Algeria said Wednesday it was suspending a decades-old co-operation treaty with Spain, after Madrid backed the position of the North African country's arch-rival Morocco on the disputed Western Sahara.

The CBUAE projected the real GDP growth to reach 5.4 percent in 2022, after the growth jumped to 3.8 percent in 2021.

Wall Street stocks fell early Tuesday as the World Bank slashed its global growth outlook and Target warned of lower profits in the current quarter. The World Bank cut its growth estimate for the global economy to 2.9 percent, 1.2 percentage points below the January forecast, in the wake of...

The Gross Domestic Product (GDP) of Saudi Arabia grew by 9.9 percent in Q1 of 2022 compared to Q1 of 2021, and the seasonally adjusted GDP increased by 2.6 percent compared to Q4/2021. The GDP Report for Q1 2022 released Tuesday by the General Authority for Statistics (GASTAT), said this....

The current rebound is due mainly to strong growth in oil exporters boosted by rising oil revenues and a general waning of the pandemic’s adverse impacts in highly vaccinated countries. The growth, however, will slow abruptly in 2023 and 2024 across the region, the report adds.

Lebanese officials said Sunday that any Israeli activity in disputed waters would constitute a "hostile act" and an "attack" on Lebanon's natural resources.

The region's countries have embarked on ambitious transformative plans to reduce dependence on oil and diversify their economies.

The volatility in oil prices will affect the markets. If there is a higher-than-expected decline, the markets may feel the heat, Junaid Ansari of Kamco Invest tells TRENDS.

Iran's supreme leader on Saturday said that the country's seizure of two Greek oil tankers late last month was in retaliation against Greece because it "stole" Iranian oil. The Revolutionary Guards boarded and took control of the two vessels in the Gulf on May 27, citing "violations", which Greece condemned.

The two countries signed deals to develop two gas pipelines and an oil field along their maritime border, Oman's energy minister Mohammed al-Rumhi said Saturday. The agreements were "related to the development of the two gas pipeline projects linking the two countries and the Hengam oil field," said the minister.

Major oil producers led by Saudi Arabia and Russia on Thursday decided to open taps wider than expected amid soaring prices and hard on the heels of an EU ban on Russian oil imports. Analysts had expected OPEC+ producers to stick to their policy of modest output increases, as they...

Crude price rise will potentially lead to a greater surplus in local govt budgets, which can be used for construction and development investment, Gary Tracey of JLL tells TRENDS.

European Union leaders agreed on Monday to ban more than two-thirds of Russian oil imports as part of the sixth package of crippling sanctions on Moscow. Media reports said OPEC was considering whether to remove Russia from an agreement that has locked producers into limited output increases.

Iraq's State Organization for Marketing of Oil (SOMO) has said it approached France about the possibility of Iraq's supplying the European market with oil. The Organization's General Manager Alaa Al-Yasiri said that French parties concerned with the possibility of being supplied with oil have been addressed but gave no further...

Jordan's oil bill went up by 49.1 percent in Q1 2022, compared to the same period in 2021, the Department of Statistics (DoS) said Monday. The report said the value of the oil bill in Q1 2022 increased to JD761 million compared to JD510 million in the same period of...

The Group's revenue was AED 169.4 bn, up 24.5 percent.

The two Gulf countries score high consistently on all seven parameters used to measure the status of an economy.

Japan Friday for the first time joined fellow members of the Group of Seven industrialised nations in pledging to end public financing for fossil fuel projects abroad by the end of the year to help combat global warming. "We commit to end new direct public support for the international unabated...

Saudi Arabia's non-oil exports surged to $7.52 billion in March 2022, according to  the General Authority for Statistics, also known as GASTAT. Non-oil exports excluding re-exports rose by 22.4 percent year-on-year. On a monthly basis, non-oil exports also grew by S3.2 billion, or 12.8 percent. Oil exports, which includes crude...

Tehran and Moscow are seeking to expand cooperation in energy and trade, officials said Wednesday, as Russian Deputy Prime Minister Alexander Novak visited Iran. Both countries have huge oil and gas reserves but are constrained by sanctions imposed by the West that limit their ability to export their resources. Novak...

The three firms will create green hydrogen and sustainable aviation fuel.

Appearing by video link, Zelensky delivered the headline speech to the first World Economic Forum to be held in the Swiss Alps in more than two years after the Covid pandemic derailed the event. The war is dominating the four-day meeting of the world's business and political elite.

Iraq's financial reserves are expected to reach $40 billion in case the current fiscal year ends without enacting a budget law, according to Mazhar Muhammad Salih, advisor to Iraq's Prime Minister Mustafa al-Kadhimi. Local media reports quoted Salih as saying that "it is not possible to pass any law by...

Iraq's Finance minister said during a Television interview, "Iraq will have a surplus of the difference in selling oil, up to 20 billion dollars," stressing that "in light of the current financial abundance, it is unlikely to resort to borrowing."

Saudi Arabia's supply of oil to China has soared 38 percent in April, hitting the highest monthly volume since May 2020.

Qatar on Wednesday said it plans to invest an additional $5 billion in Spain on the second day of a state visit by its emir, Sheikh Tamim bin Hamad Al-Thani. "The volume of investments agreed upon with the Spanish side amounts to $5 billion in various sectors," said Qatari Foreign...

New data from the Joint Organisations Data Initiative (JODI), a Riyadh-based international collaboration to improve the availability and reliability of data on petroleum and natural gas, shows that global oil demand surpassed pre-pandemic levels in March, while production of crude oil was stuck at 97 percent of the level before...

The IEA said "steadily rising" output from the United States and Middle Eastern members of the OPEC+ oil cartel will help offset losses from Russia.

ADQ will work with the Hellenic Development Bank (HDB), the national development bank of Greece, and Hellenic Development Bank of Investments (HDBI), the Sovereign Fund of Funds of Greece.

The embargo on Russian oil, which is part of a sixth package of EU sanctions under discussion, is being resisted by some member states that rely on Russian oil to keep their economies running and are seeking guarantees of alternative sources.

The UN will ask for $80 million in donations in order to remove nearly a million barrels of oil on a stranded supertanker off the coast of Yemen.

The Indian rupee plunged to an all-time low against the greenback on Monday, as US monetary policy tightening roiled sentiment and foreign investors continued to dump domestic stocks. The rupee fell past its previous record low of 76.98 against the US dollar in March to 77.56 on Monday.

Oil prices continue to spike, beefing up energy companies.

The G7 club of wealthy nations committed Sunday to phasing out its dependency on Russian oil and issued a scathing statement accusing President Vladimir Putin of bringing "shame" on Russia with his invasion of Ukraine. The statement from the Group of Seven -- France, Canada, Germany, Italy, Japan, Britain and...

In a week truncated by the Eid holidays across the Middle East, stocks on the UAE exchanges shed gains, while there was no trading in Saudi Arabia because of Eid al-Fitr.

US giant ExxonMobil announced in April the discovery of three new oil deposits in Guyana, raising estimates of the country's oil reserves to the equivalent of 11 billion barrels. Those discoveries fueled Guyana's existing border dispute with Venezuela, which wants to explore territorial waters claimed by both countries.

Brazilian President Jair Bolsonaro has criticized it for rising fuel prices.

Saudi Arabia, Russia and other key producers agreed to adjust upward the monthly overall production by 0.432 mb/d for the month of June. Prices had soared on Wednesday, with Brent North Sea crude closing above $110 a barrel.

Financial institutions are exposed to significant risks posed by depleted and contaminated water supplies, a report released by non-profit Carbon Disclosure Project (CDP) and Planet Tracker said. The analysis, the first-of-its-kind, shows how global companies in key industries are already losing billions as a result of the global water crisis....

The two countries are said to have discussed ways to ‘overcome’ the effects of US sanctions against both nations.

European Union ministers met Monday to respond to Russia cutting gas supplies to Poland and Bulgaria -- and discuss plans for a possible oil embargo to punish Moscow for invading Ukraine. The energy ministers from the 27 member states were coordinating efforts to counter what Brussels has branded the Kremlin's...

The preliminary results come after the world's biggest oil exporter resisted US entreaties to raise output in an attempt to rein in prices that have spiked since the Ukraine war began.

The latest sign of support follows a visit to Saudi Arabia by new Prime Minister Shahbaz Sharif, who has inherited a crippling national debt, galloping inflation and a feeble rupee.

The main Saudi index had a variable week, the Abu Dhabi exchange suffered a slight decline, while, the main index in Dubai closed unchanged.

Oil is the lifeblood of the North African country trying to move past a decade of conflict since the fall of dictator Moamer Kadhafi in 2011. But since mid-April Libya's two major export terminals and several oil fields have been held hostage to the country's latest political schism.

The oil giant acquired shareholding from Mubadala Investment Company.

The US said Wednesday it was "deeply concerned" about an ongoing closure of key oil installations in Libya, calling for the shutdowns to end "immediately". "The United States is deeply concerned by the continued oil shutdown, which is depriving Libyans of substantial revenue," the US embassy in Tripoli said.

The International Monetary Fund's 2022 growth forecast for the region, which includes Arab countries and Iran, was forecast at 5.0 percent, up from the 4.1 percent prediction for this year made in October.

Against the backdrop of mounting concerns about the supply of crude oil, the stock markets in Saudi Arabia and the UAE remained subdued this week.

Italy is ethically obliged to stop buying Russian gas "soon" as the payments are funding the Ukraine war, the country's Ecological Transition Minister Roberto Cingolani said in an interview Thursday. The minister is currently on a two-day trip to Angola and Congo Republic seeking energy deals as Italy scrambles to...