Kuwait: -- The oil and gas sector in Arab countries attracted 610 projects implemented by 356 foreign and Arab companies, with a total investment cost of US$ 406 billion between January 2003 and May 2024.The Arab Investment and Export Credit Guarantee Corporation (Dhaman) stated in its first sectoral report on...

Baghdad, Iraq -- Iraq signed an agreement with British energy giant British Petroleum on Thursday to develop four oil and gas fields in the northern province of Kirkuk.A memorandum of understanding was signed by Iraq's Oil Minister Hayan Abdel Ghani and BP's CEO Murray Auchincloss, Prime Minister Mohamed Shia al-Sudani's media office...

Revenue dropped 8 percent to $98 billion in the same period.

Riyadh, Saudi Arabia -- For Hamed al-Rafidain, a Saudi human resources worker, an electric vehicle offers welcome savings, especially since his other car is a fuel-guzzling four-wheel drive favored by motorists in the desert kingdom.The 39-year-old is part of a small but growing EV consumer base in Saudi Arabia, which hopes...

Investments in H1 2024 led by the top Middle East sovereign wealth funds reached$38.2 billion in 58 different deals, according to industry tracker Global SWF, Zawya reports.The amount invested by the ‘Oil Five’ - Saudi’s PIF, Abu Dhabi’s ADIA, Mubadala and ADQ, and Qatar’s QIA - is more than double...

"More than 10 people were injured, mainly men from the Arbil civil defense," said the Iraqi civil defense in a statement.

Paris, France -- The world is likely to have a "major surplus" of oil by 2030 as production is ramped up while the clean energy transition tempers demand, the International Energy Agency said in an annual report published Wednesday.Global demand is expected to "level off" at 106 million barrels per day...

Riyadh, Saudi Arabia - Oil giant Saudi Aramco said Sunday that international investors had snatched up the bulk of shares sold in its latest offering, which was set to raise $11.2 billion.The secondary offering was expected to provide a short-term boost to Saudi Arabia's finances as the Gulf kingdom builds large-scale...

Bonn, Germany -- The incoming president of the COP29 UN climate summit in Azerbaijan told AFP on Friday that his country would keep increasing fossil fuel production "in parallel" with investments in cleaner alternatives.Mukhtar Babayev defended his country's hosting of the world's most important climate summit despite its surging natural gas...

Oil prices slipped after Saudi-led OPEC and its Russian-led allies said Sunday they would maintain output levels but begin to restore production from October, even as questions about China's economic recovery and a spike in US stockpiles cause investors to fret over demand. Brent, the international benchmark, fell more than...

The firm last Thursday disclosed plans to sell 1.545 billion shares on the Saudi stock market, priced between 26.70 and 29 Saudi riyals ($7 to $7.70). Sunday marked the beginning of the book-building period for investors inside and outside the kingdom, Aramco said in a statement, allowing officials to gauge...

Riyadh, Saudi Arabia - Oil giant Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than $10 billion in one of the biggest such offerings in recent years.In a statement posted to the Saudi stock exchange, Aramco announced a "secondary public offering of 1.545 billion shares",...

Made up of three component units, the huge Al-Zour refinery is one of the biggest in the Middle East. It was officially inaugurated on Wednesday, months after its output reached full capacity of 615,000 bpd. "We have succeeded in reaching an unprecedented refining capacity of 1.83 million bpd both domestically and abroad,"...

Algiers, Algeria - Algeria's state oil company announced Thursday it signed a memorandum with ExxonMobil to develop two gas fields, a move an analyst called "a big step" for the country's energy ambitions.The two companies plan to "study the existing opportunities to develop the hydrocarbon resources in the Ahnet basin and...

Iraq has now become self-sufficient in liquid gas and the surplus is usually exported abroad, strengthening the Iraqi economy.

Despite lower profit, it will pay $31bn in dividends to Saudi government.

The deal involves sponsorship rights for multiple events including the 2026 Men's World Cup and the Women's World Cup the following year. "We are delighted to welcome Aramco to FIFA's family of global partners," FIFA president Gianni Infantino said in a joint statement released by the energy company.

Tehran, Iran - Iran managed to sell an average of 1.56 million barrels per day during the first quarter of this year, primarily to China, data from Vortexa reveals. This marks the highest export level since the third quarter of 2018.The success in oil exports highlights the challenges faced by...

Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business to set up shop. But can the model work to power the GCC economy?

London, United Kingdom -- Wall Street stocks slid on Friday despite banks beating expectations at the start of earnings season as oil and gold prices shot up amid worries about the conflict in the Middle East widening."Geopolitical worries have triggered some risk aversion, but worries about a growth slowdown have presumably...

Kuwait City, Kuwait - Opposition lawmakers maintained a majority in Kuwait's parliament, results showed Friday, after the Gulf state's third parliamentary vote in as many years held just months into the new emir's reign.Opposition candidates won 29 seats in the 50-member assembly, according to results carried by the official KUNA news...

The threat of regional war compounded fears that the Federal Reserve would not cut interest rates as much as previously expected, with the focus now on the release of key US jobs data later in the day. The sell-off followed a plunge across the board on Wall Street.

Vienna, Austria--The participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and its allies, OPEC+, agreed to keep current oil production levels unchanged.During the meeting which took place via videoconference today, the JMMC reviewed the crude oil production data...

Oil prices rose around one percent, with Brent crude closing in on $90 per barrel, as OPEC experts met to discuss extending supply cuts. "Geo-political risks linked to conflict in the Middle East, OPEC supply cuts and better data out of China are helping to drive bullish sentiment currently," said...

Tehran, Iran -- The National Iranian Oil Company (NIOC) has said that shale oil deposits have been discovered in 10 different locations across the country.The director of exploration at the NIOC, Mehdi Fakour, announced that the company's specially designed model will enable the extraction of oil from these resources.Fakour stated...

Non-oil growth to stay robust, bolstered by a strong non-oil GDP growth in the region's two biggest economies, UAE and Saudi Arabia.

Abu Dhabi, UAE -- The Central Bank of the United Arab Emirates (CBUAE) expects the country's Gross Domestic Product (GDP) to grow by 4.2 percent in 2024, rising to 5.2 percent in 2025, while maintaining its estimate for a 3.1 percent growth in 2023.In its quarterly economic review report for...

Tokyo, Japan--The UAE exported 44.1 percent, namely 31.3 million barrels, of Japan's crude oil needs in February 2024, according to the Agency for Natural Resources and Energy in Tokyo.The agency, part of the Japanese Ministry of Economy, Trade and Industry, stated that the amount of crude that Japan imported during...

Amman, Jordan--Jordan's import bill for crude oil, derivatives, and mineral oils saw a notable decline in January this year, according to data released by the Department of Statistics on Tuesday.The figures revealed a decrease in the value of oil imports to the Kingdom, totaling $361 million for January, compared to...

Abu Dhabi, UAE--The Organisation of the Petroleum Exporting Countries (OPEC) has called for increased investments in the oil industry to meet global energy demands and sustain economic growth.According to its secretary general, Haitham Al Ghais, these investments are crucial for ensuring reliable energy supplies for current and future generations.In statements...

The company narrowed losses to $367 million in Q4.

MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the Russian Foreign Intelligence Chief Sergey Naryshkin said.The Russian official made the statement in the documentary "Oil" on the premier online platform.“The ‘hegemon’ has lost a step. It is no longer...

MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of energy flows to the East - growing local markets will be able to "absorb" its supply, Russian Foreign Minister Sergey Lavrov said.Lavrov said this in an interview for the documentary...

An A grade would be potentially aligned with the goals of the 2015 Paris Agreement to limit temperature rise to "well below" 2C and if possible the safer curb of 1.5C. An H grade, according to Carbon Tracker, is the furthest from the Paris goal, with activities and strategy more...

Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current energy transition strategy as a misguided failure on Monday. "In the real world, the current transition strategy is visibly failing on most fronts," Saudi Aramco Chief Executive Amin Nasser said...

Methane emissions from the fossil fuel industry have risen for three consecutive years, according to the International Energy Agency (IEA), hitting near record highs in 2023.

The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields. The deals have been labelled as Iran's "biggest oil contracts in the past decade" that are aimed to add 350,000 barrels per day to the Islamic republic's daily production.

Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western sanctions. In a ceremony broadcast on state TV, the oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields.

Cairo, Egypt -- The European Union, which is seeking to stem the inflow of irregular migrants, announced Sunday a 7.4 billion euro ($8 billion) package of loans, grants and energy cooperation deals with cash-strapped Egypt.It will include billions in loans over coming years and aims to step up Egyptian energy imports...

The oil and gas strike is the first of 2024.

Rising fuel needs of ships rerouted away from the Red Sea also to increase demand, the International Energy Agency said. Commercial ships have been taking longer and costlier journeys around the southern tip of Africa to avoid attacks by Yemen's Houthi rebels in the Red Sea.

This brings the total dividend for 2023 to $717 million.

Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) continued to decline for the 13th month in a row, falling 8.8 percent in January compared to Jan 2022, on the decrease in mining and quarrying activity.Given the relative importance of mining and quarrying activity, which amounted to 61.4 percent...

The oil giant posted a 24.7% fall in net profit to US$121.25bn.

Other parts of the Islamic world may be grappling with their own challenges, from conflicts to high inflation. But many Muslims say their thoughts are with Palestinians this year.

Libya earns around $20 billion per year in net revenues from oil and gas exports, which accounts for around 95 percent of state revenue. Much of this wealth pays for a bloated public sector that employs almost one third of the population, as well as for state subsidies meant to...

Tehran, Iran-- Iran and Russia have agreed to sign new contracts on developing oil and gas fields, according to the oil ministers of the two countries.Iranian Oil Minister Javad Owji held talks with Nikolay Shulginov, the Minister of Energy of Russia, on the sidelines of the GECF Summit in Algeria on...

BAGHDAD, IRAQ – Economic growth of the country is projected to continue amid fiscal expansion, an International Monetary Fund (IMF) team said.The team said that medium-term vulnerabilities to oil price volatility have increased significantly.Growth in the non-oil sector has rebounded strongly in 2023 while inflation receded.Supported by increases in public...

An energy ministry source said Riyadh "will extend its voluntary cut of one million barrels per day, which was implemented in July 2023, until the end of the second quarter of 2024," the official Saudi Press Agency reported. "Afterwards, in order to support market stability, these additional cut volumes will...

Despite being the world's third largest oil producer, Russia has suffered sporadic fuel shortages since last summer amid high demand and repair works on refineries. Wholesale gasoline prices have risen since the start of the year, a problem exacerbated by repeated Ukrainian drone attacks on oil refineries.