Saudi Arabia will see a strong economic growth in the fourth quarter of 2021, due to a high oil production not seen since April 2020.

The OPEC+ alliance led by Saudi Arabia and Russia had so far resisted US-led pressure to significantly boost output to rein in surging energy prices.

The OPEC+ alliance led by Saudi Arabia and Russia has so far resisted US-led pressure to significantly boost output to rein in surging energy prices.

The company announces a significant rise in oil and gas reserves.

The Organisation of the Petroleum Exporting Countries (OPEC) marked its 5th anniversary of the historic ‘Vienna Agreement’ on Tuesday. The agreement, reached at the 171st Meeting of the OPEC Conference held on 30 November 2016 in Vienna, built on the successful ‘Algiers Accord’, reached in Algiers, Algeria, on 28 September...

A mild recovery from the previous two days' steep losses was turned on its head in the region on Tuesday after Moderna head Stephane Bancel told the Financial Times that existing vaccines might not be as effective against the new Covid strain owing to its multitude of mutations.

With little oil but the most diversified economy in the Gulf, Dubai has gone from a fishing village to a major financial, transport and media hub in the space of a few decades. Known for its glitzy shopping centres and its forest of skyscrapers, it has become a major tourist...

Iraq's oil Minister Ihsan Abdul-Jabbar has said that Iraq has worked on a vision that emphasizes the importance of finding a balance in the energy market, ahead of the new OPEC + meeting next month to study market conditions. "Iraq is a major member of OPEC and we have repeatedly...

The head of the IEA has called on OPEC and its allies to take measures to help bring oil prices down to ‘reasonable levels’.

Consumption of electrical energy is increasing by 10 percent annually in Iraq, which necessitates a robust distribution network, said the French company Schneider Electric. Schneider has signed an MoU with Iraq's Ministry of Electricity for the development of the electric power distribution network in the country, local media reports said....

Consumption of natural gas rebounded fast — driven by industrial production — boosting demand at a time when supplies were relatively low. Energy supply, however, apparently reacted slowly to price signals due to factors like labor shortages, maintenance backlogs, longer lead times for new projects, and lackluster interest from investors...

This week’s TRENDS Explainer Video highlights how economic growth looks like in the Arab countries this year as per the latest IMF report.

AIQ  and Baker Hughes have entered into an agreement to develop advanced analytics solutions for the global oil and gas industry.

Iraq is expected to scale up its oil exports to 3.4 million barrels per day in the first quarter of 2022. Ihsan Abdul Jabbar, the Iraqi oil minister, was quoted by the Iraqi state news agency as saying.

Abu Dhabi's national oil company announced Tuesday a $6 billion investment in crude oil drilling as it ramps up production capacity. The announcement comes a day after the United Arab Emirates (UAE) said a recent UN climate summit in Glasgow was a "success" but that the world needs to keep...

In oil exporting countries, the fiscal deficits in 2020 will be replaced by large surpluses in 2021 and 2022, mainly in GCC. If oil prices average US$ 81/b in 2022, fiscal balances in Saudi Arabia, the UAE, Qatar, Iraq, and Oman are projected to be higher than 3% of GDP.

The total revenue is 11 percent higher than the same period last year.

Saudi Arabia's GDP has risen by 6.8 percent in the third quarter of 2021 compared to Q3 2020, according to the kingdom's General Authority for Statistics (GASTAT). The authority attributed the growth to an increase in oil activities by 9 percent as a result of the rising global demand for...

Merely producing great quantities of oil or having a shortage does not dictate whether a country will have the cheapest or costliest gasoline.

Compared to the growth of only 0.7 percent in the second quarter of this year, Saudi Arabia's economy is likely to have grown by about 5.7 percent in the third quarter. The spurt in growth is thanks to a robust hydrocarbon sector output, London-based Capital Economics said in a report...

The UN barometer of world food prices has surged to a new peak, reaching its highest level since July 2011, the UN Food and Agriculture Organization (FAO) announced. The FAO Food Price Index, which tracks the international prices of a basket of food commodities, is up 3.9 percent from September,...

Basra province gets only 1 trillion dinars out of the total Iraqi budget of 130 trillion Iraqi dinars ($89 billion), according to deputy governor Dorgham al-Ajwadi.

This is despite pressure from big consumer nations to open up the taps much more decisively amid soaring prices. The producers led by Saudi Arabia and Russia in the so-called OPEC+ will add 400,000 barrels per day in December, they said.

Major coal, oil and gas funders China, Japan and South Korea were absent from the pledge. The IEA says that to keep 1.5C in play there must be no new fossil fuel projects.

The dispute pertains to an incident from last week involving a Vietnamese-flagged oil tanker in the Sea of Oman.

Not only is the kingdom ramping up oil production, it is also making a major play for the trillion-dollar emerging industries touted as a route to cleaner air.

Libya had been mostly off-limits to tourists throughout the four-decade rule of Moamer Kadhafi

Eni of Italy has discovered three new oil and gas wells in Egypt, according to the Egyptian Ministry of Petroleum.

Eight oil storage tanks and five other tanks for oil and chemical products were damaged and were leaking, while the transformer of the power supply system was also knocked out.

Prince Abdulaziz bin Salman said new processes enabling capture and reuse of carbon were key to the kingdom achieving net zero.

The United Arab Emirates’ minister of state, Sultan Al-Jaber, said that the world needs to accept that global energy transition will take time.

ACWA Power has said it plans to end investment in non-renewable projects in its endeavor to reach net zero by 2050. Riyadh-based ACWA, the only listed company with big renewable energy and hydrogen projects in the pipeline, is 44 percent owned by Saudi Arabia's sovereign wealth fund PIF CEO of...

The kingdom’s goal is to support small farmers, develop rural agriculture and assist the local development of the food product manufacturing sector, says expert.

The combined current account balance of oil exporters in the GCC region is likely to shift from a deficit of $6 billion in 2020 to surpluses of $165 billion in 2021.

Dubai Civil Defense on Monday, October 18 brought under control a fire that had broken out at an oil waste disposal site in the Jebel Ali Industrial area in Dubai. The fire, which has broken out late in the morning, was brought under control by 2:40 pm.

Russian President Vladimir Putin signaled tolerance of cryptocurrencies, but is still not convinced they can replace the US dollar in settling oil trades.

The region’s average real GDP per capita is forecast to increase by only 1.1 percent in 2021 after declining an estimated 5.4 percent in 2020.

Iraq's relations with Iran have improved since the fall of Saddam and, since 2017, the ties with Saudi Arabia have also become better.

Tehran threatens Seoul with legal action unless it releases more than $7 billion in funds for oil shipments. Iran was South Korea's third-largest Middle Eastern trade partner before the US unilaterally withdrew from a 2015 nuclear deal and reimposed crippling sanctions.

Abu Dhabi-based renewable energy company Masdar on Thursday announced it will develop five solar photovoltaic (PV) projects in Iraq with a combined capacity of 1 gigawatt (GW). The company signed an implementation agreement with Iraq’s Ministry of Electricity and the National Investment Commission to develop a 450-megawatt (MW) plant in...

With an improvement in global oil demand, the World Bank has predicted Saudi Arabia’s average gross domestic product to reach 2.4 percent in 2021 and 3.3 percent the next year.

The market value of Aramco has exceeded $2 trillion after its shares vaulted to their highest level since the start of 2020.

The results are said to be showing signs of economic recovery of Bahrain.

The cartel's world oil outlook goes against the vision of the International Energy Agency, which warned in May that demand must fall over the next decades for the world to meet its climate goals.

Saudi Arabia’s economy will benefit from higher oil prices and its successful COVID-19 vaccine roll-out, ratings agency S&P Global has said as it affirmed the Kingdom’s stable outlook in its latest report.

Khartoum earns revenue for its impoverished economy from the South's oil exports, and the deal came hours after senior government officials flew to Port Sudan, the Red Sea trade hub. Protesters had blocked the main container and oil export terminals in Port Sudan.

The global drop in oil prices, along with the pandemic and related issues, had dealt quite a blow to the Saudi economy.

Electricite du Liban, or EDL, is now capable of generating less than 500 megawatts from the fuel it secured through a deal with Iraq, and even that fuel is not of the correct grade. Iraq signed an agreement in July to allow the cash-strapped Lebanese government to pay for 1...

The Saudi economy, as per IMF, is recovering "well" from the pandemic, estimating the kingdom's non-oil economy will grow by 4.3 percent this year. The Kingdom's GDP, which rose from US$ 701.5 billion in 2020, is likely to hit to US$ 804.9 billion by the end of 2021.

Oman has suffered a sharp decline in its total actual revenues, falling a staggering twenty percent to $22.1 billion in 2020.