ExxonMobil's second quarter profits nearly quadrupled to $17.9 billion in results released Friday that underscored the elevated state of oil and natural gas prices amid commodity market tightness.

ADNOC Distribution will acquire 50 percent stake in TotalEnergies Egypt.

Rising oil, gas prices are yielding bumper profits across the sector.

The International Monetary Fund (IMF), in its World Economic Outlook, 2022 said that the Saudi economy will register a 7.6 percent growth rate this year. This would be the highest growth rate among advanced, emerging market and developing economies.

They will collaborate on key oil and gas projects.

A futuristic Saudi megacity is to feature two skyscrapers extending across a swathe of desert and mountain terrain, according to the latest disclosures on the project by the kingdom's Crown Prince Mohammed bin Salman. The parallel structures of mirror-encased skyscrapers extending over 170 kilometres (more than 100 miles), known collectively...

Algerian state oil firm Sonatrach announced on Monday new oil and gas discoveries in the North African country's Sahara desert, including a find made with Italian major Eni.

The Kingdom of Saudi Arabia’s overall merchandise exports increased by 83.4 percent in May 2022 compared to May 2021, the General Authority for Statistics (GASTAT) revealed.

An increasing number of strategic agreements are being signed with the regional players as Europe, US seek to diversify sources of energy supply, says an expert at IRIS

The federal government in Baghdad and the autonomous Kurdish region pledged Saturday to "increase dialogue" to ease a simmering oil dispute that has been playing out in the courts in recent months.

French oil group TotalEnergies and shipping giant CMA CGM announced price cuts on Friday as demanded by the government amid growing calls for windfall taxes on their profits

A study in the journal Nature Climate Change found that within this century, parts of the Gulf region could be hit by "unprecedented events of deadly heat as a result of climate change".

Most stocks fell Tuesday after a Wall Street sell-off fueled by fresh recession worries following a report that Apple planned to ease back on spending due to uncertainty over the economic outlook. While some are predicting inflation may have reached its peak, oil prices continues to hold its strength, despite...

The long-simmering dispute came to a head in February when the federal supreme court ordered Kurdistan to hand over oil extracted from its territories to the federal authorities. Authorities in the Kurdistan capital Arbil have cried foul, accusing Baghdad of heaping "unjust pressure" on them.

Azerbaijani President Ilham Aliyev said last week that "an important document on energy security will be signed between the European Union and Azerbaijan".

The non-oil trade between the UAE and France increased by 8 percent from 2012 to 2021, from AED23.2 billion ($6.3 billion) in 2012 to over AED25.2 billion in 2021, according to data from Federal Competitiveness and Statistics Centre, which showed a growth of 28 percent in trade exchange over the...

Iraq's oil wealth is rekindling tensions between federal authorities and the autonomous Kurdish region, in a row that could compromise the lifeline industry and keep investors away, analysts say.

Iraqi Prime Minister Mustafa Al-Kadhimi said the Middle East has been affected by climate change, water crisis, dangers of desertification, health challenges such as the COVID-19 pandemic and called for joint efforts to confront them.

Saudi Crown Prince Mohammed bin Salman warned that unrealistic policies to curb emissions could fuel inflation, as he chaired a summit bringing together Arab leaders and US President Joe Biden.

US President Joe Biden is set to discuss volatile oil prices during a summit with Arab leaders on Saturday in Saudi Arabia, the final stop of his Middle East tour. The meeting in Jeddah will bring together leaders of the six-member Gulf Cooperation Council as well as Egypt, Jordan and...

Libya's government replaced the head of the key National Oil Corporation on Thursday in a dramatic move that prompted the US to warn against any "armed confrontation" over the sector. The North African country's vast oil reserves have often been at the heart of political disputes, but the NOC had...

On February 14, 1945, the two countries' partnership is sealed during a historic meeting between king Abdel Aziz bin Saud and president Franklin D Roosevelt.

The EU executive, which tracks the economy of the 27 countries in the European Union, said GDP growth in the eurozone would reach 2.6 percent in 2022 and a sharply lowered 1.4 percent in 2023. Inflation would end the year at 7.6 percent, much higher than previously forecast, and 4.0...

The Paris-based agency cautioned that the global economic recovery could be derailed unless governments take measures to reduce consumption and fuel prices that pose a threat to stability in some nations. Oil prices have surged from around $80 per barrel earlier this year to over $120 at times.

Force majeure is a legal measure allowing companies to free themselves from contractual obligations in light of circumstances beyond their control. Libya's National Oil Company has repeatedly resorted to the mechanism amid blockades of oil installations throughout the years of violence and political upheaval.

Saudi Arabia's oil-driven economy expanded by 9.6 percent in the first quarter, its strongest growth rate in a decade.

The US trade deficit with China declined again, falling $2.8 billion to $32.2 billion in May, on another big drop in imports from the world's second largest economy.

European stock markets rebounded on Wednesday, recovering some ground following sharp losses the previous session on fears of a global recession. Oil prices recovered slightly, but WTI remained under $100 per barrel. The euro hit a fresh 20-year low point under $1.02 -- the European single currency fast closing in...

Sri Lanka is facing its worst economic downturn since it gained independence from Britain in 1948.

Europe's stocks recovered somewhat Monday as investors tentatively regained some optimism following the heavy losses in the financial markets last week on fears that rising interest rates could spark recession. London stocks won 1.1 percent at midday, while Frankfurt and Paris gained 0.5 percent and 1.0 percent respectively in afternoon...

Libyans angered by rising prices, chronic power cuts and political deadlock planned further demonstrations Monday after a night of angry protests across the capital. Masked youths set alight car tires and blocked roads including a major coastal highway between central Tripoli and its western suburbs, but security forces did not...

Amazon founder Jeff Bezos has criticized President Joe Biden for calling on oil companies to lower sky-high gasoline prices, prompting the White House to come to the US leader's defense on Sunday.

Global oil prices may hit $380 a barrel if Russia were to announce crude oil cuts in response to the US and European curbs.

Jordan imported 11.8 million barrels of crude oil through the port of Aqaba, while a total of about 1.19 million barrels of Iraqi oil were imported since supply was launched at the beginning of September 2021 until end of 2021

Libya's rival leaders were under growing street pressure Saturday after protesters stormed parliament as anger exploded over deteriorating living conditions and political deadlock.

Moscow said Thursday that G7 plans to cap the price of Russian oil would lead to a shortfall on world markets and soaring prices for European consumers. "This is another attempt to interfere in market mechanisms, which can only lead to market imbalance," Deputy Prime Minister Alexander Novak said, warning...

Major oil producers led by Saudi Arabia and Russia are expected to stick to a previously decided output boost at their meeting on Thursday, despite pressure to further increase production. Russia's invasion of Ukraine has exacerbated concerns about oil supplies, sending prices to record highs this year.

Oil prices bounced and Wall Street stocks declined Monday, reversing the most recent trends as markets eye the end of a bruising second quarter. After positive sessions for several leading European and Asian bourses, Wall Street stocks were in the red most of the day, and finished modestly lower.

Global stock markets and oil prices jumped higher on Friday following recent heavy losses as the weakening economic outlook moderates expectations about central bank monetary tightening.

Saudi Arabia’s overall merchandise exports increased by 98 percent in April 2022 compared to April 2021, according to General Authority for Statistics (GASTAT). The value of exports amounted to SAR137.1 billion ($36.53 billion) in April 2022, up from SAR69.3 billion in April 2021. This increase was attributed mainly to oil...

Oil prices fell Wednesday on worries over weakening demand in the slowing global economy as Federal Reserve Chief Jerome Powell acknowledged interest rate hikes could lead to a recession. US stocks had a choppy session, pushing into positive territory for a time after Powell reiterated the need to counter soaring...

Surging energy costs are fueling global inflation, with official data Wednesday showing the British annual rate hitting a fresh 40-year high above nine percent.

ExxonMobil has taken a 6.25 percent stake in the expansion of Qatar's North Field, which contains the world's biggest natural gas reserves.

Emirates Development Bank (EDB) will participate in the first "Make it in the Emirates Forum" to be held on 21-22 June at ADNOC Business Centre, Abu Dhabi. It will use the Forum to underline how its range of flexible financing solutions can help large corporates and SMEs to expand, diversify...

Putin and Arab leaders focus on boosting relations in various fields -- including technology, food security and energy -- during Saint Petersburg International Economic Forum 2022.

The debt dates back to 2020, but payment was stalled amid sanctions against Iran by the United States.

Aramco publishes its first sustainability report which outlines ways in which the company plans to further tackle emissions while delivering reliable, affordable energy solutions and provides a set of interim targets it aims to achieve by 2035

Demand is set to grow to 101.6 million barrels per day in 2023, according to the IEA, which advises developed countries on energy policy.

Oil giant BP announced Wednesday it is taking a 40.5 percent stake in an Australian energy project being billed as the largest renewable power station on earth.

Sanctions imposed on Moscow over the invasion of Ukraine are rolling back more than a decade of economic progress and three decades of integration with the West, according to an analysis Wednesday. But economists at the Institute for International Finance caution that the impact is a "moving target" since more...