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

Tehran, Iran-- Iran has ramped up its oil production to 3.4 million barrels per day (bpd), up from about 2.9 bpd. This was stated by Iranian Oil Minister, Javad Owji, according to whom it is part of the government strategy to boost production. The minister made the remarks on the sidelines...

The bombing campaign by Israel in Gaza has killed more than 8,500 people, two-thirds of them women and children, according to the Hamas-run health ministry.

Abu Dhabi, UAE - Setting up a "loss and damage" fund for poorer nations hit by climate change dominated preliminary talks on Tuesday, one month before COP28 in Dubai where delegates look set to tussle over the future of fossil fuels. Around 70 ministers have gathered since Monday at the Emirates...

The oil giant had posted a net loss of $2.2bn the previous year.

Riyadh, Saudi Arabia -- Saudi Arabia's real Gross Domestic Product (GDP) decreased by 4.5 percent in the third quarter of 2023, compared to the third quarter of 2022, flash estimates by the General Authority for Statistics (GASTAT) said. GASTAT attributed the fall to a decrease in oil activities by 17.3...

London, United Kingdom - Britain on Monday awarded 27 new licenses for oil and gas exploration in the North Sea as it seeks to quickly boost energy security, but the announcement angered environmentalists. The Conservative government has argued that drilling for new oil and gas is necessary to bolster Britain's energy...

Its earnings fell to US$6.5bn, down from $11.2bn last year.

RIYADH, SAUDI ARABIA – The gross domestic product of the Kingdom exceeded US$1 trillion which displays strong progress towards meeting its Vision 2030 targets, a report revealed. Saudi Arabia's non-oil private sector is leading in growth for 2023, having accelerated to 5.8 percent year-on-year (yoy) in Q2 2023 and is...

The French energy firm earned a net profit of $6.7 billion.

Traders tracked a rally on Wall Street that was helped by a strong set of earnings from big-name firms including Coca-Cola, Verizon and 3M that fuelled optimism for the reporting season. Still, geopolitical crises continue to cast a shadow, with a broader war still possible, and many fearing it could...

Oil slid but most world stock markets rose in anticipation of a raft of strong US corporate earnings, even as economic and geopolitical fears still dog sentiment ahead of this week's eurozone interest rate decision. Volatile US Treasury yields had affected stock trading on Monday in the United States.

Chevron last year posted a record profit of $35.5 billion.

Riyadh, Saudi Arabia -- Saudi Arabia’s economy is expected to grow by 3.2 percent on average between 2023 and 2026, while the non-oil sector will likely contribute 3.5 percent on average to the Kingdom’s growth in the same period, Moody’s Investors Service said in a recent report. The National Debt Management...

US and European stock markets mostly fell and oil prices rose as US President Joe Biden prepared for a trip to the Middle East aimed at preventing the Israel-Hamas conflict spreading across the region. Investors also weighed another raft of company earnings and rising interest rates.

Vienna, Austria--The UAE’s economy remains robust, with constant contributions from the non-oil sector, especially from tourism, leisure, and real estate, according to the OPEC’s Monthly Oil Market Report (MOMR) for October 2023. MOMR noted the UAE’s tourism sector, which accounts for more than 16% of the country’s GDP, continued to...

Marrakesh, Morocco-- The war between Israel and Hamas has cast a shadow over the IMF-World Bank annual meetings in Morocco, with warnings on Thursday that it has darkened the outlook for an already sluggish global economy. The global lenders are holding their gathering, which brings together finance ministers and central bankers...

The Paris-based agency, in addition to its analysis and advisory roles, coordinates the release of emergency stocks held by its 31 mostly advanced-economy member nations. A surprise weekend attack by Hamas on Israel has left thousands dead and rattled oil markets amid fears that other nations might intervene and possibly...

Abu Dhabi, UAE-- The UAE and US have reviewed ways to accelerate cooperation in priority sectors such as clean energy, sustainable industrial development and advanced technology – areas where the UAE and US already share a successful track record. The discussion on the boosting of ties came up in a...

This is the company's biggest takeover since 1990 acquisition of Mobil.

In its 2023 annual report, the Organization of the Petroleum Exporting Countries forecasts demand for crude to reach 116 million barrels per day (mbd) by 2045 under its main scenario, a 16.5 percent increase from the 99.4 mbd in 2022. That is an increase of 6 mbd from its estimate...

Doha, Qatar -- QatarEnergy has been awarded a new exploration block offshore Egypt as part of the 2022 EGAS International Bid Round. The results of the competitive bid process were announced by Egypt's Ministry of Petroleum and Mineral Resources, awarding exploration and production rights for block EGY-MED-E8 (East Port Said)...

The Kingdom's production in the coming months November and December will be approximately 9 million barrels per day, the country's energy ministry said. It added the decision will be reviewed next month to consider deepening the cut or increasing production. The additional voluntary cut comes to reinforce the precautionary efforts...

Abu Dhabi, UAE -- Top executives from South Korean companies have affirmed that numerous firms are actively looking to expand and inject new investments into the UAE's oil and gas sector, noting that the UAE is attracting capital seeking unprecedented growth and prosperity opportunities worldwide. In statements to Emirates News...

Algeria's president has named Rachid Hachichi as new CEO.

The contracts were secured in the oil, gas and petrochemical sector.

WASHINGTON, US - President Joe Biden's administration on Friday announced it would auction three new oil and gas leases in the Gulf of Mexico, triggering a furious reaction from environmental groups who said the move would accelerate climate change. Biden, who faces re-election next year, has repeatedly broken his promise made...

The deal will be Aramco's first international investment in LNG.

According to financial daily Handelsblatt, production came to a complete standstill in Wolfsburg and at the company's plants in Emden, Osnabrueck and Zwickau. Offices at the Wolfsburg headquarters were also affected, Handelsblatt said.

The jump in oil prices came in the wake of a a surprising drop in US crude inventories. Oil prices have been trending higher following moves by Russia and Saudi Arabia to limit output. The US futures benchmark, West Texas Intermediate for delivery in November, jumped 3.6% to $93.68 per...

After having forecast a contraction earlier this year in Russia's economy, the European Bank for Reconstruction and Development is now expecting the country's economy to grow in 2023 thanks to rising oil prices. The bank said in May it expected Western sanctions against Russia"to be more effective in constraining the...

New Delhi, India - Army chiefs and senior officers from 30 countries including the United States met in India on Tuesday to discuss threats facing the Asia-Pacific region, in the face of concern at an increasingly assertive China. US Army chief Randy George said the region was "critically important", speaking to reporters...

S&P analysts anticipate continued growth within the UAE's robust tourism sector. The country's ability to host major international events is expected to play a pivotal role in achieving the UAE's ambitious goal of attracting 40 million visitors by 2030, accompanied by plans to expand the number of hotel rooms to...

Baghdad, Iraq -- Iraq's oil revenues in August hit nearly $9 billion, according to the data issued by the Iraqi Oil Marketing Company (SOMO). The $8.99 billion revenue came from crude oil exports of more than 106 million barrels, the country's Ministry of Oil said in a statement, according to...

The officials are suspected of "bad management" and negligence, among other offences, a statement from the prosecutor general's office said, adding that seven of them served currently or previously in offices responsible for water resources and dam management. "The mistakes that they made" and their "negligence in the matter of...

LONDON, UK- The UK looked set to backtrack on Wednesday on policies aimed at achieving net zero emissions by 2050 with Prime Minister Rishi Sunak expected to water down some of the government's green commitments. The move comes amid growing concern over the potential financial cost of the government's policies to...

Brent North Sea crude oil traded above $95 per barrel Tuesday for the first time since November last year, supported by tight supplies and robust demand. "When central banks are starting to see the light at the end of the inflation tunnel, $100-plus oil will be incredibly unwelcome and unhelpful,"...

Energy, banking and financial services, and industrial sector companies are among the largest in the Middle East, especially the Gulf Cooperation Council region.

Riyadh, Saudi Arabia--Standard & Poor’s (S&P) has confirmed Saudi Arabia’s credit rating, both in local and foreign currency, as “A/A-1” with a stable outlook. The confirmation comes in view of Saudi Arabia’s ongoing efforts to implement significant reforms and achieve structural improvements in recent years, which have supported the sustainable...

Tehran, Iran - Iran has seized two oil tankers allegedly carrying smuggled fuel in the Gulf and arrested their crews, state television announced on Friday. "The Revolutionary Guards naval forces seized two ships over the course of the last two days," state television said, citing Mohammad-Sharif Shirali, a Guards commander. "The...

Copenhagen, Denmark - Danish shipping giant Maersk on Thursday launched the world's first container ship running on bio-methanol, a key step in its effort to lower its huge carbon footprint. Maersk, which sold its oil division to TotalEnergies in 2017, has set out a target to become carbon neutral by 2040....

The IEA said world oil demand remains on track to grow by 2.2 million bpd to 101.8 million bpd this year, partly due to resurgent Chinese consumption and jet fuel. But the extension of Saudi and Russian output cuts "will lock in a substantial market deficit" through the last three...

The IEA's annual World Energy Outlook, due out next month, will show that "the world is on the cusp of a historic turning point," executive director Fatih Birol wrote in the FT.

"At least 150 people were killed as a result of flooding and torrential rains left by storm Daniel in Derna, the Jabal al-Akhdar region and the suburbs of Al-Marj," Mohamed Massoud, a spokesman for the Benghazi-based administration in Libya, said. "This is besides the massive material damage that struck public...

Dubai, United Arab Emirates - The second pilot of a helicopter that crashed off the coast of the United Arab Emirates has been found dead, authorities said Monday, days after he was declared missing. A first pilot was confirmed dead on Friday after the Bell 212 helicopter went down the night before...

Tehran, Iran--Iran’s oil exports to China hit an all-time record in August despite continued US pressure on the country, according to data from a major international energy data company. The Sunday report by Fars news agency said Iran’s oil exports to China had reached an average of 1.5 million barrels...

More bad news for the wind energy sector, which is at the heart of the UK's plan to become a net zero carbon emitter by 2050, arrived this week when the government's auction of permits to build offshore wind farms failed due to a lack of takers. Russia's invasion of...

DUBAI, UAE – Saudi Arabian Crown Prince Mohammed bin Salman in a telephonic conversation with Russian President Vladimir Putin has expressed readiness to build an economic partnership with the BRICS countries. The Saudi Press Agency said the two sides had discussed various issues at the BRICS summit, where Saudi Arabia...

Riyadh, Saudi Arabia -- Saudi Arabia’s real GDP grew by 1.2 percent in the second quarter of 2023, compared to Q2 of 2022, according to Kingdom's General Authority for Statistics (GASTAT). A GASTAT report showed a 6.1 percent increase in non-oil activities over 2022, a 2.3 percent increase in government...

Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, led the UAE delegation to Jakarta, Indonesia, the host of ASEAN Business and Investment Summit.