import the first batch of electric vehicles (EVs) bought from China’s Dongfeng Motor Corporation. IKCO’s CEO Alimardan Azimi said on Monday that EV imports by the company will amount...

Saudi Aramco and France's TotalEnergies signed contracts to start building an $11-billion petrochemicals facility in the Gulf kingdom, the two companies said. A signing ceremony for the engineering, procurement and construction contracts for the Amiral complex took place at Aramco's headquarters in Dhahran, in Saudi Arabia's Eastern Province.

Dubai, UAE-- Iraq has imported oil derivatives - gasoline, kerosene and gas oil - worth more than $5 billion in 2022, the state-run Iraqi Oil Marketing Company (SOMO) said Tuesday. The company's data showed that Iraq's imports of kerosene (white oil) amounted to 167,433 metric tons valued at $159.27, according...

Commodities, meanwhile, trade mostly higher as the market's focus remain altered between optimism over China reopening after exiting its strict Covid-zero policies as well as raised worries about tightening supply driven by increased activity from Chinese buyers. and an extended rate hike cycle in the US, he adds.

The price of 90-octane gasoline and 95-octane gasoline will decrease by 60 fils in October.

Taliban officials have maintained that they are looking to strike trade deals with the international community, and have so far received oil and gas from neighboring Iran. The government has not yet been recognized by any country, but Russia has maintained bilateral ties with Taliban since before they seized power...

In addition, demand in China continues to linger after the IEA said the world's largest importer of oil was heading for its biggest annual drop in demand in more than three decades. Meanwhile, the US walked back on its SPR refill stance by saying that it didn’t include a strike...

Thanks to falling gasoline prices, US inflation has slowed down in August, but not enough to satisfy policymakers, especially President Joe Biden, as high prices continue to inflict pain on American families and businesses. The annual inflation pace also is likely to have improved to 8.0 percent from the blistering...

US inflation surged to a fresh peak of 9.1 percent in June, further squeezing American families and heaping pressure on President Joe Biden, whose approval ratings have taken a battering from the relentless rise in prices. The 9.1 percent CPI spike over the past 12 months to June was the...

Jordan's oil bill went up by 49.1 percent in Q1 2022, compared to the same period in 2021, the Department of Statistics (DoS) said Monday. The report said the value of the oil bill in Q1 2022 increased to JD761 million compared to JD510 million in the same period of...

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...

Prices of crude oil have skyrocketed across the world, thanks to the Russian invasion of Ukraine and the subsequent sanctions placed on Moscow.

The pullback came as US Federal Reserve meeting minutes showed several officials at the central bank favoring a hike in interest rates by half a percentage point.

Saudi inflation shot up to 1.6 percent in February, fueled by higher gasoline and food prices, the General Authority for Statistics, also known as GASTAT, said in a press statement.

Over the week, crude prices gained about 5 percent and on Friday Brent exceeded $83 per barrel.

The OPEC+ alliance led by Saudi Arabia and Russia has so far resisted US-led pressure to significantly boost output to rein in surging energy prices.

Consumption of natural gas rebounded fast — driven by industrial production — boosting demand at a time when supplies were relatively low. Energy supply, however, apparently reacted slowly to price signals due to factors like labor shortages, maintenance backlogs, longer lead times for new projects, and lackluster interest from investors...

Merely producing great quantities of oil or having a shortage does not dictate whether a country will have the cheapest or costliest gasoline.

If the Lebanese were expecting a measure of relief from the new Mikati government, they were badly disappointed. The government hiked the price of gasoline, cutting a subsidy that Prime Minister has said the country cannot afford.

The fatalities have taken place in two different incidents in the country where fuel is scarce due to an ongoing economic crisis. Lebanon is in the throes of an economic crisis that has led the country’s currency to be devalued by more than 90% since end-2019.

 Gasoline price rise likely to ease the shortage of fuel Lebanon is experiencing one of the worst economic crises in history Faced with an acute shortage of gasoline, Lebanon’s caretaker Prime Minister Hassan Diab approved a proposal to finance fuel imports at a rate of 3,900 Lebanese pounds to the...