Decline attributed to lower prices for base oils, secondary products.

Istanbul, Turkey--The commodity markets saw supply concerns and rises by optimism from China, despite the negative impact of the Fed's announcements, sanctions, and ongoing geopolitical risks.Uncertainties as to when the Fed will start cutting interest rates persist, and the minutes of last week's Federal Open Market Committee (FOMC) meeting showed...

Oil spills in Iraq -- a country ravaged by decades of conflict, corruption and decaying infrastructure -- have contaminated farmland in the northern province, especially during the winter rains.

Rivals' challenge to the control of a key oil asset can derail the acquisition.

BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock oilfield in the Bohai Sea.According to China Central Television, the Bohai 26-6 oilfield, situated approximately 170 kilometers from Tianjin Municipality, has recently confirmed an unprecedented volume of oil and gas...

Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion standard cubic feet of gas have been proven at Saudi state oil company Aramco's Jafurah field, in addition to 2 billion barrels of condensates.Reserves at Jafurah had reached 229 trillion...

Abu Dhabi, UAE -- The economies of the UAE and Gulf countries will outpace the global forecast for 2024, helped by the domestic multi-year investment cycle in the region, a report says.Despite recent geopolitical headwinds and muted global recovery, national and regional growth is expected to be driven by the...

Riyadh, Saudi Arabia - Saudi Arabia's trade surplus remained stable at SR97 billion ($25.8 billion) in the fourth quarter of 2023 sustaining a level comparable to the previous quarter. According to recent data from the General Authority for Statistics (GASTAT), the trade surplus in December 2023 was SR39 billion ($10.4...

The company said lower energy prices cut into its profits.

In December, oil exports fell by SAR 13.5 billion or 15.8% to SAR 72 billion ($19 billion) from SAR 85.5 billion in December 2022. The share of oil exports in total exports decreased from 78.4 percent in December 2022 to 73.1 percent in December 2023.

Tehran, Iran--Iran said Wednesday that Israel was behind twin sabotage attacks against gas pipelines that disrupted supplies in at least three provinces last week.The February 14 explosions hit pipelines in the cities of Safashahr in the southern province of Fars and Borujen in the southwestern province of Chaharmahal and Bakhtiari.Officials...

THE HAGUE, NETHERLANDS -  A Dutch court quashed an appeal by Russia in a record $50-billion case on Tuesday, paving the way for a payment to former shareholders of dismantled oil giant Yukos.The decision is the latest in a legal tug-of-war over Yukos which broke up in the early 2000s after...

Doha, Qatar -- Qatar's Industrial Production index (IPI) in December 2023 reached 95.3 points, an increase of 3.9 percent compared to the previous month (November 2023), and decreased by 4.2 percent, when compared to the corresponding month in 2022.The Planning and Statistics Authority (PSA) has issued the press release of...

ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce within the next 12 to 18 months, subject to three potential catalysts, CNBC reported, citing Citi analysts.Aakash Doshi, Citi’s North America head of commodities research, told CNBC that gold is...

It plans to hike investments in the country to US$5 billion.

"The weakness of yesterday's US retail sales release have given market doves a new lease of life and allowed them to refocus on the likelihood of an early Fed rate cut," Rabobank analyst Jane Foley told AFP.

"As the IEA celebrates its 50th anniversary this week, oil supply security remains as critical as ever," said the agency created half a century ago by the OECD to help rich countries weather the 1970s oil crisis which wreaked widespread economic havoc. "Given heightened geopolitical risks and low global oil...

RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to expand into other forms of energy, the Gulf country's energy minister said on Monday.Oil giant Aramco announced on January 30 that the energy ministry had ordered it to maintain production...

Despite the last COP in the United Arab Emirates ending with an unprecedented call to "transition" away from fossil fuels, an analysis by the NGO Global Witness based on data from Rystad Energy shows that the upcoming COP29 host aims to hike its gas production from 35 billion cubic meters...

London, United Kingdom -- British bank Barclays said Friday it would stop directly financing its energy clients' new oil and gas projects, but still ran into fierce criticism from campaigners who said the moves don't far enough.As part of its updated climate strategy, the bank added it would scale back lending...

Abu Dhabi, UAE-- The UAE's real GDP will grow 5.3 percent in 2024, compared to 3.4 percent in 2023, according to S&P Global Ratings, the world's leading credit rating agency.The credit rating agency in a new report said that UAE banks reported exceptional profits for the full year 2023 due...

Its earnings were US$36.2bn, half of what is was in 2022.

Riyadh, Saudi Arabia - Novak Djokovic and Rafael Nadal will headline a new exhibition tournament in Saudi Arabia, organizers said.The Serb and the Spaniard, with 46 major titles between them, will be joined by Wimbledon champion Carlos Alcaraz and Australian Open winner Jannik Sinner at the 6 Kings Slam.World number three...

It will deliver US$1.75bn in buybacks for Q4 of last year.

The company profit vaulted to US$36bn during the year 2023.

In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more than five million barrels per day (bpd) since the end of 2022. Oil prices were up slightly on Thursday and hovering around $80 per barrel.

The firm posted third consecutive rise in quarterly earnings.

The four engineering, installation and procurement contracts will increase production at the Al-Shaheen oilfield -- the country's largest -- by 100,000 barrels per day, according to QatarEnergy. "By awarding these contracts, we are taking an important step towards realizing the full potential of Al-Shaheen field, which produces around half of...

Tuesday's announcement was not expected to have an immediate effect on production or exports. After a series of oil supply cuts dating back to October 2022, Saudi Arabia's daily output stands at approximately nine million bpd, far below its capacity of 12 million bpd.

Geneva, Switzerland - The World Health Organization said on Monday that nearly half the world's population was now covered by solid rules limiting trans fat in foods and urged lagging countries to catch up.The WHO appealed in 2018 for industrially produced fatty acids in foods to be eliminated worldwide by 2023,...

"The news of three US troops being killed by a drone attack, and President Biden saying 'we shall respond', will likely dial up the market’s focus on the region," Andrew Ticehurst, at Nomura, said. The news comes as Israel presses on with its war against Hamas, adding to investor concerns...

Cairo, Egypt-- Egypt has enough reserves of wheat to last it for many months, according to Dr. Ali Al-Moselhi, the Egyptian Minister of Supply and Internal Trade.The minister said the country's reserves of wheat are sufficient for 4.2 months, oil for 5.3 months, and sugar for 5.4 months.He noted that...

US forces struck an anti-ship missile in Houthi-held Yemen that they said was ready to fire, hours after the Iran-backed rebels caused a fire on a British tanker in the Gulf of Aden. US and British forces have launched joint strikes aimed at reducing the Houthis' ability to target vessels...

Hong Kong--Non-oil foreign trade value between the UAE and Hong Kong expanded in the past year, reaching $16.2 billion in the first 11 months of 2023.According to Dr. Patrick Lau, Deputy Executive Director of the Hong Kong Trade Development Council (HKTDC), the United Arab Emirates has solidified its position as...

It will engage in the import and trading of oil products.

A surge in tech titans including Apple, Amazon, Nvidia and Facebook parent Meta on Friday pushed New York's S&P 500 index to its first new all-time high since early 2022 thanks to bets on lower borrowing costs this year.

Dubai, UAE-- Saudi Arabia's Finance Minister Mohammed Al-Jadaan said the Middle East needs a strong Saudi Arabia to contribute and that the future outlook looked positive despite recent shocks.The minister was speaking at Davos in a session titled "Saudi Arabia: Continuing Efforts towards a More Sustainable Economy". Al-Jadaan said that...

Paris, France - World oil supply will continue to rise this year, the International Energy Agency said on Thursday, as it predicted that demand growth would continue a downward slide throughout 2024.The Paris-based IEA, which advises oil-consuming nations, said it expects increase in global oil demand to halve from 2.3 million...

Qamishli, Syria - Hundreds of northeast Syrian villages and towns have lost power after Turkish strikes pounded electricity stations and infrastructure, the region's semi-autonomous Kurdish administration said on Monday.The Kurdish administration said Turkey launched a slew of strikes since Friday, mostly concentrated on infrastructure including power stations and oil refineries.Turkey said...

Riyadh, Saudi Arabia -- Saudi Arabia’s inflation declined to 1.5 percent in December 2023, compared with 1.7 percent in November, according to recent data by the General Authority for Statistics (GASTAT). The cost-of-living index for December rose to 110.15 points, according to the base year 2018, from 108.53 points in the same month a...

Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company said on Saturday, calling it a "big day for Nigeria".The 650,000 barrel-per-day Dangote refinery could be a game changer when fully operational by helping end Nigeria's reliance on fuel imports.The...

Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive rebel attacks on Red Sea shipping. An analyst at SEB bank said if the US-UK attacks were unsuccessful in destroying Houthi weapons, and oil tankers need to go around Africa,...

Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships in the Red Sea, fueling worries about a wider conflict. Tokyo and European stock markets ended the week with gains as traders brushed off data showing US inflation rose more...

The announcement came hours after a British-navy maritime security agency said armed men boarded the Greek-owned, Marshall Islands-flagged St Nikolas off Oman and changed course towards Bandar-e-Jask in Iran. Four or five "unauthorized boarders are reported to be wearing military-style black uniforms with black masks", the United Kingdom Maritime Trade Operations...

Indian refiners bought 1.45 million barrels per day of Russian oil last month, their lowest amount since last January and down nearly 16 percent from November, according to global energy trade intelligence platform Kpler.

Wall Street indices enjoyed solid gains, including the Dow, which mustered a 0.6 percent advance in spite of an eight percent dive in Boeing shares after an emergency landing on an Alaska Airlines aircraft revived safety worries. "We basically are having a little bit of a bargain hunting today," economist...

Aim is to expand Dragon Oil’s investments in Turkmenistan.

Sheikh Meshal al-Ahmed Al-Sabah, who was sworn in as emir last month, named Sheikh Mohammed Sabah al-Salem Al-Sabah, a popular ex-foreign minister, as the new premier. He replaces Sheikh Ahmed Nawaf al-Ahmed al-Sabah, son of the late emir whose death has raised hopes of a political shift in the country.

"Heightened tensions in the Middle East following a bomb blast at a ceremony honouring a slain general in Iran have led to further risk-off sentiment and rising US yields," said Axel Rudolph, senior market analyst at online trading platform IG.

The Al Wasl field is its first oil discovery in Egypt.