OPEC+ decides to keep oil production levels unchanged
Vienna, Austria--The participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and its allies, OPEC+, agreed to keep current oil production levels unchanged. During the meeting which took place via videoconference today, the JMMC reviewed the crude oil production...
Iran seeks trade boost with Syria during Raisi’s visit to Damascus
Iran's president hailed his visit to Damascus as a "turning point", after Tehran's support helped Syria retake most of the territory it lost in 12 years of war. Ebrahim Raisi's two-day trip is the first such visit to Tehran's close ally since 2010. "This trip will be a turning point...
UAE, Switzerland discuss enhancing bilateral relations
BERN, SWITZERLAND - The UAE discussed bolstering strategic relations and cooperation in various development, economic and financial fields of common interest with Switzerland here. The UAE's Ministry of Finance (MoF) held the fifth financial dialogue with the Swiss Confederation in Bern. Younis Haji Al Khoori, Undersecretary of the Ministry of...
Shell Q1 profits jump
Adjusted earnings rose six percent to $10.6 billion.
Global energy firms must pay up to prevent spill: Yemen company
To prevent a damaging oil spill in the Red Sea, the UN Development Programme in March took the unprecedented step of purchasing its own supertanker to remove more than a million barrels of oil from the beleaguered FSO Safer. The 47-year-old ship has not been serviced since Yemen's civil war...
Iraq eyes deal on Kurdistan oil exports to Turkey within weeks
Ankara stopped importing oil from Iraqi Kurdistan in March after the International Chamber of Commerce ruled the federal government in Baghdad was the only entity authorized to manage exports.
Iran seizes oil tanker in Strait of Hormuz, says US Navy
Iranian forces seized a Panama-flagged oil tanker in the Strait of Hormuz, the US Navy said, the second such incident in less than a week. The tanker, Niovi, was sailing from Dubai towards Fujairah, another port in the UAE, when it was stopped by Iran's Islamic Revolutionary Guard Corps Navy.
Turkey discovers oil field with 100k barrels daily capacity: Erdogan
The oil field discovery is set to yield a daily production of up to 100,000 barrels that will help Turkey boost energy exports and its goal to achieve energy self-sufficiency. The news comes in the wake of another oil discovery made in December, considered to be one of the ten...
BP back in Q1 profit
In Q1 2022, BP posted its biggest loss ever at $20.4bn.
Saudi evacuation party brings 65 Iranians from Sudan
JEDDAH, SAUDI ARABIA - The first Iranian evacuees to escape the Sudan conflict through Saudi Arabia arrived on Saturday in Jeddah, relieved that their country has settled its differences with the regional rival. The 65 Iranians were among about 1,900 people on the latest boat to arrive from Port Sudan as...
UAE and Cambodia may eliminate tarrifs, cut non-tariff barriers
The UAE also eyes investment opportunities with Cambodia in logistics and infrastructure, travel and tourism projects, and renewable energy, reports said.
TotalEnergies Q1 profit up 12%
The firm had sold its oil sands activities in Canada to SunCor Energy.
One in five cars sold this year will be an electric vehicle: IEA
The International Energy Agency (IEA) said the rapid electrification of road transportation will have big implications for the energy industry as it will eliminate the need for five million barrels of oil per day by the end of the decade. World oil consumption averages just over 100 million barrels per day.
ADDED ink deal with Wio Bank to aid SMEs growth
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) and Wio Bank announced on Tuesday that would cooperate to transform how Small and Medium Enterprises (SMEs) manage their finances, payments, and their overall business operations. This partnership saves SMEs a significant amount of business operation time by...
Saudi Arabia seizes 12m amphetamine pills, arrests four
Saudi Arabia regularly announces seizures of amphetamine pills without specifying whether they are captagon, used by wealthy Saudis as a party pill.
Norway’s sovereign wealth fund posts $84 billion quarterly profit
According to a ranking by the Sovereign Wealth Fund Institute (SWFI), the Norwegian fund is the biggest in the world, just ahead of the China Investment Corporation and followed by those in Abu Dhabi, Kuwait and Singapore.
US denies Iranian claims of forcing its submarine to surface
TEHRAN, IRAN- Iran said on Thursday it had "forced" a US submarine to surface as it was crossing the strategic Strait of Hormuz in the Gulf, a claim the Americans promptly denied. Admiral Shahram Irani, the commander of Iran's navy, told state TV the USS Florida nuclear submarine was "approaching and...
Perfect storm will make dollar biggest loser of 2023: deVere CEO
The warning from the boss of the financial giant follows the dollar having already dropped 10 percent from its peak hit last year and after it hit lowest level in a year against the euro last week.
Syrian Kurds ready for talks with Damascus, sharing resources
"We affirm our readiness to meet and talk with the Syrian government and with all Syrian parties to hold discussions and present initiatives for a solution," the Kurdish authorities said.
Dozens of Iraqi policemen arrested after convict escapes custody
BAGHDAD, IRAQ - A former Iraqi religious official convicted of corruption has escaped police custody, prompting the arrest of more than two dozen officers suspected of helping him flee, the government said Wednesday. Saad Qambash was once head of Iraq's Sunni Waqf, the state body overseeing religious and civilian properties for...
Stocks mixed, dollar firms on rate-hike fears
Stock markets traded mixed as last week's optimism gave way to worries that central banks may wait longer than expected to end their policy of raising interest rates. After the Paris CAC 40 reached a fresh record-high at 7,552 points, profit-taking set in and the French index was flat in...
Iraqi government plans to reduce economy’s dependence on oil
BAGHDAD, IRAQ - Iraqi Prime Minister Muhammed S. Al-Sudani chaired a meeting focused on discussing the provisions of the federal budget bill submitted to the Parliament. The meeting was attended by Parliament Deputy Speaker Muhsin Al-Mandalawi, Parliament Deputy Speaker Shakhwan Abdullah and MPs of the Parliamentary Finance Committee, as well...
Saudi Arabia transfers more Aramco shares to wealth fund in bid to ‘diversify’ economy
Prince Mohammed said the latest transfer will "solidify PIF's strong financial position". Authorities did not give a value for the latest shares, which have been moved from the world's biggest oil exporter to Sanabil Investments, a firm controlled by the Public Investment Fund (PIF) that is led by Crown Prince...
Brazil president reaches UAE to enhance bilateral ties
ABU DHABI, UAE - Brazilian President Luiz Inacio Lula da Silva arrived here Saturday, following a two-day visit to China to strengthen economic and diplomatic ties. The UAE's energy and infrastructure minister, Suhail bin Mohammed al-Mazrouei, welcomed the Brazilian leader at Abu Dhabi airport, local media reported. Lula, who in January...
UAE top Arab investor in Egypt with $28bn investments by Q1
Abu Dhabi, UAE - The UAE led the Arab region in terms of investments in Egypt, Jamal bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC) said. It totaled $28 billion at the end of the first quarter of 2023, compared to $20 billion during the same...
Schoolgirl poisonings continue in Iran
TEHRAN, IRAN - Dozens of schoolgirls were poisoned Saturday in several schools across Iran, local media reported, in continuation of the mysterious phenomenon that has shaken the country for months. Since late November many schools, mostly for girls, have been affected by sudden poisoning incidents from gases or toxic substances, in...
UAE, Vietnam begin process for economic partnership pact
Abu Dhabi, UAE - The UAE and Vietnam signed Thursday a declaration of intent to start negotiations for a comprehensive economic partnership agreement (CEPA). The document was signed by Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Nguyen Hong Dien, Minister of Industry and Trade of...
Global equities waver on US recession fears, New Zealand rate hike
Asian indices drifted after losses on Wall Street, as data showing a softening in the US jobs market pointed to a slowdown in the world's biggest economy. Oil dipped, having spiked earlier this week following shock output cuts from OPEC+ crude producers.
Egypt’s non-oil private sector contracts for 28th month as inflation surges
Cairo, Egypt-- A new survey has revealed that Egypt's non-oil private sector activity contracted for the 28th straight month in March. The S&P Global Egypt Purchasing Managers' Index edged down to 46.7 in March from 46.9 in February, well below the 50.0 threshold that marks growth in activity. "At 46.7, the...
Iraq, Kurdish region sign accord to resume oil export
The deal, thrashed out in talks between federal and regional officials, spells the end of independent oil exports by the Kurdish regional government and marks a clear limit to its autonomy.
Oil cuts in interest of energy markets, says Russia
The Kremlin said oil output cuts by Russia, Saudi Arabia and other major producers that have caused prices to soar are "in the interests" of global markets. The surprise move on Sunday came as oil prices have cooled in recent months after soaring last year following the start of the...
Oil market surges as Saudi-led top producers cut output defying US pressure
Sunday's move "caught the markets off guard" and reversed recent oil-price gains, noted ActivTrades analyst Ricardo Evangelista. "With the fizzling out of the banking crisis and the return of optimism to the markets, the price of the barrel was already showing signs of recovering," he noted.
Iraq to speed up resumption of oil exports from Kurdistan region
Baghdad, Iraq--Iraqi oil ministry has affirmed the federal government's keenness on speeding up the resumption of the Kurdistan region of Iraq's oil exports through the Turkish port of Ceyhan as well as work to bring views closer to serve the public interest. In a statement issued on Sunday, the ministry...
Major oil powers slash production ahead of OPEC+ meet
Cuts by the Saudis, Iraq, UAE, Kuwait, Algeria and Oman from May to the end of the year will total more than one million barrels per day -- the biggest reduction since the OPEC+ cut 2 million bpd in Oct. A Saudi official called it a measure "aimed at supporting...
QatarEnergy acquires 40% interest in Mauritania exploration block
QatarEnergy will hold the interest in the Exploration and Production Agreement pertaining to the C-10 block, while Shell will hold a 50 percent interest and the Societe Mauritanienne des Hydrocarbures a 10 percent interest. The C-10 block covers an area of approximately 11,500 sq km.
Oil exports from Iraq’s Kurdistan region to restart on Monday
Spelling the end of independent oil exports by the regional government, Iraq's autonomous Kurdistan region will resume oil exports through Turkey on Monday, but in the future they will be supervised by the federal government in Baghdad. The outcome was achieved in talks between federal and regional officials.
Iraq inaugurates oil refinery in Karbala to curtail imports
The minister said the refinery, built by South Korean firm Hyundai, can produce nine million liters of fuel a day -- over half of Iraq's daily imports of 15 million liters. The refinery has the capacity to produce 200 megawatts of electricity and "60 megawatts will be allocated to the...
UAE, Costa Rica start talks to form economic partnership agreement
UAE minister said that the emirates will continue its efforts to build partnerships with strategic global markets under the country’s comprehensive economic partnerships program.
Russian oil sales to India surge as European buyers turn to other markets
Moscow, Russia--Russian oil sales to India surged more than twentyfold last year as European buyers turned to other markets following the conflict in Ukraine, Russia's deputy prime minister said Tuesday. Russia shifted its oil exports to India and China last year as European Union nations sought to end their reliance on...
Aramco to acquire 10% stake in China’s Rongsheng Petrochemical
The agreement with Rongsheng Petrochemical comes as Saudi Arabia -- the world's biggest crude exporter -- increases political ties with top importer China including a recent Beijing-brokered reconciliation with Iran. Aramco said in a statement the deal stipulates the supply of 480,000 barrels per day of Arabian crude "under a...
Kuwait’s never-ending political crisis hurts economy
It suffers from constant stand-offs between elected lawmakers and cabinets installed by the ruling Al-Sabah family, despite a parliamentary system in place since 1962.
Turkey stops handling oil exports from Kurdistan region: Iraq
The Iraqi oil ministry said that Turkey stopped oil exports from Iraq's autonomous Kurdistan region on Saturday in the wake of arbitration at the International Chamber of Commerce. It said that Baghdad's claims had been accepted in a dispute with Ankara over who had responsiblity for exporting the autonomous region's...
Rosneft 2022 profit at $10.5bn
Firm said non-monetary factors played a role in earnings.
Time for Syria to return to Arab fold, Sheikh Mohamed tells Assad
Abu Dhabi, which normalized relations with Assad's government in 2018, has led aid efforts in the aftermath of the February 6 earthquake that struck southeastern Turkey and northern Syria, killing tens of thousands. A diplomatic momentum generated by aid efforts in the quake's aftermath could bolster Damascus's relations with Middle...
Arabian Drilling posts profit
The company posted a 23% increase in revenue.
UAE consumer spending vaults 19% in 2022: Majid Al Futtaim
Dubai, UAE-- Consumer spending in the UAE has shot up 19 percent in 2022 as against the previous year, according to Majid Al Futtaim's "state of the UAE retail economy" Q4 report. There was a notable 13 percent growth in spending across the retail economy for the full year including,...Stock markets sink on banking crisis fears, oil prices fall
Global markets have been rattled by the collapse of tech sector lenders Silicon Valley Bank and Signature, which forced US authorities to intervene at the weekend to prevent contagion. After a rebound on Tuesday, equities fell again on Wednesday, with European indices tumbling by more than three percent.
October 2022 OPEC+ oil pact will stay the course, says Saudi energy minister
Riyadh, Saudi Arabia -- As uncertainty in the global economy is limiting clarity about the outlook for oil markets, the OPEC+ should stick to the production pact agreed last October, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman has said. SPA reported that Prince Salman said that sticking to the...
Saudi Arabia sees ‘lot of’ investment opportunities in Iran
Iran has been under renewed US sanctions since then president Donald Trump abandoned a landmark nuclear agreement between Tehran and major powers in 2018. Saudi Arabia, a longtime US ally, has said it supports the sanctions, which target key areas, including oil.OPEC projects world oil demand to average 101.9 mb/d in 2023
Vienna, Austria – The Organisation of the Petroleum Exporting Countries (OPEC) projected oil demand to grow by a healthy 2.3 mb/d YoY in 2023 to average at 101.9 mb/d, driven by the ongoing recovery in the travel and transportation sectors. “Following estimated growth of 2.5 mb/d y-oy in 2022, oil...
Bahri posts $277m net profit
The profit increased by more than 440 percent compared to 2021.