Qatar’s Producer Price Index for Feb down 0.33 percent year-on-year
Doha, Qatar -- Qatar's general Producer Price Index (PPI) for the industrial sector for February recorded 114.01 points, showing stability compared to January, but reflecting a decrease of 0.33 percent compared to the same month in 2024. The PPI for the industrial sector is composed of four main sectors: mining...
Oman’s actual revenues fall 20 percent to $22.1bn
Oman has suffered a sharp decline in its total actual revenues, falling a staggering twenty percent to $22.1 billion in 2020.Aramco Q2 net income $25.5 billion, up by 288 percent
The results driven by higher oil prices and a recovery in worldwide demand, supported by the global easing of COVID-19 restrictions.Saudi non-oil revenues jump 206%
The non-oil revenues of Saudi Arabia have increased to US$31 billion in Q2 2021 as against US$10.1 billion in Q2 2020.TotalEnergies inks $27bn deal to power Iraq
The French firm, formerly called Total, will now build four power projects in Iraq.Tehran able to sell oil despite US sanctions, says minister
The US imposed its harshest sanctions on Iran three years ago as Washington, under President Donald Trump, unilaterally abandoned an international nuclear deal that Tehran had with it and five other global powers.Israel mission in Dubai eyes Gulf oil deal
Environmentalists had voiced anger over the plan to ship Emirati crude to Israel's Red Sea port of Eilat.ADNOC emerging as UAE’s FDI magnet
Besides wooing $74 billion investments, the oil giant has helped the country gain the top position in the Middle East on Kearney's FDI index in 2021 after rising four spots globally.Saudi Arabia remains China’s top crude supplier
Although its supply of crude oil fell ten percent on the month, Saudi Arabia still continued to be China’s top crude oil supplier for the ninth month in July, while Russian imports slipped by just 4 percent.Iran’s July oil output rises 28% year on year: OPEC
Iran produced 2.485 million barrels per day or bpd of crude oil in July, according to OPEC’s latest monthly report.Aramco eyes $17bn from gas pipeline
This is on the lines of the $12.4bn it got from the oil pipeline deal.US’ Iran sanctions target Omani man, firms
The US Department of Treasury said the sanctions are on ‘individuals and businesses’ involved in a network that smuggled oil out of Iran.US urges OPEC+ to pump more oil
US national security adviser Jake Sullivan has criticized the world's major oil producers over their production speed.Aramco net income rises to $25.5 billion in Q2
Higher oil prices and a recovery in demand, easing of COVID-19 curbs, vaccination campaigns, stimulus measures, and accelerating activity in key markets also aided in the rise.Iraq looks up to IMF for $4bn loan
Iraq is confident about securing a $4 billion dollar loan from the International Monetary Fund (IMF) after it restarted talks with the world’s top lending institution.Investors expect Aramco to post high profit after strong first half
Investors are waiting with bated breath for Saudi Aramco to post its first half results and the expectation is that the company will post high profits.Saudi Arabia invites more than 80 British companies for business
The companies that attended the Saudi workshop were from fields including innovation, technology, space, research, and development.Saudi Arabia to reopen to vaccinated tourists from Aug 1
The move comes after a 17-month closure due to the coronavirus pandemic. However, Riyadh did not announce any lifting of restrictions on the umrah, the Saudi Press Agency reported.US mulls crackdown on Chinese imports of Iranian oil
The United States is planning a crackdown on Iranian oil sales to China in violation of its sanctionsSaudi Arabia wants to pump ‘every last molecule’ of oil
Energy Minister Abdulaziz bin Salman has said Saudi Arabia will pump out “every last molecule” of oil it hasIran opens oil terminal in Gulf of Oman to bypass Strait of Hormuz
Iran has started exporting crude through its first terminal in the Gulf of Oman, bypassing the Strait of Hormuz to the northUAE, Saudi leaders meet after rift over oil policy
Two key leaders of Saudi Arabia and the United Arab Emirates met in Riyadh on Monday, emphasizing the ties between the neighbors after a public row over oil policy.Deadlock ends: Top oil producers agree on modest output boost
The OPEC+ meeting on Sunday agreed to raise output by 400,000 barrels per day (bpd) each month from August to help fuel a global economic recovery as the pandemic eases.Saudi Arabia to remain stable as oil prices boost economy: Fitch
Thanks to a boost it received from higher oil prices, Fitch has revised its outlook for Saudi Arabia from negative to stable, and also reaffirmed the kingdom’s sovereign ratings.Saudi, UAE reach deal over oil output quotas
Major OPEC producers Saudi Arabia and the United Arab Emirates have reached a compromise in a standoff over crude output quotas.Fuelling troubles: Row puts Gulf powers on diverging paths
A public row between Saudi Arabia and the UAE has exposed the steadily diverging paths of once inseparable allies who are competing to profit from what may be the world's last oil boom. Wrinkles in relationships between the Gulf states are usually resolved behind palace walls, but a fiery debate...Aramco to continue sales of assets in next few years: report
Aramco official says sales to continue irrespective of market conditions The company calls sales a strategy meant to create value and efficiency Saudi Aramco is planning to raise tens of billions of dollars by selling more assets in the coming years, a report said. The largest oil company in the...White House frets anxious about high oil prices
Jen Psaki says there is enough production capacity globally US crude production peaked in Jan 2020 at nearly 13m bpd The White House is worried about the impact of rising oil prices on US consumers but believes producers have ample ability to pump enough crude. “Currently we believe that there...Iraq to build 2,000MW solar power projects in tie-up with a UAE-based firm
The project is the biggest investment in Iraq's renewable energy industry Iraq is planning to build a number of power plants in the coming years Iraq is looking to build solar power projects in central and southern Iraq, with a total capacity of 2,000 megawatts, and it has teamed up...Saudi GDP drops 3% in Q1 as oil sector takes a hit from low output
The main reason for the drop was the 11.7 percent contraction in the oil sector Private sector and non-oil sector report positive growth Saudi Arabia has reported a three percent drop in its Gross Domestic Product (GDP) in the first quarter of this fiscal as the oil sector reported sluggish...Goldman Sachs projects crude oil to touch $80 this summer
Goldman Sachs believes rollouts of more vaccination against Covid around the world could boost economic activity and demand for oilOil prices slip again as jitters persist over demand
The drop was helped by reports that Chinese oil-imports stood at a five-month low China's crude imports were down 14.6 percent in May, from a high level a year earlier Oil prices fell on Tuesday as concerns about the fragile state of the global recovery in...Abu Dhabi to build museums in a $6 billion spending spree on culture
Abu Dhabi to construct museums and patronize sectors like media, gaming in $6 billion spending plan The plan is part of the vision to diversify economy away from oil Abu Dhabi will spend $6 billion over the next five years to construct museums, as well as sectors such as...Oil rises to $72 for the first time in 2 years as demand soars
Also boosting oil this week was a slowdown in talks between the United States and Iran over Tehran’s nuclear program, which reduced expectations for a rapid increase in supply of Iranian oil to the marketExpats leave Oman in droves as country struggles to contain unemployment
Some 200,000 expats leave Oman as country wrestles with rising unemployment The Coronavirus pandemic and low oil prices last year drove the exodus Some 200,000 foreign workers left Oman in a year as the coronavirus pandemic and low oil prices dealt a blow to Omani economy, and the country now...Iraq’s oil revenue rises to $6 billion in May
Iraq got a boost from high oil prices as it made some $6 billion in oil revenues. The country is looking to buy from ExxonMobil a 32 percent stake in an oilfield The economy of Iraq received a boost from oil revenues when the country made some...Cummins’ marine segment gains from a spike in oil price
Marine segment is a critical market for Cummins in the region Cummins offers both commercial and recreational marine diesel engines, marine application engineering services and a global parts and service network Cummins’ marine segment has been bolstered by a spike in the oil prices in the Middle East, where...Total rebrands as TotalEnergies, adopts new visual identity
TotalEnergies is a broad energy company that produces and markets energies on a global scale The new name and new visual identity embody the new course TotalEnergies has charted for itself Global oil major Total has announced that it has won approval at the Ordinary and Extraordinary Shareholders’ Meeting to...Qatar is the go to place for migrants workers looking for a decent life
Qatar employs some 2.3 million migrant workers in a total population of 2.6 millionSaudi companies spend 7% of the country’s GDP on Capex
Saudi companies invested around $47 billion in 2020 on their Capital Expenditure The move to leverage opportunities to diversify economy away from oil Saudi listed companies invested more than 177 billion riyal (around $47 billion) in 2020 on their Capital Expenditure (CAPEX), which was equivalent to 7% of Saudi’s GDP...Equinor partners with Algeria’s Sonatrach for oil, gas exploration
*MoU includes possible cooperation in greenhouse gas emissions, carbon management *Equinor involved in the development and production of two gas fields in Algeria Norwegian energy giant Equinor has partnered with Algeria’s state-owned oil company Sonatrach to examine cooperation in global oil and gas exploration and production. The memorandum of understanding...Bahrain on path of reforming public, private entities
Newly discovered oil and gas reserves announced last month by Bahrain open massive economic opportunities for the kingdom at a challenging time in the region. Simon Galpin of the Bahrain Economic Development Board detected an immediate “boost in confidence” both among domestic consumers and would-be foreign investors. Bahrain’s current oil...