Spelling the end of independent oil exports by the regional government, Iraq's autonomous Kurdistan region will resume oil exports through Turkey on Monday, but in the future they will be supervised by the federal government in Baghdad. The outcome was achieved in talks between federal and regional officials.

The minister said the refinery, built by South Korean firm Hyundai, can produce nine million liters of fuel a day -- over half of Iraq's daily imports of 15 million liters. The refinery has the capacity to produce 200 megawatts of electricity and "60 megawatts will be allocated to the...

UAE minister said that the emirates will continue its efforts to build partnerships with strategic global markets under the country’s comprehensive economic partnerships program.

Moscow, Russia--Russian oil sales to India surged more than twentyfold last year as European buyers turned to other markets following the conflict in Ukraine, Russia's deputy prime minister said Tuesday.Russia shifted its oil exports to India and China last year as European Union nations sought to end their reliance on Russian...

The agreement with Rongsheng Petrochemical comes as Saudi Arabia -- the world's biggest crude exporter -- increases political ties with top importer China including a recent Beijing-brokered reconciliation with Iran. Aramco said in a statement the deal stipulates the supply of 480,000 barrels per day of Arabian crude "under a...

It suffers from constant stand-offs between elected lawmakers and cabinets installed by the ruling Al-Sabah family, despite a parliamentary system in place since 1962.

The Iraqi oil ministry said that Turkey stopped oil exports from Iraq's autonomous Kurdistan region on Saturday in the wake of arbitration at the International Chamber of Commerce. It said that Baghdad's claims had been accepted in a dispute with Ankara over who had responsiblity for exporting the autonomous region's...

Firm said non-monetary factors played a role in earnings.

Abu Dhabi, which normalized relations with Assad's government in 2018, has led aid efforts in the aftermath of the February 6 earthquake that struck southeastern Turkey and northern Syria, killing tens of thousands. A diplomatic momentum generated by aid efforts in the quake's aftermath could bolster Damascus's relations with Middle...

The company posted a 23% increase in revenue.

Dubai, UAE-- Consumer spending in the UAE has shot up 19 percent in 2022 as against the previous year, according to Majid Al Futtaim's "state of the UAE retail economy" Q4 report.There was a notable 13 percent growth in spending across the retail economy for the full year including, leisure...

Global markets have been rattled by the collapse of tech sector lenders Silicon Valley Bank and Signature, which forced US authorities to intervene at the weekend to prevent contagion. After a rebound on Tuesday, equities fell again on Wednesday, with European indices tumbling by more than three percent.

Riyadh, Saudi Arabia -- As uncertainty in the global economy is limiting clarity about the outlook for oil markets, the OPEC+ should stick to the production pact agreed last October, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman has said.SPA reported that Prince Salman said that sticking to the October...

Iran has been under renewed US sanctions since then president Donald Trump abandoned a landmark nuclear agreement between Tehran and major powers in 2018. Saudi Arabia, a longtime US ally, has said it supports the sanctions, which target key areas, including oil.

Vienna, Austria  – The Organisation of the Petroleum Exporting Countries (OPEC) projected oil demand to grow by a healthy 2.3 mb/d YoY in 2023 to average at 101.9 mb/d, driven by the ongoing recovery in the travel and transportation sectors.“Following estimated growth of 2.5 mb/d y-oy in 2022, oil demand...

The profit increased by more than 440 percent compared to 2021.

New York, United States - Oil prices fell over 2 percent in volatile trading on Monday as the collapse of Silicon Valley Bank roiled equities markets and raised fears of a fresh financial crisis, but a recovery in Chinese demand provided support, Reuters reported.Brent crude futures settled down $2.01, or...

Cairo, Egypt -- Egyptian exports to China rose by 20.8 percent to $1.7 billion in the first 11 months of 2022, up from $1.4 billion in the same period in 2021, Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS) said.The trade exchange between Egypt and China increased by 2.6...

It posted $161bn profits last year on high oil prices.

The 47-year-old ship has not been serviced since Yemen's devastating civil war broke out in 2015 and was left abandoned off the rebel-held port of Hodeida, a critical gateway for shipments into the country heavily dependent on emergency foreign aid. UN officials have voiced fears that the ship would crumble,...

The growth rate is also the highest in the last decade, with crude oil and natural gas contributing 32.7%, government services 14.2%, and manufacturing other than oil refining 8.6%.

Emphasizing that the oil and gas industry was vital in the fight against climate change, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said that energy leaders have the knowledge, experience, expertise and the resources needed to address the dual challenge of driving sustainable progress while...

Norway earned 1.5 trillion kroner ($140 billion) in revenues from oil and gas, according to estimates by Statistics Norway (SSB). It was "by far the highest ever recorded in the statistics" and almost three times the 498 billion kroner earned in 2021, according to SSB.

Dubai, UAE--A media report that the United Arab Emirates is considering leaving OPEC is "far from the truth," two sources with direct knowledge of the matter told media.Earlier on Friday, the Wall Street Journal reported that the UAE is having an internal debate about leaving the Organization of the Petroleum...

The purchase is part of the company’s “rigorous decarbonisation strategy,” the company noted.

The ADNOC Gas offering was set at 2.37 dirhams ($0.65) per share, towards the top of its range, implying a market capitalization of about $50 billion. Total demand topped $124 billion, making it more than 50 times oversubscribed, ADNOC said, calling it the biggest demand yet seen for an IPO...

The Egyptian pound has lost half of its value, propelling annual inflation in the import-dependent country to 26.5 percent in January, figures in February showed. Of the $34.2 billion in Cairo's foreign reserves -– a 20-percent drop from February 2022 –- some $28 billion are deposits from wealthy Gulf allies....

Dubai, UAE-- Saudi energy giant Aramco has completed the acquisition of US motor and oil maker Valvoline's global products business for $2.65 billion.Under this acquisition, which comes after the two companies signed the share purchase agreement announced on 1 Aug 2022, Aramco hastens its aim to enter the integrated, branded...

Lack of relevant skills, constant innovation in a highly disruptive world while keeping in mind budget constraints and cybersecurity remain their key concerns, says an expert.

PARIS, FRANCE - A French court on Tuesday dismissed a landmark case against TotalEnergies for a massive oil project in Uganda and Tanzania after several NGOs filed a suit to suspend the controversial project.The six NGOs argued the development of the East African Crude Oil Pipeline (EACOP) failed to adhere to...

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 to...

Riyadh, Saudi Arabia--Saudi Arabia’s economic growth is expected to accelerate by 3 percent in 2023 backed by a robust non-oil sector. According to a forecast by Riyad Capital, the output from this part of the economy will rise by 5 percent this year.The growth will be driven by a sturdy fiscal...

Inflationary pressures, meanwhile, have eased by less than expected. Continued strength in the numbers has forced the Fed to turn up the hawkish rhetoric, and the market has responded by raising the expected terminal Fed funds rate while at the same time sending bond yields and the dollar higher, he...

NASIRIYAH, IRAQ - Iraq's Tigris and Euphrates rivers have witnessed a sharp decrease in their levels in the south of the country, officials said Sunday, pledging to take urgent measures to ease water shortages.In Nasiriyah, capital of the southern province of Dhi Qar, an AFP photographer saw the river bed of...

Abu Dhabi, UAE--- Non-oil foreign trade between the UAE and Kuwait has grown 87 percent over the past ten years to reach AED43 billion ($11.70 billion) by the end of 2022, compared to AED23.3 billion in 2013, according to UAE's Federal Competitiveness and Statistics Centre (FCSC).The FCSC data showed that...

Sales jumped 73 percent to 132.2 billion euros.

A senior US official said last week that the United States and its G7 allies planned to unveil "a big new package of sanctions" around the February 24 anniversary, including measures to crack down on the evasion of existing sanctions.

Abu Dhabi, UAE-- The non-oil trade between the UAE and Azerbaijan has risen threefold during the past five years, said Thani bin Ahmed Al Zeyoudi, UAE's Minister of State for Foreign Trade.Al Zeyoudi told WAM that the non-oil trade between the two countries totaled more than AED10.2 billion over the...

Abu Dhabi, UAE – The non-oil trade between the UAE and Saudi Arabia in 2022 increased by 9 percent, reaching AED136.09 billion ($37.05 billion), compared to AED124.6 billion at the end of 2021, the Federal Center for Competitiveness and Statistics said.Over the period of 2013-2022, non-oil trade between the two...

The UAE has maintained a neutral stance towards Russia's war in Ukraine, which is nearing its one-year anniversary. The Gulf nation has emerged as a top destination for rich Russian emigres fleeing the impact of Western sanctions.

Riyadh, Saudi Arabia-- Saudi Arabia's non-oil exports (including re-exports) fell by 24.4 percent to SAR 22.7 billion ($6.05 billion) in December 2022, from SAR 30.1 billion in December 2021, according to the kingdom's General Authority for Statistics. Non-oil exports (excluding re-exports) decreased by 17 percent as re-exports also fell by...

The benchmarks closed lower by about 4 percent last week after the United States reported higher crude and gasoline inventories.

The annual expansion of more than 100 fuel stations in the Gulf countries add around US$500,000 per day to companies' revenues in each country in the region, say experts.

The oil firm posted a net profit of $4.55 billion in 2022.

Emirati President Sheikh Mohamed bin Zayed Al Nahyan "has ordered the provision of an additional US$50 million as relief aid for quake-affected people in Syria", reports said.

Demand is expected to reach 101.9 million barrels per day on average in 2023, an increase of two million barrels per day from last year, the IEA said. It would be up 1.4 million barrels a day from the pre-pandemic level in 2019 as consumption of fossil fuels behind global...

Brent, the international benchmark, and its US counterpart WTI, which had been down earlier in the day, jumped more than two percent after Russian deputy prime minister Alexander Novak said production would be cut by 500,000 barrels per day, or five percent of output, in March. "Crude prices reacted positively...

Russia is part of an alliance with OPEC that meets regularly to decide on oil output levels. As a result of Moscow's military operation in Ukraine, the West has capped the price at which Russia can sell its crude. News of Russia's cut to output gave strength to world oil...

The emirate has achieved record growth in the service of refuelling vessels during in 2022, as it recorded about 1.1 million metric tonnes, with a growth rate of 30 percent compared to 2021, Sheikh Saeed adds while speaking at the Middle East Bunkering Convention (MEBC) 2023.

The EBITDA grew by 15 percent to reach AED3.52 billion.