Berlin took control of the German operations of Russian oil firm Rosneft to secure energy supplies which have been disrupted after Moscow invaded Ukraine. Rosneft's German subsidiaries, which account for about 12 percent of oil refining capacity in the country, were placed under trusteeship of the Federal Network Agency, the...

The outgoing CEO, 64, has presided over a tumultuous time at the energy titan, weathering collapsing oil prices in 2020 as Covid lockdowns ravaged demand.

Improving social safety net may provide the space needed to end subsidies, while investment in renewable energy can cut costs and protect households from high prices.

The company will establish its Indian headquarters in Kerala state.

The energy giant's H1 net profit rose to $7.2 billion.

Negotiations between Lebanon and Israel have been mediated by the US to delineate a shared maritime border.

Stock markets rallied Monday, building on pre-weekend momentum as investors priced in the expectation of further interest rate hikes aimed at taming decades-high inflation. The euro surged, a day after German central bank chief Joachim Nagel signaled that the European Central Bank (ECB) would probably continue raising its key rate.

Norway, which has replaced Russia as Europe's leading supplier of natural gas, dashed the hopes of EU member states who wanted a cap on gas prices. After his phone call with European Commission President Ursula von der Leyen, Norway's Prime Minister Jonas Gahr Store said he was "skeptical" about a...

The real gross domestic product (GDP) of Saudi Arabia has jumped 12.2 percent in the second quarter of 2022, exceeding the government estimate of 11.8 percent. The kingdom, the world’s top oil exporter, has richly benefited from high crude prices and a significant post-pandemic recovery.

In a thinly veiled criticism of the OPEC's decision to cut supply, the US said that oil production must be kept up to bolster global economic growth. White House Press Secretary said that President Joe Biden ‘has been clear that energy supply should meet demand to support economic growth and...

The move could irk the United States as it has pressed the group to increase output in order to bring down energy prices that have fuelled decades-high inflation. OPEC+ had agreed to huge cuts in output in 2020 when the Covid pandemic sent oil prices crashing, but it began to...

Faced with a bleak global economic outlook, the OPEC+ countries are expected to agree a modest increase in oil production at a meeting on Monday. The 13 members of the OPEC cartel, led by Saudi Arabia, and their 10 partners, led by Russia, are meeting to adjust their quotas for...

EU Economy Commissioner Paolo Gentiloni said Saturday that the European Union was "well prepared" in the event of a total halt in Russian gas deliveries, thanks to storage capacity and energy-saving measures. "We are well prepared to resist Russia's extreme use of the gas weapon," he told reporters on the...

G7 industrialized powers vowed Friday to "urgently" move towards implementing a price cap on Russian oil imports in a bid to cut a major source of funding for Moscow's war in Ukraine. The G7 said it was working towards a "broad coalition" of support for the measure but officials in...

Inflation-fighting measures, such as hiking rates and removing stimulus, was the main driver behind the recent correction in commodities that are likely to weather headwinds from an economic slowdown with supply of key commodities being equally challenged, he adds.

According to website Vessel Finder, the 250-meter-long, Singaporean-flagged tanker is headed for the Saudi port of Yanbu.

Microsoft will set up a new cloud data center in Qatar, creating 36,000 jobs and adding more than $18 billion to the economy over the next five years. As one of the tech company’s biggest international projects, it will boost Qatar’s efforts to move away from reliance on its oil...

Its CEO said the center will store imported edible oil.

The move comes as Qatar, which has a population of 2.8 million, tries to accommodate an expected 1.2 million visitors during the November 20-December 18 World Cup, and as Saudi Arabia ramps up efforts to attract tourists.

The increased production is consistent with announcements made by Kuwait Petroleum Corporation.

Prince Abdulaziz bin Salman said in an interview with Bloomberg that OPEC+ has the commitment, the flexibility, and the means within the existing mechanisms to deal with such challenges, including cutting production at any time. He said that the volatility and thin liquidity send erroneous signals to markets at times...

Producer prices in Oman increased by 40.7 percent during the second quarter of 2022 The producer price index in the Sultanate of Oman rose by 40.7 percent during the second quarter of this year, compared to Q2 2021. The rise in the index was due to the 48.7 percent rise...

Data released from the Ministry of Finance showed that oil and gas revenues increased to $32 billion, compared to $19 billion in the first half of 2021.

The gains, due to high oil prices, will provide 'firepower' to the region's sovereign wealth funds, said Jihad Azour, IMF's director for MENA. Most of the oil-rich countries in the region have established large SWFs and use them to invest oil revenues in various sectors both within the countries and...

Saudi Arabia and Uzbekistan have signed an agreement to develop cooperation and exchange information and experiences in all fields of energy though research and studies besides working on exchanging policies and laws related to these. The agreement was signed by the acting Minister of Energy Dr. Essam bin Saad bin...

The recent drop in oil prices reflects global concern over an economic slowdown and “masks physical market fundamentals," says OPEC secretary general.

Oil-exporting countries in the Arab World will benefit throughout 2022 from the increased oil production quantities within the "OPEC+" agreement and relatively higher oil and gas prices in international markets, according to the Arab Economic Outlook report by the Arab Monetary Fund.

GCC countries have witnessed financial surpluses in their budgets for the first time in a long time on the back of increase in oil prices, strengthening their credit ratings.

The government's Vision 2030 reform programme, designed to reduce the kingdom's dependence on oil, has also given the economy a boost as more Saudis join the workforce, particularly women, the IMF said.

The retail giant sales surged, partly due to inflation.

Iraq has been ravaged by decades of conflict and endemic corruption. It is blighted by ailing infrastructure, power cuts and crumbling public services, and now faces water shortages as drought ravages swathes of the country

The dollar's first-quarter increase of about 10% against a basket of international currencies may reduce the impact of imported inflation due to dirham's peg to the US currency.

Last weekend Bill Richardson, a former US ambassador to the UN who has negotiated the release of several Americans held in other countries, said he was "optimistic" about efforts to negotiate a "two for two" prisoner swap with Russia.

OPEC warns that the demand growth for 2023 will slow further to 2.7 million bpd, leaving its forecast unchanged from last month.

Iraq has agreed to renew a one-year deal to provide Lebanon with fuel for its power plants in exchange for in-kind services, Lebanon's Prime Minister said in a statement Thursday. Iraq signed an agreement in July 2021 to give cash-strapped Lebanon one million tonnes of fuel oil to help keep...

Abu Dhabi National Oil Company (ADNOC) signed a $1.17 billion (AED4.3bn) for hiring 13 self propelled jack-up barges to drive its offshore operational efficiencies. ADNOC Offshore awarded the five year contract to ADNOC Logistics & Services (ADNOC L&S). Over 80 percent of award value will revert to UAE's economy under...

Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries to switch fuels for power generation, the International Energy Agency said Thursday. Oil prices have dropped by $30 per barrel from a peak in June due to growing supplies and...

A delegation from Saudi Arabia’s King Abdullah Petroleum Studies and Research Center (KAPSARC), participated in Tokyo’s 43rd International Association for Energy Economics (IAEE) conference. KAPSARC's experts shared insights on global energy and environmental concerns, disseminating solutions to help shape future energy policies and encourage climate action. The insights included the...

The firm's revenue increased 13 percent to US$1.27 billion

Saudi and the UAE's reliance on oil to drive economic growth has tapered off in recent years as the non-oil sector emerges as the biggest driver of growth.

Syria's internal commerce ministry has announced a petrol price hike of around 130 percent in the war-torn country facing fuel shortages and extended power cuts.

Several regions across the UAE are witnessing the implementation of the designs of some of the teams that participated in the first and second Solar Decathlon Middle East (SDME) to construct sustainable research centers and laboratories.

According to a report by the UAE's Ministry of Economy, during the past decade from 2012 to 2021, FDIs in the country increased by 116 percent, amounting to $20.667 billion in 2021 compared to $9.566 billion in 2012.

The drop in oil prices came despite a move by the OPEC+ oil cartel, led by Saudi Arabia and Russia, to undertake just a small increase in production. The OPEC+ decision to raise production by 100,000 barrels per day for September is likely to disappoint US President Joe Biden, who...

After cutting production in 2020 in response to falling prices during the Covid pandemic, OPEC+ began to modestly raise it last year and has renewed the policy every month.

British oil giant BP returned to profit in the second quarter on the back of soaring energy prices, following a big loss due to its exit from Russia over the war in Ukraine, company results showed Tuesday.

The 13 core members of OPEC find themselves at a crossroads. After the drastic output cuts they agreed to in the spring of 2020 in reaction to the plunge in demand caused by the coronavirus pandemic, the member states of the alliance are once again producing at pre-virus levels --...

Haitham Al-Ghais of Kuwait has taken over as the new secretary general of  the Organization of the Petroleum Exporting Countries on Monday.

Saudi Arabia's year-on-year economic growth in the second quarter was 11.8 percent compared to the same period last year, according to initial "flash" estimates published by the General Authority for Statistics. The Middle East's largest economy has benefited from a spike in oil prices and has resisted appeals from Western...

Saudi Arabia and the UAE have supplied around 80 percent of Japan's oil demand for the month of June, followed by Qatar and Kuwait with 14 percent each, taking Arab share to 94.7 percent.