Q2 net profit fell by 18% to $637 million.

Baghdad, Iraq -- The Iraqi government announced Thursday an agreement to resume crude exports from the autonomous Kurdistan region after a more than two-year halt and amid drone attacks on oil fields. Lucrative oil exports have been a major point of tension between Baghdad and Arbil, with a key pipeline...

In its latest annual report on the outlook for oil demand, OPEC sees global oil demand rising by 18.6 percent from 103.7 million barrels per day in 2024 to around 123 mbd in 2050.

The main international and US oil contracts briefly bounced off their lows as Israel and Iran accused each other of breaking the ceasefire, but  then fell around five percent after Trump berated the two countries in an expletive-laced outburst.

US stocks edged higher while European markets retreated and Asian equities were mixed, with markets keeping a close eye on whether Iran will block the crucial Strait of Hormuz, which carries one-fifth of global oil output. When trading opened on Monday, international benchmark crude contract Brent and US equivalent WTI...

Of particular concern is the possibility of Iran shutting off the Strait of Hormuz, through which around an estimated fifth of global oil supply traverses, according to the Commerzbank note.

IEA cited sluggish economic growth, global trade tensions, the rise of electric cars and the shift away from crude to produce power. Annual demand growth will slow from around 700,000 barrels per day (bpd) in 2025 and 2026 "to just a trickle over the next several years, with a small...

Oil prices rallied Tuesday after Donald Trump urged Tehran residents to evacuate, stoking fresh fears of all-out war as Israel and Iran continued to pound each other with missiles.

Israel's surprise strike against Iranian military and nuclear sites on Friday -- killing top commanders and scientists -- sent crude prices soaring as much as 13 percent at one point on fears about supplies from the region.

Israeli Prime Minister Benjamin Netanyahu says there’s a fresh opening to free hostages held in Gaza, backing a US-mediated proposal for a 60-day ceasefire as Israel continues its unprecedented military exchange with Iran.

Trump warns Tehran that the "next planned attacks" will be "even more brutal" and said Iran should cut a deal to roll back its nuclear program "before there is nothing left".

London, United Kingdom -- US President Donald Trump's tariffs, his call to "drill baby drill" and especially a decision by OPEC+ to hike crude output quotas have oil prices trading at lows not seen since the Covid pandemic. That is good news for consumers but not so much for producers,...

Under the new law, companies are required to report and reduce their emissions of the greenhouse gases that are responsible for global warming. Ghiwa Nakat, executive director of Greenpeace MENA, called it a "progressive move".

The 22-nation group began a series of cuts in 2022 to prop up crude prices, but Saudi Arabia, Russia and six other members surprised markets recently by sharply raising output for May and June.

The Organization of the Petroleum Exporting Countries and their allies - collectively known as OPEC+ - have justified their change in strategy by citing "current healthy market fundamentals, as reflected in the low oil inventories".

Both main crude contracts jumped around one percent after CNN reported multiple US officials as saying the government had received intelligence indicating Israel was preparing to target Iranian atomic facilities.

Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, while Asian stocks treaded water in thin trade with major markets closed.

The United States said Wednesday it was imposing sanctions on seven companies involved in selling Iranian oil, tightening pressure despite new nuclear talks between the adversaries.

Paris, France -- Global oil demand will be lower than previously forecast this year as rising trade tensions weigh on the economic outlook, the International Energy Agency said Tuesday. While US imports of oil, gas and refined products have been exempted from President Donald Trump's tariffs, his other levies have...

 The Saudi-led oil cartel said in a monthly report that it now expects demand to grow by 1.3 million barrels per day (bpd) in 2025, down from a previous forecast of 1.4 million bpd. The "minor adjustment" was mainly due to first-quarter data and "the expected impact on oil demand...

Trump's sweeping tariffs are reshaping trade dynamics across MENA, impacting oil-exporting Gulf nations like Saudi Arabia, UAE and Qatar, according to Atlantic Council experts.

Trading floors across the globe were overcome by waves of further selling after last week's sharp losses, with Trump telling Americans to "be strong, courageous, and patient," minutes before the New York stock market opened to drops of over three percent.

Despite the market turmoil, Trump insisted: "my policies will never change". Wall Street stocks fell more than two percent at the start of trading, with the blue-chip Dow falling below 40,000 points for the first time since August, a day after the S&P 500 experienced its largest drop since the...

Doha, Qatar -- Qatar's general Producer Price Index (PPI) for the industrial sector for February recorded 114.01 points, showing stability compared to January, but reflecting a decrease of 0.33 percent compared to the same month in 2024. The PPI for the industrial sector is composed of four main sectors: mining...

Dubai, UAE -- The UAE’s real GDP increased by 3.8 percent during the first nine months of 2024 compared to the same period in 2023, reaching AED 1.322 trillion. This growth was driven by a strong expansion in non-oil sectors, which grew by 4.5 percent to AED 987 billion, reflecting...

The Trump administration’s trade tariffs and withdrawal from the Paris Agreement pose major risks to global economic growth and energy markets. Meanwhile, record energy investment surpassing $1.5 trillion signals cautious optimism, yet low-carbon spending remains stagnant. OPEC+ faces challenges in maintaining oil prices amid resilient non-OPEC supply, adding further uncertainty...

London, United Kingdom -- Major stock markets mostly rallied and oil prices retreated Thursday on hopes for an end to the war in Ukraine and despite fresh tariff threats.London was a rare faller owing to sharp losses to share prices of big companies, including Unilever, Barclays and British American Tobacco, on...

In a bid to boost prices, the Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and Russian-led allies have cut supply by almost six million barrels per day (bpd) since 2022. The OPEC+ alliance has repeatedly postponed putting some of the withheld barrels back on the market.

Saudi Arabia secured a $2.5 billion revolving credit facility from Abu Dhabi Islamic Bank, Credit Agricole SA, and Dubai Islamic Bank, with total 2024 bond funding reaching $50 billion, according to a Bloomberg report.

Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia PMI, dropped to 58.4 points in December 2024.The latest reading indicated a significant improvement in operating conditions in the non-oil private sector, while the index has remained above the neutral...

Singapore - Oil prices extended gains on Friday after closing at their highest in more than two months in the prior session, amid hopes that governments around the world may increase policy support to revive economic growth that would lift fuel demand.Brent crude futures rose 16 cents, or 0.2 percent,...

Non-oil sectors' contribution to GDP reaches 75%. Economy minister Abdulla bin Touq Al Marri says the growth reflects the dynamic nature of the country's economy.

Tripoli, Libya -- A key oil refinery in western Libya suspended operations after armed clashes erupted early on Sunday, causing fires in several storage units, the state petrol company said.Libya's National Oil Corporation (NOC) "declares a force majeure... because several Zawiya refinery storage tanks sustained significant damage from gunfire... that led to serious...

Major stock markets diverged as investors reacted to political crises in South Korea and France, and tracked the perspectives for interest rate cuts. Gold, seen as a haven investment, gained around one percent.

Rome, Italy -- The benchmark for world food commodity prices rose in November to its highest level since April 2023, increasing by 0.5 percent from October, driven by surging international vegetable oil quotations, the Food and Agriculture Organisation of the United Nations said Friday.The FAO Food Price Index, which tracks...

Donald Trump, who has vowed to make the US the 'bitcoin and cryptocurrency capital of the world' wrote 'Congratulations Bitcoiners...You're welcome'

Without a new agreement, the eight countries which have been making voluntary additional production cuts of 2.2 million barrels per day are currently set to begin increasing production beginning in January to gradually return it to 2022 levels.

While developing countries paid a record US$1.4 trillion to service debts, the non-oil sectors in the GCC countries are fueling growth and diversification,

The 22-member OPEC+ group led by Saudi Arabia and Russia was due to decide on its 2025 output policy at a ministerial meeting originally scheduled for Sunday.

Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports surged by 22.8 percent in September, according to a report by the kingdom's General Authority for Statistics (GASTAT).The September 2024 International Trade Report said national non-oil exports, excluding re-exports, rose by 11.6 percent and the value of re-exported goods increased by 65.4...

As the UN climate talks limp into a second week in Azerbaijan, the world is no closer to a finance deal for poorer countries that will determine the success or failure of COP29. UN climate boss Simon Stiell said that "bluffing, brinkmanship and premeditated playbooks burn up precious time and...

Paris, France -- Global food prices rose in October to their highest level in 18 months, with a sharp increase in the cost of vegetable oil, the Food and Agriculture Organization said on Friday.The FAO Food Price Index, which tracks monthly changes in international prices of a basket of food commodities,...

Riyadh, Saudi Arabia -- Energy giant Saudi Aramco reported a 15 percent year-on-year drop in third-quarter profit on Tuesday, citing prices which have stayed low despite production cuts and war in the Middle East.The fall in net income to $27.56 billion from $32.58 billion in 2023 is the seventh consecutive quarterly...

Tokyo, Japan - Oil prices tumbled in early Asian trading Monday with dealers relieved that Israeli strikes carried out Saturday against military targets in Iran had spared the country's oil installations.The price of North Sea Brent for delivery in December fell by 4.05 percent to $72.97, while West Texas Intermediate plunged...

The KDP is the largest party in the outgoing parliament, with 45 seats against 21 for the PUK. The KDP's majority was assured by an alliance with deputies elected via a quota reserved for Turkmen, Armenian and Christian minorities. Iraqi court rulings have reduced the number of seats in the Kurdish...

According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to average 104.1 mb/d in 2024, bolstered by strong air travel demand and road mobility, including trucking, as well as healthy industrial, construction and agricultural activities, primarily in non-OECD countries, added...

Oil prices could shoot up US$20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, according to Goldman Sachs, CNBC reported.U.S. crude futures rose around 5% on Thursday and ticked higher again Friday morning on concerns that Israel could strike Iran’s oil industry in retaliation for Tehran’s...

The Benghazi-based administration, which controls most of Libya's oilfields, said in a Facebook post it was "lifting the force majeure on all oil fields and resuming production and exports". In a statement, the National Oil Corporation confirmed ending the blockade which had cut crude production almost by half, to around...

Abu Dhabi, UAE -- Abu Dhabi's GDP increased by 4.1 percent during the second quarter of 2024, compared to the same period in 2023, according to the preliminary estimates revealed by the Statistics Centre – Abu Dhabi (SCAD).SCAD data said Abu Dhabi's GDP continued to record growth in total value,...

Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025. Estimates put total government revenues for 2025 at approximately US$320 billion, which would create a deficit of US$27bn.