Following record highs in 2023 for the likes of Paris, Frankfurt and Tokyo, investors are predicting more gains as central banks prepare a series of interest-rate cuts as inflation cools. Oil prices rallied 2.5 percent on supply concerns after Iran dispatched a warship to the Red Sea in response to...

Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points, a decrease of 1.95 percent compared to October 2023. On Y-o-Y basis, PPI of November 2023 showed a decrease of 17.36 percent.The main four industry sectors by weight are "Mining"...

The production started at the first well in the Gulf of Suez.

ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following fluctuations in the global oil market.This change reflects a continuous trend observed in the fuel prices over the past few months, with September and October witnessing increases and November and...

Riyadh, Saudi Arabia - Saudi EXIM Bank signed line of credit agreements worth $51 million with Türkiye Finans Katılım Bankası A.Ş. and Albaraka Türk Katilim Bankasi A.S. The agreement is likely to help boost trade between the two countries and facilitate the flow of Saudi non-oil exports to the Turkish...

"My country, always at the request of the Iraqi authorities, will support the unity, sovereignty and stability of Iraq," said Sanchez during a press conference with Iraqi Prime Minister Mohamed Shia al-Sudani. Spain has deployed more than 300 soldiers as part of an international anti-jihadist coalition and NATO's mission in...

QatarEnergy will supply 18m barrels of crude oil per year to Shell.

After President Vladimir Putin sent troops to Ukraine in February 2022, Western countries hit Russia with a slew of sanctions including a European Union embargo on its seaborne oil deliveries. As it was losing much of its market share in Europe, Moscow pivoted to other buyers including China.

Manama, Bahrain--National accounts estimates issued by the Information eGovernment Authority of the Kingdom of Bahrain showed that the real GDP of the Kingdom increased by 2.45% at constant prices and by 1.09% at current prices during the third quarter of 2023 compared to the same period in 2022.Bahrain News Agency...

Doha, Qatar-- Inflation in Qatar is expected to fall in 2024, according to Ali bin Ahmed Al Kuwari, the Minister of Finance.In a press conference on Thursday, the minister said that the inflation witnessed in Qatar in 2023 was temporary and associated with a specific period and reasons, such as...

Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum Exporting Countries and its ten allies have struggled to boost flagging prices. Moreover, the wider OPEC+ group faces pressure on multiple fronts, as rising US crude production, a looming transition...

The bank stated in a report released today that the overall GDP for the country is expected to grow by 3.1 percent in 2023. The report anticipates a non-oil GDP growth of 5.9 percent in 2023 and 4.7 percent in the following year, while estimating the oil GDP growth at...

Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price of $60 per barrel for 2024 instead of $65 per barrel in 2023, based on the international institutions estimates for oil prices in 2024, and the conservative estimates for oil...

Founded in 1960, the 13-member OPEC cartel in 2016 partnered up with 10 other producers to form OPEC+ to gain more clout. But the group's enlargement has proven to be "a double-edged sword", noted Ozkardeskaya, with decision-making becoming more difficult.

Oil prices shot up three percent as more companies suspended shipping through the Red Sea following attacks on vessels by Yemen's Iran-backed Houthi rebels. US stocks sought to continue last week's rally on expectations the Federal Reserve will cut interest rates next year, though it appears to have lost steam...

Doha, Qatar-- Qatar has recorded a 9.3 percent drop in the Industrial Production index (IPI) in the month of October 2023 to 93.1 points, compared to the previous month (September 2023), and decreased by 6.0 percent, when compared to the corresponding month in 2022, according to the Planning and Statistics...

"With great sadness and sorrow, we mourn... the death of Sheikh Nawaf al-Ahmad Al-Sabah, Emir of the State of Kuwait," said a statement aired on Kuwaiti state television. In November, Sheikh Nawaf was admitted to the hospital "due to an emergency health problem", according to the official KUNA news agency.

Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital inflows, and reform implementation, the International Monetary Fund (IMF) has said.A comprehensive package of policies should be implemented to respond to near-term shocks and uncertainty and to firmly address medium-...

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 down...

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 general...

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 was...

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 by 3.5...

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 countries,...

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 signed...

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, a near...

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 dioxide...

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 the...

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 Varno,...

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 to...

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 approach...

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 from...

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 "pivotal...

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.