The two Gulf countries expect new strategy to result in a rapid economic transformation and offer new revenue stream, allowing them to cut down reliance on crude oil income.

Output slipped by 2% to 2.04 million barrels per day of oil equivalent.

Stock markets largely steadied and the dollar rose with traders forecasting US interest rates to keep climbing following last week's blockbuster American jobs report. Oil prices extended gains after Iraqi Kurdistan suspended crude exports through Turkey as a precaution after a deadly earthquake rocked its northern neighbor and Syria.

Hong Kong-- Hong Kong is looking to persuade oil giant Aramco and its units to consider a secondary listing in the Asian financial hub.Hong Kong Chief Executive John Lee is embarking on his first official visit to the Middle East, according to the South China Morning Post.Lee is kicking off...

"The Kurdistan Regional Government confirms the halt of oil exportation through #Turkey's Ceyhan due to the #earthquake that struck several areas in the country," tweeted Lawk Ghafuri, head of foreign media relations in Kurdistan.

AMMAN, JORDAN - Chairman of the Jordan Chamber of Commerce (JCC), Khalil Haj Tawfiq said Iraq is an "important" trade partner and gateway for Jordan's economy. Haj Tawfiq said, "Jordan and Iraq have wide, prolific potentials, fields and grounds to build economic integration, in light of the strong brotherly relations,...

Iraq admitted it had differences with France's TotalEnergies over a US$10-billion contract, including over the distribution of investments, but expressed hope they can be resolved through talks. "We have given ourselves time to continue the dialogue and reach a satisfactory solution for the parties involved regarding certain points of contention,"...

Baghdad is currently heavily dependent on neighboring Iran for its electricity and gas and has sought to diversify its energy sources.

The post-tax figure was more than double the amount.

The budget deficit will swell to five billion dinars (more than $16 billion) for the year starting in April, up from the $10.3 billion predicted for the current fiscal year, the finance ministry said. Kuwait, a major oil producer and member of the OPEC cartel, has the Gulf's only fully...

ABU DHABI, UAE - One of the world's biggest solar plants will become fully operational this year in the oil-rich United Arab Emirates, months before it hosts UN climate talks, a partner company said Tuesday.The UAE, a major oil exporter, is spending billions to develop enough renewable energy to cover half...

Spending will rise by 11.7 percent to more than $86 billion, with 80 percent going on civil service wages and public subsidies.

Results reflect higher production of oil, natural gas.

Supply of diesel to Europe from the US and the emerging refinery hub in the Middle East may make up some of the missing barrels from Russia, but a shortfall seems likely, not least considering the prospect for a strong recovery in China leading to lower export quotas, he adds.

Saudi Arabia plans to invest more than US$266 billion to produce cleaner electricity and expand its power grid, the kingdom's energy minister said. Speaking at a forum organized by Saudi oil giant Aramco, Prince Abdulaziz bin Salman said the world's biggest crude exporter was also looking to become a global...

The UAE is pushing the merits of carbon capture -- removing carbon dioxide as fuel is burned, or from the air.

BAGHDAD, IRAQ -  First Deputy Speaker of Parliament Mohsen Al-Mandalawi said that the tourism sector in Iraq has all the ingredients for success.Al-Mandalawi made the statement while meeting with the Association of Travel and Tourism Companies in Iraq, a statement issues by the  media office of the First Deputy Speaker...

Italian Prime Minister Giorgia Meloni arrived in the Libyan capital Tripoli for talks on energy and migration, Libyan state media said. Meloni's trip - her second to a North African country this week - is the first by a European leader to war-battered Libya since her predecessor Mario Draghi's visit...

Shored up by healthcare, financial services, banking sector, and raw material companies, the Saudi equities posted gains throughout the weeks.

Solar-photovoltaic panel in a GCC country produces twice as much output as it would in Germany or any similar European country, ZOLA Electric CEO Bill Lenihan tells TRENDS.

They have been routinely extended for six-month periods over the past eight years. The EU has imposed nine rounds of sanctions on Moscow since it launched a major cross-border offensive last year. Some eastern European nations had sought to extend the sanctions by one year this time.

The Gulf countries are witnessing an increase in investors' confidence due to the region's comparatively good economic conditions, a latest JLL report highlights.

Non-Gulf countries' contributions to the digital economy in the region will increase to more than 35 percent during this time, says a latest report.

Dubai, UAE-- Oil prices fell in early trade on Monday, but held on to most of last week's gains on the prospect of an economic recovery in top oil importer China this year.Brent crude futures retreated by 46 cents, or 0.5%, to $87.17 at 0031 GMT, while U.S. West Texas...

With activity in China unlikely to pick up in earnest until after the Lunar New Year holiday, the prospect of a lull in activity could be the trigger for a pause in the current rally – especially across industrial metals where copper has started the year with an 11% gain,...

Despite its goal of achieving net zero carbon emissions by 2060, the country remains hugely dependent on crude oil exports that have powered its growth for decades, raising doubts about its potential for an economic makeover any time soon. Riyadh has dispatched eight top-ranking officials to the gathering of business...

"It is unfair that many developing countries are demanded not to develop their special resources and to be independent in the field of energy, while they are still in need of development. Many countries see that rich nations are requesting them to stop developing their oil resources," he adds.

Large infrastructure projects -- mainly supported by the Public Investment Fund and National Development Fund -- are expected to boost the Kingdom's economy further.

BAGHDAD, IRAQ  - Iraqi Parliamentary Speaker Mohammed al-Halbousi said that an oil pipeline from Basra port to the Jordanian port of Aqaba will soon be operational pointing to many areas of cooperation between the two countries.Al-Halbousi, who spoke at a joint press conference at Baghdad airport with Jordan's Lower House...

UAE Minister of Energy Suhail bin Mohammed Al Mazrouei highlighted the UAE Energy Strategy 2050, the first unified energy strategy by the UAE, which aims to integrate the renewable and clean energy mix to achieve a balance between economic needs and climate goals, in addition to reducing dependency on other...

Abu Dhabi, UAE-- The UAE has stressed the need for speeding up new investments in the energy sector in order to meet rising global demand as a number of OPEC+ member countries cut output.Speaking on the sidelines of the Global Energy Forum in Abu Dhab, Suhail bin Mohammed Al Mazrouei,...

ABU DHABI, UAE - European countries will eventually resume higher imports of Russian gas, Qatar's energy minister and gas company CEO predicted on Saturday, warning that market volatility could last for years.Russian gas exports to Europe plunged after Moscow's invasion of Ukraine but Saad Sherida al-Kaabi, head of QatarEnergy, said...

BAGHDAD, IRAQ - Iraq's Prime Minister Mohammad Shia al-Sudani left Thursday for Berlin to meet with German Chancellor Olaf Scholz and discuss projects to address chronic power shortages, the premier's office said.Despite its oil riches, Iraq is beset by crumbling infrastructure, endemic corruption and decades of war.Dependent on its powerful neighbor...

The study said impelling fossil fuel firms to use technologies to suck carbon from the air and bury it back in the ground would be a cost-effective decarbonization strategy.

We have strong doubts about the recession risk to the US economy and see demand from some of the world’s largest consumer underpin the price during a year where supply will continue to be managed by OPEC+ and US producers inability or unwillingness to ramp up production, he adds.

Seeking to reduce its dependence on crude, the world's biggest oil exporter, Saudi Arabia, has said that the kingdom intends to use its own uranium resources to develop its civilian nuclear program, according to its energy minister, The project is expected to cost the country some $80 billion.

The year 2022 witnessed several deals involving Gulf nations and leading natural gas consumer countries that seek to secure their LNG supplies in both near and distant future.

US West Texas Intermediate (WTI) crude futures fell 59 cents, or 0.8 percent, to $74.53 a barrel, while Brent crude futures were down 62 cents, or 0.8 percent, at $79.48 a barrel.

AMMAN, JORDAN -  Jordan's total imports of Iraqi oil between September 2021 to December 2022 amounted to 3.65 million barrels, equivalent to 490,000 tons of crude oil."Jordan imports Iraqi crude oil according to the memorandum of understanding (MoU) for the processing of crude oil signed between the Jordanian and Iraqi...

The setback comes despite a record 4.7 percent drop in energy consumption last year, partly in response to soaring fuel prices because of the war in Ukraine. But the energy saving gains were wiped out by the government's decision to burn more coal and oil to make up for the...

Doha, Qatar-- Qatar ranks first among the world’s top destinations for foreign direct investment (FDI), owing to its strong economic and investment momentum into 2023, according to the newly released "FDI Standouts Watchlist 2023" by fDi Intelligence.QNA said the report analyzes the macroeconomic and foreign direct investment (FDI) trajectory of...

These revenues follow a spike in prices following Russia's invasion of Ukraine in February 2022, and OPEC producers' subsequent reluctance to increase production. In Oct the oil cartel decided to cut production quotas to maintain price levels, with a reduction of "two million barrels per day".

Speculations are rife that the decision by Tehran could have been taken in retaliation to India's suspension of the import of fruits like kiwis and peaches from Iran.

TUNIS, TUNISIA - Tram and bus workers in the Tunisian capital staged a strike over delays in salaries and the lack of an end-of-year bonus Monday, creating traffic jams across Tunis.The strike is the latest in a string of similar actions as Tunisia grapples with a grinding economic crisis, with frequent...

BEIRUT, LEBANON  -  An attack in eastern Syria killed 10 oil field workers, state news agency SANA reported on Friday, a day after Syrian Kurdish-led forces announced an offensive against the Islamic State.In addition to the nearly dozen dead, "two others have been wounded in a terrorist attack that targeted three...

New York, US--Russia on Tuesday banned oil sales to countries and companies that comply with a price cap agreed by Western nations, briefly helping to lift crude prices."The supply of Russian oil and oil products to foreign legal entities and individuals is prohibited if the contracts for these supplies directly...

The price ceiling of $60 per barrel agreed by the European Union, G7 and Australia came into force in early December and seeks to restrict Russia's revenue.

Kuwait City, Kuwait-- Kuwait National Petroleum Company has exported the first shipment of the advanced diesel fuel to the European markets in light of the severe shortage of energy sector in the continent.Kuwaiti media reports said the company shipped 66,000 tons, and the shipment was produced with special specifications that...

AL-MAHRA, YEMEN - The second batch of the new Saudi oil derivatives grant of 4,491,000 metric tons of diesel was delivered in Al Mahrah. The grant comes as part of the Kingdom's support for the Yemeni people under the directives of King Salman and the Crown Prince to help Yemen...

In order to achieve the Vision 2030 goals, the PIF and its portfolio companies seek to help the kingdom grow its annual non-oil GDP by about seven percent.