Iraq's prime minister appealed to visiting Italian counterpart Giorgia Meloni for closer economic ties with his oil-rich country suffering from power cuts and decaying infrastructure. Meloni, who leads the eurozone's third-largest economy, is on her first bilateral trip outside Europe. She is on a pre-Christmas visit to Italian troops posted...

Riyadh, Saudi Arabia-- Saudi Arabia's merchandise exports increased by 13.9 percent in October 2022 to SAR 120.7 billion ($32.10 billion), compared to SAR 106.0 billion in October 2021, according to the International Trade Report for October 2022 released today by the General Authority for Statistics (GASTAT).The rise was mainly due...

Rabat, Morocco - UAE and Morocco discussed ways of boosting their cooperation and investment opportunities in industry, economy, investments, culture, and tourism. The discussion occurred between Sultan Ahmed Al Jaber, UAE's Minister of Industry and Advanced Technology and Aziz Akhannouch, Prime Minister of Morocco, in Morocco.The visit is a step...

Algiers, Algeria-- Sonatrach of Algeria and VNG AG of Germany have signed a memorandum of understanding for the construction of the first green hydrogen plant in the North African country.The MoU was signed on the sidelines of the fourth Algerian-German Energy Day in Algiers. The deal was signed between Sonatrach,...

In all economic spheres from financial to commodities, credibility is a key ingredient to building the trust and confidence that lead to the stability of markets. Without credibility, markets become more volatile and less attractive for all types of participants, adds Prince Abdulaziz bin Salman.

Doha, Qatar – Qatar’s Industrial Production Index (IPI) rose by 2.5 percent in October 2022, compared to the corresponding month in 2021, reaching 99 points, a 3.3 percent decline compared to September 2022.The index, issued by the Planning and Statistics Authority on Tuesday, showed a decrease in the mining sector...

The region was ranked the riskiest by the Global Risk Report Quarterly Update. But the GCC region stood out, offering some of the best supporting environments for investors.

Germany plans to open four more government-funded LNG terminals over the next few months as well as a private terminal in the port of Lubmin.

AMMAN, JORDAN - Jordan has arrested dozens of people accused of involvement in protests against rising fuel prices in which a senior police officer was gunned down, the country's security agency said Saturday.Colonel Abdul Razzaq Dalabeh, the deputy police chief of Maan province, died of a gunshot to the head in...

Saudi and the UAE equities beat sluggishness of the past few weeks, recording gains across many sectors, with Abu Dhabi index posting gains not seen since last October.

After a healthy rally in recent weeks fuelled by signs that price rises were slowing, the US Federal Reserve, European Central Bank and Bank of England this week crushed any Christmas spirit by hiking borrowing costs again by sizeable amounts and warning of more pain.

Located in the Norwegian waters of the North Sea, the Johan Sverdrup field which until now pumped some 535,000 barrels per day (bpd) on Thursday entered a new production phase where it will pump around 720,000 bpd.

The two offshore jack-up rigs will be bought for $200 million.

Riyadh, Saudi Arabia---Saudi Arabia’s real gross domestic product grew by 8.8 percent in the third quarter of 2022 compared to the same period last year, driven by an increase in oil activities, according to a report released by the kingdom's General Authority for Statistics (GASTAT). GASTAT noted that the real...

Russia has assembled a "shadow fleet" of more than 100 vessels seeking to circumnavigate the Western sanctions regime. These ships are reportedly using non-Western insurers and selling oil at higher prices to countries that have not subscribed to the new sanctions.

Canadian-based TC Energy, which operates the pipeline, detected the leak Wednesday night in Kansas and immediately halted the flow of oil through the pipeline.

Washington, United States— Oil giants have "greenwashed" their public image while locking in fossil fuel production for years to come, potentially foiling moves to prevent climate change, said a US House committee memo released Friday. The document follows an investigation on allegations that the fossil fuel industry has been misleading Americans...

Analysts note that conditions in the oil market have loosened compared with earlier in the year, adding to oversupply worries at a time when more economists are warning of recession. The pullback in oil prices also comes amid trader disappointment at a recent decision by OPEC oil exporters not to...

The Chinese president's visit to Saudi Arabia aims at 'qualitative leap' in bilateral ties and the 'largest-scale diplomatic activity between China and the Arab world'.

Thanks to high oil prices, Saudi Arabia has recorded its first annual budget surplus in almost a decade, beating its own projections. The kingdom's finance ministry said that the surplus for 2022 touched $27 billion, representing 2.6 percent of GDP.

Istanbul, Turkey - Turkey said Wednesday it has started requesting proof of insurance from tankers loaded with Russian crude oil after Western powers imposed a price cap to punish the Kremlin for its war on Ukraine. But a Turkish official denied that the measure was slowing the passage of oil...

TRIPOLI, LIBYA - Libya's state energy firm urged its foreign oil and gas partners to resume exploration and production Tuesday assuring them security had begun to improve dramatically after clashes earlier this year. Rival administrations in east and west have vied for power since March, in a standoff that has...

World oil prices rallied after more easing of Covid containment measures in China and as a price cap on Russian crude agreed by the EU, G7 and Australia came into force. Brent North Sea crude and WTI advanced over 2.5 percent, also after OPEC and its Russia-led allies decided to...

94.7 percent of 84.58 million barrels imported by Japan originated from five Arab countries: UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman.

The proposed bilateral business council, aimed at developing joint projects and exchange expertise, is likely to be formed by the first quarter of 2023.

Madrid, Spain---Saudi Arabia has joined the International Olive Council (IOC), a UN affiliated intergovernmental organization aimed at developing and expanding olives and olive oil trade. The Council also encourages the member countries to develop and modernize commercial standards for products and improve their quality, and enhance international technical cooperation in...

Major oil-producing countries led by Saudi Arabia and Russia agreed to maintain their current output levels. Representatives of 13 members of the Organization of the Petroleum Exporting Countries led by Riyadh, and their 10 allies headed by Moscow, decided to stick to a production cut of two million barrels per...

Vienna, Austria— Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting Sunday, ahead of fresh sanctions against Moscow coming into force. The 13-member Organization of the Petroleum Exporting Countries (OPEC) is due to consult with 10 other oil-producing nations, including...

The $60 oil price cap will come into effect on Monday or soon after, alongside an EU embargo on maritime deliveries of Russian crude oil.

BERLIN, GERMANY - The German government aims to put a stop to energy price hikes it sees as unjustified with planned gas and electricity price controls, Deutsche Presse-Agentur (dpa) reported Saturday. Price increases are to be prohibited until the end of 2023 - unless the supplier can prove "that the...

Guyana, with 800,000 inhabitants, is already the country with the most reserves per capita in the world -- over 10 billion barrels of oil equivalent -- ahead even of Brunei, Kuwait or the United Arab Emirates.

Ukraine welcomed a US$60 price cap on Russian oil agreed by the EU, G7 and Australia, saying it would "destroy" Russia's economy. The price cap, previously negotiated on a political level between the G7 group and the European Union, will come into effect with an EU embargo on Russian crude...

PARIS, FRANCE - Russia's invasion of Ukraine has driven countries across the world to boost energy efficiency, creating "huge potential" to tackle high prices, security and climate change, the IEA said on Friday. Governments have scaled up fossil fuel subsidies to cushion the impact of rising energy costs on households...

Traders are growing confident that the Federal Reserve will slow its pace of rate hikes after Fed boss Jerome Powell this week indicated that the days of jumbo 0.75-percentage-point increases were over.

Move comes UK imposes windfall tax on energy firms.

LONDON, UNITED KINGDOM - Major oil producers are expected to stick to their current output strategy or even slash production further when they meet on Sunday in the face of falling prices, a potential Russian oil price cap and an embargo on Russian crude shipments. At their last ministerial session...

Global stocks rose as Federal Reserve boss Jerome Powell flagged a moderation in interest rate hikes, while China signaled a softer approach to fighting Covid. Asian and European equities tacked higher as investors eyed news that eurozone unemployment fell to a record 6.5 percent in October. Oil prices climbed before...

Non-oil trade exchange between the UAE and Cameroon grew by 33.5 percent between 2012 and 2021, reaching $522 million by the end of last year

Doha, Qatar---Qatar's merchandise trade balance recorded a surplus of QR 25.1 billion ($6.8 billion) in October this year, an increase of 18.5 percent year-on-year. The trade balance, which is the difference between total exports and imports, however, decreased by 6 billion riyals, or 19.2 percent, compared to September 2022. The Planning...

Investors are now looking ahead to the release of US jobs data at the end of the week, which could provide clues about the Fed's next moves, while speeches by central bank boss Jerome Powell and other key policymakers will also be pored over.

The quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022 which hit 11.7 percent compared to the same quarter last year, according to Statistics Centre-Abu Dhabi (SCAD).

The equities had a lackluster week owing to a decline in global crude oil prices amid fears that the surge in Covid-19 infections in China, the largest oil importer, will reduce demand.

BRUSSELS, BELGIUM - EU energy ministers met Thursday to debate measures to mitigate the energy crunch in Europe but were divided over a gas price cap proposal slammed by many as a "joke". They were to discuss a proposal by the European Commission, unveiled just two days earlier, that would...

In a dry country where access to water is already far below the 1,700 cubic meters per resident per year the United Nations defines as "water stressed", the drought-tolerant cactus is a safer bet compared with thirstier crops.

The country's inflation has risen with global trends and is expected to average just over 5 percent this year, while fiscal and external surpluses have increased further, benefiting from the higher oil prices as well as the removal of the temporary COVID-crisis related fiscal support, IMF said.

The "categorical denial" has come after the Wall Street Journal reported on Monday that Saudi Arabia, which co-leads the OPEC+ group along with Russia, and other members were considering an "increase of up to 500,000 barrels a day". The next OPEC+ meeting is scheduled for December 4.

The company bought four rigs between May and Aug. this year.

Global main stock markets rallied as investors fished for bargain shares and shrugged off losses elsewhere, but oil prices fell as concerns over the global economy persist. London stocks were lifted by official data showing UK retail sales rose 0.6 percent in October, rebounding from a 1.5-percent slump in September....

An Israeli official told AFP that the strike on the tanker was "an Iranian provocation" that aimed to "disrupt the environment" before the football World Cup opens in Qatar on Sunday. The official, who requested anonymity, said the attack was carried out with the "same drones that the Iranians are...

The regional economies -- set to expand by 6.9 percent in 2022 -- may moderate to 3.7 percent and 2.4 percent in 2023 and 2024 respectively, says a World Bank report.