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.

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 $82.45...

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 supporting...

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 littering...

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 Salman...

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 ten...

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 policy...

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 products...

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 by...

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 of...

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 Palace,...

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 percent,...

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 security...

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 standing...

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 Center...

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 rebound...

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 from...

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 meeting...

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) to...

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 Agency...

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 as...

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