The oil company's profits fell sharply to US$30.08 billion.

Tokyo, Japan--Japan's crude oil imports from the United Arab Emirates amounted to 25.63 million barrels in June 2023, or 37.4 percent of total imports, the Natural Resources and Energy Agency of Japan's Ministry of Economy, Trade and Industry said.During June, Japan's total crude oil imports were 68.5 million barrels, of...

BEIRUT, LEBANON - A Lebanese minister on Saturday sought to clarify comments condemned by Kuwait over aid money to rebuild Beirut's grain silos that were destroyed in a devastating port blast three years ago.The oil-rich Gulf state in 2020 said it was ready to rebuild the storehouses, which Lebanon had constructed...

Dubai, UAE--Oil prices soared more than a dollar a barrel on Friday to record a sixth consecutive week of gains, after top producers Saudi Arabia and Russia extended supply cuts through September, adding to undersupply concerns.Brent crude futures rose $1.10, or 1.3%, to settle at $86.24 a barrel, while the...

The dispute over the field -- known as Arash in Iran and Dorra in Kuwait and Saudi Arabia -- dates back to the 1960s when Iran and Kuwait awarded overlapping offshore concessions. Last year Kuwait and Saudi Arabia signed an agreement to develop the field, despite objections from Iran which...

Crude oil is the main revenue source for Libya, which has been torn by more than a decade of stop-start conflict, involving foreign powers and a myriad of militias, since a NATO-backed revolt toppled strongman Moamer Kadhafi in 2011. Over the past decade, Libya has been regularly plagued by clashes...

RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of 2023, the finance ministry said on Thursday.Saudi Arabia, the world's top oil exporter, recorded a budget surplus of almost $30 billion in 2022 as the high prices of the fossil...

Riyadh, Saudi Arabia -- Saudi Arabia will extend the voluntary 1 million barrels per day cut, announced in July, to the month of September, with the possibility of further extension.Saudi Press Agency, quoting an official source from the Kingdom's Ministry of Energy, said the country's production for the month of...

The mechanism, a price ceiling of $60 per barrel on Russian oil, was agreed and introduced by the European Union, G7 and Australia, in early December. Companies based in EU and G7 member states and Australia are banned from providing services enabling maritime transport, such as insurance, of oil above...

Both Saudi Arabia and Kuwait renewed "their previous and repeated calls to the Islamic Republic of Iran to negotiate" the demarcation of their maritime borders to settle the issue, according to the statement carried by the official Saudi Press Agency (SPA). Recent attempts to revive negotiations have failed.

The Safer, a floating storage and offloading facility, has been moored around 50 kilometres (30 miles) from the port of Hodeida since the 1980s. It has not been serviced since war broke out eight years ago between rebels, who control the capital Sanaa and the waters where the Safer is...

On July 11, Prime Minister Mohammed Shia al-Sudani announced that Iraq would start paying for Iranian gas with oil, as a way of circumventing the complicated mechanism. "Work is continuing with the American side concerning unpaid bills, which have fallen to 9.2 billion" euros ($10 billion), Sudani told reporters at...

From BP to ExxonMobil to TotalEnergies, none of the oil and gas majors have repeated the exceptional profits posted in 2022 when prices surged in the wake of Russia's invasion of Ukraine, but they nevertheless remain comfortably profitable this year. BP was the last to report earnings, reporting Tuesday a...

The announcement has angered environmental groups and comes amid an internal debate within the ruling Conservative party on green policies. (AFP) The main opposition Labour party has said it will not issue any new North Sea drilling licenses if it regains power in a general election due next year.

The oil firm and its subsidiaries posted a net profit of US$8.4bn.

ISLAMABAD, PAKISTAN - Five Pakistani state-owned companies are set to collaborate with Saudi Arabia’s Aramco to execute a $10 billion refinery project here.Aramco will inject the initial 30% equity into the project while Pakistan State Oil (PSO), Pak Arab Refinery (Parco), Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum...

Adjusted net profit also fell down 49 percent in the second quarter.

Gas prices had soared last year after Russia cut gas shipments to Europe while oil markets were also rocked by supply concerns. But natural gas prices fell sharply as European countries found new suppliers, built up reserves and experienced a mild winter.

Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry said, crediting last year's surge in oil prices. The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry said.

The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry said. More than 92 percent of revenues came from oil after prices surged following last year's Russian invasion of Ukraine.

The share of oil exports in total exports decreased from 80.8 percent in May 2022 to 74.1 percent in May 2023, according to General Authority on Statistics (GASTAT). Compared to April 2023, total merchandise exports decreased by SAR 7.0 billion or 6.7 percent.

"The United Nations has begun an operation to defuse what might be the world's largest ticking time bomb," UN Secretary-General Antonio Guterres said in a statement. "A complex maritime salvage effort is now underway in the Red Sea off the coast of war-torn Yemen to transfer one million barrels of...

Kuwait City, Kuwait--The Kuwait National Petroleum Company (KNPC) has exported the first shipment of 95 octane motor fuel and low-sulfur to European markets.Ghanim Al-Otaibi, the deputy CEO of Fuel Supply Operations and official spokesman for KNPC, said that the volume of the shipment that was exported from Mina Al-Ahmadi amounted...

Authorities in Iraq -- a key conduit for the amphetamine-type drug -- regularly announce such operations in which large hauls of captagon are seized, often coming from Syria with which it shares 600-kilometre (370 miles) porous border.

Manama, Bahrain--Bahrain has recorded a two percent rise in gross domestic product in the first quarter of 2023, driven by a 3.5 percent jump in the non-oil sector.The average quarterly increase, according to the Bahraini Ministry of Finance and National Economy, of the annual non-oil GDP has touched about 5.7...

Aboard Nautica , Yemen - The United Nations on Monday handed over a vessel that will take on board oil from a decaying tanker in the Red Sea off war-torn Yemen, an operation aimed at averting an environmental catastrophe.The handover ceremony took place aboard the Nautica, which is being renamed the...

Tripoli, Libya - Oil production has resumed at two major Libyan oil fields, the oil ministry said Sunday, after a brief shutdown by demonstrators protesting the arrest of a former minister."Operations have resumed in the Al-Sharara and Al-Fil oil fields... after they were suspended" Thursday, said the ministry, part of the...

The UAE and India vowed to make this year's COP28 conference in Dubai a success, as Indian Prime Minister Narendra Modi paid a visit to the Gulf state. The oil-rich UAE will host the COP28 UN climate talks in November and December, as nations are still far on means to...

Vienna, Austria - OPEC Thursday predicted world oil demand to grow by a healthy 2.2 mb/d, to 104.25 mb/d in 2024, raising its 2023 forecast to 2.4 mb/d, following an upward revision of about 0.1 mbn/d from last month's assessment.In its Monthly Oil Market Report, the global organization said the...

ExxonMobil will acquire Denbury for $4.9 billion.

The oil-rich Gulf monarchy, which will host this year's COP28 UN climate talks, last week unveiled plans to cut domestic emissions by 19 percent of 2019 levels by 2030. Under these plans, the UAE would contribute to keeping warming to "just below" 2.0 degrees Celsius above pre-industrial levels, the UAE's...

The Iraqi prime minister said the decision to pay for Iranian gas imports with oil corresponds with the mechanism agreed with the US in order not to violate the sanctions. Gas is crucial for Iraq's electricity generation, but US sanctions on Iranian oil and gas impose restrictions on how Baghdad...

Algiers, Algeria - Algeria's state oil company Sonatrach said on Sunday it had signed contracts to boost gas production under an existing agreement worth about $740 million with French giant TotalEnergies.The companies will increase output from two Sahara desert fields in southeastern Algeria, for export to France and elsewhere in Europe,...

Lower oil prices and volumes attributed to the estimated deficit, according to a newspaper report. MP Osama Al-Zaid said the draft budget estimates oil revenues of 17 billion dinars, a 19.5 percent decrease from the previous budget.

TotalEnergies and the China National Offshore Oil Corporation signed a $10-billion agreement last year to develop Ugandan oilfields and ship the crude through a 1,445-kilometre (900-mile) pipeline to Tanzania's Indian Ocean port of Tanga. The East Africa Crude Oil Pipeline (EACOP) has run into strong opposition from rights activists and...

BAGHDAD, IRAQ - A powerful alliance of pro-Iran factions in Iraq called on Sunday on Baghdad to pressure the United States to unlock pending payments to Tehran for crucial gas imports.Iraq, ravaged by decades of conflict and international sanctions, relies on gas imported from its eastern neighbor for a third of...

TRIPOLI, LIBYA- Rivals in politically divided Libya have agreed to form a committee on sharing oil revenues, a move welcomed on Saturday by the UN, after military strongman Khalifa Haftar sought a "fair" split.Haftar, who backs the country's eastern administration, had last Monday called for a committee to address the issue....

Moscow, Russia - Russia on Friday confirmed the reduction of oil supplies to markets by 500,000 barrels daily in August by lowering exports and other actions needed for this purpose, the Russian Ministry of Energy told the Russian news agency TASS.Supplies will be lowered in addition to earlier assumed commitments...

BAGHDAD, IRAQ -  Secretary General of the Gas Exporting Countries Forum (GECF) Mohammed Hamel on Friday stressed the importance of Iraq in the oil and gas sector.Iraqi Ministry of oil said in a statement, “Deputy Prime Minister for Energy Affairs and Oil Minister Hayyan Abdul Ghani, met GECF Secretary General...

Al-Jaber, head of the UAE national oil company ADNOC, told ministers from countries of the OPEC oil producers' grouping the industry must "urgently decarbonize its operations and take collective action to eliminate operational emissions".

Tehran, Iran-- Iran has signed oil contracts worth $40 billion with domestic and foreign companies during the last 20 months.Speaking at the second ministerial session of the 8th OPEC International Seminar entitled “Investments, finance and inclusive petroleum growth strategies” at the Austrian capital, Iran’s oil minister Javad Owji said Iran’s...

Vienna, Austria - Mohamed Aoun, Libyan Minister of Oil and Gas, has said that Libya is continuing its gas export operations to Europe through the Greenstream pipeline, local media reports said.He noted that an increase in gas exports is currently unfeasible, but could be considered in the future, after five...

Oil producers are grappling with falling prices and high market volatility amid fears of global economic slowdown and the Russian invasion of Ukraine, which has upended economies worldwide.

Secretary-General of OPEC Haitham Al Ghais, speaking at the 8th OPEC International Seminar in Vienna, reiterated the organization's keenness to stabilize the market, reduce the environmental footprint and move towards a "sustainable and comprehensive energy transition".

Crude is the main revenue source for Libya, which has been torn by more than a decade of stop-start conflict, involving foreign powers and a myriad of militias, since a NATO-backed revolt toppled strongman Moamer Kadhafi in 2011.

In April, several OPEC+ members opted to slash production voluntarily by more than one million bpd -- a surprise move that briefly raised prices but failed to bring about lasting price recovery.

The cut which first took effect for July will continue in August and "can be extended", the Saudi Press Agency (SPA) reported, citing an energy ministry source. "The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting...

The shareholders elected a new board of directors as well.

While the global economy reels from high inflation and the war in Ukraine, the UAE looks poised for positive economic growth with the IMF and the World Bank projecting the country's economy to grow by 3.6 percent and 2.8 percent respectively. The economy will continue to benefit from tourism and...

BAGHDAD, IRAQ -   Total crude oil exports in June reached over 100 million barrels, the Iraqi government said in a statement.The preliminary statistics issued by the Iraqi Oil Marketing Company (SOMO) revealed that total crude oil exports in June generated revenue of approximately US$7.115 billion.The majority of these exports -...