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

The results driven by higher oil prices and a recovery in worldwide demand, supported by the global easing of COVID-19 restrictions.

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.

The French firm, formerly called Total, will now build four power projects in Iraq.

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.

Environmentalists had voiced anger over the plan to ship Emirati crude to Israel's Red Sea port of Eilat.

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.

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 produced 2.485 million barrels per day or bpd of crude oil in July, according to OPEC’s latest monthly report.

This is on the lines of the $12.4bn it got from the oil pipeline deal.

The US Department of Treasury said the sanctions are on ‘individuals and businesses’ involved in a network that smuggled oil out of Iran.

US national security adviser Jake Sullivan has criticized the world's major oil producers over their production speed.

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 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 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.

The companies that attended the Saudi workshop were from fields including innovation, technology, space, research, and development.

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.

The United States is planning a crackdown on Iranian oil sales to China in violation of its sanctions

Energy Minister Abdulaziz bin Salman has said Saudi Arabia will pump out “every last molecule” of oil it has

Iran has started exporting crude through its first terminal in the Gulf of Oman, bypassing the Strait of Hormuz to the north

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.

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.

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.

Major OPEC producers Saudi Arabia and the United Arab Emirates have reached a compromise in a standoff over crude output quotas.

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 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...

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...

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...

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 believes rollouts of more vaccination against Covid around the world could boost economic activity and demand for oil

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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 market

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...

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  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...

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 employs some 2.3 million migrant workers in a total population of 2.6 million

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...

*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...

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...