Dubai, UAE - The UAE’s GDP is expected to double in 2024 to 4.8%, up from 2.4% year-on-year in 2023, according to the latest Economic Insight report commissioned by ICAEW and compiled by Oxford Economics. While near-term growth may face constraints due to OPEC+ production quotas, the UAE's higher reference...

Dubai, UAE - An agreement to "transition away" from fossil fuels may be a landmark moment but don't expect quick changes among the major producers of the Gulf, where the deal was hammered out. After the UN's COP28 climate talks in Dubai, Saudi Energy Minister Prince Abdulaziz bin Salman immediately played...

Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up prices, the IEA said on Thursday. The OPEC+ cartel, led by Saudi Arabia and Russia, has been restraining production to maintain prices but the latter have recently slumped due to...

COP28 has debated a historic first-ever global "phase-out" from oil, gas and coal, the main culprits in a planetary crisis of warming. A draft put forward on Monday by COP28 president Sultan Al Jaber fell well short, instead presenting reductions in fossil fuels as one of several options.

Colombia, whose left-leaning government has aggressively promoted environmentalism, warned that COP28 was also failing on raising financing for countries to adapt to the effects of climate change. If countries block "goals on adaptation but at the same time oppose the phase out fossil fuel, they need to be held accountable....

Dubai, UAE - The OPEC oil cartel said Saturday there was no "single solution" to the energy transition as pressure grows to agree a phase-out of fossil fuels at the COP28 climate talks. "There is no single solution or path to achieve a sustainable energy future," said a speech by OPEC secretary...

Despite efforts by the OPEC oil cartel to block any text targeting fossil fuels at COP28, Chinese envoy Xie Zhenhua told reporters that "some progress" has been made on the issue. "If we do not resolve this issue, I don't see much chance in having a successful COP28," he said.

Dubai, UAE--The head of OPEC has urged members of the oil cartel to reject any deal at UN climate talks in Dubai that "targets" fossil fuels instead of emissions, according to a letter seen Friday by AFP. In the letter sent Wednesday, OPEC Secretary General Haitham Al Ghais said he...

In a note to the UN Secretary-General Antonio Guterres and UN Climate Change body, shared with AFP, climate scientists from the Potsdam Institute for Climate Impact Research (PIK) and Exeter University said there was very little room for anything but a total phase-out of fossil fuels.

Climate campaigners have viewed Jaber with deep suspicion due to his position as the head of UAE national oil firm ADNOC, but he has sought to assure sceptics by stating that a phase down of fossil fuels was "inevitable".

The investment opportunities are being explored in offshore gas projects.

RIYADH, SAUDI ARABIA - Saudi Arabia’s real gross domestic product (GDP) fell by 4.4 percent year-on-year (YoY) in the third quarter of 2023, data issued by the General Authority for Statistics (GASTAT) showed.  The real seasonally adjusted GDP eased 3.2 percent quarter-on-quarter (QoQ) in the three-month period.  Non-oil activities increased...

Russian President Vladimir Putin's visit to Riyadh underscores the deepening economic and diplomatic relations between the two countries.

The announcement comes one year after the Gulf kingdom, the world's biggest crude exporter and the Middle East's largest economy, recorded its first budget surplus in nearly a decade in the wake of Russia's invasion of Ukraine which led to a boom in oil prices.

LONDON, UK - A Western price cap imposed a year ago on Russia's oil has had limited success with Moscow increasingly finding ways to deliver crude at prices above the $60 limit. The cap, jointly imposed on December 5, 2022 by the European Union, Australia and the Group of Seven rich...

A tentative "phasedown/out" was included in a first draft of an agreement on climate action that delegates are haggling over during talks that are scheduled to finish on December 12. But Energy Minister Prince Abdulaziz bin Salman told Bloomberg that Saudi Arabia, the world's biggest oil exporter, would not agree.

Dubai, UAE--The COP28 Presidency Saudi Arabia have launched a landmark Oil and Gas Decarbonisation Charter (OGDC), a global industry charter dedicated to speeding up climate action and achieving high-scale impact across the oil and gas sectors. To date, 50 companies, representing more than 40 percent of global oil production have...

Among the host country's guests are Bill Gates and Antoine Arnault, the son of LVMH boss Bernard Arnault, the second richest man in the world after Elon Musk, according to Forbes magazine.

Western energy firms are the usual suspects when it comes to criticism about the sector's role in climate change, but a less visible lineup of powerful state companies dominates the industry. They will all share the limelight at the UN climate talks that opened Thursday in Dubai, as COP28 president...

Vienna, Austria - Major producer Brazil will join OPEC+ from next year, the oil cartel announced on Thursday. Brazil is among the world's top 10 producers and has been the largest oil producer in Latin America since 2016. Its crude production hit a record 3.7 million barrels per day in September,...

Saudi Arabia will extend its voluntary cut of 1 million barrels per day. The latest Saudi cut is in addition to the voluntary cut of 500,000 barrels a day previously announced by the Kingdom in April 2023, which extends until the end of December 2024.

Fujairah, UAE - High in remote mountains in the oil-rich Emirates, a new plant will soon take atmospheric CO2 and pump it into rock -- part of controversial attempts to target planet-heating emissions without abandoning fossil fuels. Using novel technology developed by Omani start-up 44.01, the solar-powered plant will suck carbon...

Abu Dhabi, UAE -- The financial sector in the UAE has experienced a surge of 30 percent in the second quarter of this year. Forecasts predict a continued upward trajectory, with an expected annual growth rate of 13 percent in 2023, according to a senior economic official. Addressing attendees at...

Stock markets were mostly in wait-and-see mode as investors eyed the release this week of key US inflation data that could guide Federal Reserve plans for interest rates. Oil prices slid nearly two percent before cutting their losses as dealers awaited a delayed meeting of OPEC and its allies to...

As global temperatures tick higher, with this year on course to be the hottest on record, the UAE is changing its building designs and urban planning to create cooler living environments, even outdoors, Almheiri said.

Manama, Bahrain-- Bahrain and the European Union (EU) have held discussions to boost cooperation in various domains, including the energy sector. In this regard a meeting took place in Manama between Dr. Mohammed bin Mubarak Bin Daina, Minister of Oil and Environment and Special Envoy for Climate Affairs and Christophe...

Paris, France - The president of a pivotal UN climate summit defended on Saturday the large presence of industry representatives at the negotiations, saying private sector engagement was essential to curb global heating. "Everyone needs to be part of this process and everyone needs to be held responsible and everyone needs...

Paris, France--Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate crisis fuelled in large part by their core products, according to a major new special report from the IEA. The report shows how the industry can take a more responsible...

Dubai, UAE -- Saudi Arabia’s oil exports fell by 17.1 percent (SAR 17.2 billion or $4.58 billion) in September, mainly leading to the 17.1 percent fall in overall merchandise exports to SAR 103.8 billion, from SAR 125.3 billion in September 2022.   The share of oil exports in total exports increased...

Both main crude contracts slipped more than one percent on news that the much-anticipated gathering of the major producers would be put back by four days to November 30. Reports said the decision was made after Angola and Nigeria pushed back at lower targets urged on them, with Saudi Arabia...

Paris, France--The International Energy Agency on Thursday called on oil and gas companies to devote half of their investments to clean energy by 2030, urging them to face a "moment of truth" at next week's COP28, the largest UN climate change conference ever held. The IEA urged producers to make the...

The current output strategy by OPEC+ that saw nine members led by Riyadh to cut production in recent months to boost prices has failed to bring about lasting recovery. Some analysts have pointed to possible discord between top crude oil producers Saudi Arabia and Russia.

Texas, US--Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply front, with the OPEC+ producers group expected to discuss output cuts and U.S. crude stocks forecast to show a big build-up. Brent crude futures fell 3 cents, or 0.04%, to...

Two years after attaining statehood, the world's newest nation collapsed into a civil war that claimed 400,000 lives before a peace deal birthed a power-sharing government in early 2020. But many of the milestones of that pact have been missed, and key conditions paving the way for free and fair...

A report by S&P Global Ratings forecasts improved fiscal positions due to higher oil prices, fiscal consolidation and a robust non-hydrocarbon activity.

Manama, Bahrain-- Bahrain and Russia have held discussions to enhance cooperation in various fields of the two countries' economies. In this regard, Dr. Mohammed bin Mubarak Bin Daina, Minister of Oil and Environment and Special Envoy for Climate Affairs, met Roman Panov, the President of the Russian GEOTEK company, a...

Germany's Urgewald, along with 50 other NGOs, analyzed the investment plans of 1,623 companies involved in the oil and gas industry - representing 95 percent of global hydrocarbon production. Urgewald estimates that 539 companies -- including Saudi Aramco, QatarEnergy and Russia's Gazprom are preparing to produce an extra 230 billion...

Vienna, Austria--The UAE's non-oil economic activities continued to see robust performance and are expected to extend healthy development into 2024, the Organisation of the Petroleum Exporting Countries (OPEC) said. In its OPEC Monthly Oil Market Report for November 2023, the organisation anticipated the upward trend in non-oil activities to continue...

Nairobi, Kenya -- Nations grappling with the plastic "suffocating" nature and leaching into food and the human body began fresh negotiations on Monday toward a UN treaty to tackle the growing problem. Some 175 countries agreed last year to conclude by 2024 a binding agreement to combat the plastic pollution...

The EBITDA increased by 28% YoY to $303 million in the third quarter.

Riyadh, Saudi Arabia - Saudi Arabia said on Thursday that policies to address climate change should not "crush the bones" of countries grappling with energy poverty, ahead of the COP28 climate talks in Dubai. Speaking at a conference on economic cooperation with Africa, the Gulf kingdom's energy minister Prince Abdulaziz bin...

The emergency meetings of the Arab League and the Organization of Islamic Cooperation come after over one month of Israeli bombardment has killed more than 10,000 people in Gaza, many of them children, according to the Hamas-run health ministry. With Israel's leaders rebuffing talk of a ceasefire until the captives...

Brent crude, the main international contract, briefly dropped more than 2 percent to hit $79.80, before bouncing back above $80 per barrel. Meanwhile, the main US contract, WTI, slumped as far as $75.44 per barrel, also hitting its lowest level since July.

Abu Dhabi, UAE -- AD Ports Group (ADPORTS) has purchased 10 offshore vessels for $200 million that will bolster offshore operations in the Middle East and Southeast Asia. The investment in the diversified fleet with an average age of around nine years is significantly less than the industry average. All...

The oil giant posted a 23% drop in profits for Q3 to US$32.58bn.

Hong Kong, China - Markets rallied again Monday following another strong performance on Wall Street, as below-forecast US jobs data fanned optimism that the Federal Reserve had reached the end of its interest rate hiking cycle. After a tough year for traders, the bank's decision last week to pause on monetary...

Moscow, Russia - Russia will continue additional voluntary oil export cuts by 300,000 barrels a day until the end of the current year, Russian Deputy Prime Minister Alexander Novak said on Sunday, Russian news agency TASS reported. "Russia will continue additional voluntary decrease of supplies of its oil and oil...

Riyadh, Saudi Arabia -- Saudi Arabia has announced it will continue the voluntary cut of one million barrels per day, which went into implementation in July 2023 and was later extended until the end of December 2023. The Kingdom’s production in the month of December 2023 will be approximately 9...

Dubai, UAE - Middle East powers should maintain their push to de-escalate the region through trade and economic ties despite the Israel-Hamas war, a senior United Arab Emirates official said on Saturday. The sudden flare-up in Gaza, after a deadly attack by Hamas, follows a period of fence-mending in the region including...

The company announces a buyback of shares worth $3.5bn.