Stormy US-Saudi relations have seen new strain over Riyadh's recent support for oil production cuts, with Biden warning of unspecified "consequences." The move last week by OPEC+ -- composed of the Riyadh-led OPEC cartel and a group of 10 exporters headed by Russia -- would reduce global output by up...

An oil depot in Russia's Belgorod region bordering Ukraine is on fire after being shelled, the governor said, as strikes increases against the area.

The hard-left CGT union, which launched the industrial action three weeks ago, said that workers at three TotalEnergies sites had decided to extend their strike.

Large US banks reported a round of solid quarterly profits, but cautioned of rising recession risks as the economy absorbs higher inflation and a dramatic shift is central bank policy. JPMorgan Chase set aside US$808 million in case of bad loans, while Citigroup reserved for $370 million in potential losses...

Russian oil giant Rosneft has filed a complaint against the German government for taking control of its German-based refineries, a court said, as energy tensions run high following Moscow's war in Ukraine.

The contract awarded to ADNOC Drilling to hire offshore rigs.

A few days after US President Joe Biden said that there would be consequences for Saudi Arabia on its decision to cut oil production target, the kingdom today said that the OPEC+ decision was unanimous and took into account the balance of supply and demand. The kingdom rebuffed statements criticizing...

MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer received Consul-General of Canada to Dubai and the Northern Emirates Jean-Philippe Linteau at GITEX Global 2022.

Stock markets and oil prices slumped as investors grow fearful that more big interest rate hikes will tip economies into deep recessions. The mood darkened also on the worsening Ukraine war and weaker demand expectations in China. Analysts said US consumer price index data released later this week will be...

The Algerian and French prime ministers hailed a "new dynamic" as they launched a joint economic forum during a visit to Algiers by France's Elisabeth Borne. The French PM's two-day trip to Algeria comes just weeks after President Emmanuel Macron concluded his own three-day visit in August, following months of...

Qatar ranks first in the Arab world and the Gulf region with an annual per capita share of around $183,000, followed by Kuwait and the UAE.

High oil prices drove equities up on both the Abu Dhabi Stock Exchange and the Dubai Financial Market, but Saudi equities did not follow the trend, remaining subdued toward the close of the week.

Seeking to debunk the impression that it was somehow behind the rise in oil prices in the US, Saudi Arabia has said that it did not politicize oil or oil decisions and that it looked at oil as a commodity important to the global economy in which the kingdom had...

The Emirates Nuclear Energy Corporation (ENEC) announced that Unit 3 of the Barakah Nuclear Energy Plant has successfully been connected to the UAE’s transmission grid.

While Saudi Arabia has said it does not use oil as a political tool, US experts see this as a direct rebuff to the Biden administration.

World food prices have fallen for a sixth month in a row in September, UN data showed as they continued to fall after a record reached after Russia's invasion of Ukraine. The Food and Agriculture Organization said its price index, which tracks monthly change in global prices of food commodities,...

EU leaders meeting in Prague looked to bridge divisions on how to tackle soaring energy prices as they grapple with the fallout from Russia's war on Ukraine. President Volodymyr Zelensky was dialling in from Kyiv as the bloc looks to maintain its economic and military support for Ukraine and hold...

The question of rights to Libya's vast hydrocarbon resources has become more urgent this year as global energy prices have soared. Monday's deal builds on an agreement signed between Ankara and a previous Tripoli-based administration in 2019.

TAQA Energy will sell upstream oil and gas business to Waldorf.

Moscow---The Kremlin said Thursday that an OPEC+ decision to sharply cut production was designed to stabilize global oil markets, after Washington said the move was a concession to Moscow. "The decisions that were taken were aimed at stabilising oil markets," Kremlin spokesman Dmitry Peskov said. He said it was proof...

The latest package -- the eighth since Russia's invasion in February -- is now going through a final approval procedure which, if no objections emerge, will be published and come into effect on Thursday, the Czech Republic's EU ambassador said.

The 13-nation OPEC cartel headed by Riyadh and its 10 allies led by Moscow agreed to reduce output by two million barrels per day from November at a meeting in Vienna, the group said in a statement. It is the biggest cut since the height of the Covid pandemic in...

Soaring energy prices fuelled by Russia's war in Ukraine have forced a new reality upon European nations, where people are asked to limit the electricity they use for heating, lighting, and cooking. Some cities keep street lights on for shorter lengths of time, and in Paris, the lights illuminating the...

Asian and European stocks rallied and the dollar dipped as weak US data sparked hopes the Federal Reserve could ease its interest-rate hiking plans. Frankfurt and Paris equities soared over three percent in value after similar stellar gains in Tokyo, while London won two percent. Central banks across the world...

Adding to this, the market had witnessed September as a month of turmoil across financial markets driven by a surging dollar and traders sending bond yields sharply higher in anticipation of further rate hikes from central banks, led by the US Federal Reserve, adds Hansen while reviewing the global scenario.

Turkey's foreign minister signed a deal in Libya's capital Monday allowing for oil and gas exploration in 'Libyan waters'.

The agreement relates to fuel oil transport and storage.

Abu Dhabi, UAE - The non-oil trade between the UAE and China increased by 78.5 percent from 2012 to 2021, totaling AED223.5 billion ($60.85 billion) by the end of 2021 compared to AED125.1 billion ($34 billion) in 2012. The Federal Competitiveness and Statistics Centre (FCSC) said during the reporting period,...

The OPEC+ oil cartel will meet in Vienna next week for the first time since Covid curbs were introduced in 2020, the organization said.

Saudi Arabia is expecting to record an increase in its budget surplus in 2022 to S24 billion, according to the kingdom's Minister of Finance. The top oil exporter of the world is hoping to see its GDP grow by 8 percent, and it expects inflation to be around 2.6 percent.

The average price of a barrel of Brent crude oil is expected to be $101 in 2022 and $84 in 2023. However, Brent oil prices may fall to $75/b by 2025 and $70/b by 2027, says a report.

Several opposition MPs had been on strike in protest at delays to parliamentary sessions and the failure to form a new government. A core source of friction is MPs’ demand for ministers from the royal family to be held accountable for corruption.

The EU's executive proposed a new round of sanctions on Moscow over its latest "escalation" in Ukraine, including an oil price cap and ban on Russian exports worth $7 billion. It also plans to expand its travel blacklist and asset freezes to include high-ranking Russian officials and organizers of the...

Earnings of many Gulf banks may hit nearly pre-pandemic levels by the year end, owing to high oil prices and rising interest rates that will support their creditworthiness.

The volume of trade exchange between the two countries during the first half of this year amounted to AED24.2 billion.

The challenges facing Iraq today are the result of long accumulations that we are working to dismantle and our hope for the aspiration of our society, of which youth make up the bulk of it, towards adhering to and defending democracy, as a way of life and mechanisms for good...

German Chancellor Olaf Scholz arrived in Saudi Arabia at the start of a two-day Gulf tour, in the hope of sealing new energy deals with the fossil fuel exporters. Scholz, accompanied by a sizeable industry delegation, was received at Jeddah airport by Mecca region's governor Prince Khalid bin Faisal Al...

TotalEnergies to invest $1.5bn in natural gas production.

Stock markets tumbled, the pound crashed against the dollar and oil prices slumped on growing recession fears after central banks this week hiked interest rates to fight inflation. Monetary policymakers have been forced to go on the offensive, warning that short-term hits to economies are less painful than the long-term...

Britain lifted England's moratorium on controversial gas fracking to boost energy security, despite breaking the ruling Conservative party's manifesto pledge.

The value of non-oil exports from the UAE to Saudi Arabia over the past ten years was around AED205.5 billion, while re-exports were valued at AED471.7 billion, and imports at AED227 billion.

Hungarian Prime Minister Viktor Orban wants EU sanctions on Russia over its invasion of Ukraine lifted by year end, a pro-government daily newspaper said. Orban, who has sought close ties with Russian President Vladimir Putin in recent years, has frequently railed against the sanctions, saying they are hurting Europe more...

The decaying 45-year-old FSO Safer, long used as a floating storage platform and now abandoned off the rebel-held Yemeni port of Hodeida, has not been serviced since Yemen plunged into civil war more than seven years ago.

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...

Riyadh, Saudi Arabia - Saudi Arabia topped the list of oil suppliers to China for the first time in four months despite a rise in Beijing’s imports from Russia, Argaam said. Saudi’s oil exports rebounded last month to 8.475 million tons, or 1.99 million barrels per day (bpd). The Kingdom...

Oil giant Saudi Aramco's chief blasted "unrealistic" energy transition plans, calling for a "new global energy consensus", including ramped-up investments in fossil fuels to address painful shortages. Speaking at a conference in Switzerland, Amin Nasser lamented a "deep misunderstanding" of what caused the current energy crunch.

Arab economies grew by 3.5% in 2021. The higher growth in 2022 is attributed to an improvement in global demand levels and the growth of the oil and gas sectors. Aid by Arab governments to support economic recovery is another reason for the growth, the Fund said.

MD & CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer met a delegation from the Unified Economic Opportunity Commission of the Utah House of Representatives, USA.

HELSINKI, FINLAND - Activists from environmental group Greenpeace blocked a shipment of Russian gas from unloading at a liquefied natural gas (LNG) terminal in northern Finland, the terminal owner and Greenpeace said. The activists demanded Helsinki stop importing Russian gas after Russia's President Vladimir Putin invaded Ukraine more than six...

UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan and Israeli Opposition Leader and former Prime Minister, Benjamin Netanyahu, discussed the growing cooperation between the two countries.