Tehran, Iran-- Iran is looking to deepen energy ties with Russia as the latter is keen to explore and develop oil and gas projects in the Islamic Republic.This was stated by Russian Deputy Prime Minister Alexander Novak during talks with Iranian Oil Minister Javad Owji in Tehran. He is on...

PARIS, FRANCE -  Russia's oil exports rose in April to the highest level since its invasion of Ukraine, boosting revenues by US$1.7 billion despite Western sanctions, the International Energy Agency said on Tuesday.The Paris-based organization said Russian exports increased by 50,000 barrels per day to 8.3 million bpd last month, estimating that...

Muscat, Oman - Moody's has upgraded Oman's credit rating from Ba3 to Ba2 while maintaining a positive outlook due to the reduction in public debt and the improvement in the Sultanate's ability to meet its financial obligations in 2022.This comes after S&P revised Oman's outlook from stable to positive in...

Dubai, UAE-- Qatar and Bahrain have agreed to restart flights toward the end of the month, in a sign of warming relations between the estranged countries.According to Bahrain News Agency, the resumption of flights between Bahrain and Qatar “comes within the framework of the brotherly relations between the two brotherly...

ABU DHABI, UAE - First Abu Dhabi Bank (FAB) is hosting a one-day summit that brings together aviation thought leaders and industry stakeholders to explore economic development opportunities as the sector transitions to net-zero. The Aviation Sector Summit, held in collaboration with Boston Consulting Group (BCG), consist of talks, panel...

ARBIL, IRAQ- Officials in Iraqi Kurdistan say Baghdad is still waiting to reach a "final agreement" with Ankara to resume oil exports to Turkey, where the results of tightly-contested presidential elections hang in the balance.After defying Baghdad and independently exporting crude through Turkey for nearly a decade, Iraq's autonomous Kurdish...

Oil alone will make up almost 29 percent of the world’s energy needs by 2045, requiring an investment of over $500 billion each year to maintain a steady supply, Al Ghais said.

RIYADH, SAUDI ARABIA - Al-Hilal president Fahd Bin Nafel refused to comment on the possibility of signing Lionel Messi, insisting his Saudi Arabian side is "more important than just one player", as fans clamor for the World Cup winner."Don't ask me about Messi," Bin Nafel told reporters when asked after Al-Hilal's...

The Kurdish regional government had for years earned billions of dollars in revenues exporting crude oil to Turkey without the Iraqi federal government's approval. But the exports were suspended in late March when international arbitrators ruled in favor of the Iraqi federal government's right to control oil exports going through...

Iraqi Kurds are watching with anxiety the tightest electoral battle yet for Recep Tayyip Erdogan, the outcome of which could have major security and economic implications for their region. But no matter what the outcome of the vote, Iraq's Kurdish region will seek to continue with its strategic partnership with...

The dollar wobbled following strong gains in the wake of Friday's solid US labor market figures, while oil prices dropped on Chinese data suggesting that recovery in the world's number two economy was still taking time. Focus is now on Wednesday's consumer price index report for April and the following...

The cost to secure thousands of inactive oil and gas wells in the US Gulf of Mexico could top $30 billion, as per research published weighing potential environmental damage against estimated price tag. With new US government funding available for plugging old fossil fuel wells, the authors focused on offshore...

Riyadh, Saudi Arabia -- The real GDP of Saudi Arabia grew by 3.9 percent in the first quarter of 2023, compared to Q1 of 2022.Flash estimates of GDP for Q1 of 2023, issued in a report by the General Authority for Statistics (GASTAT), showed a 5.8 percent increase in non-oil...

Baghdad, Iraq -- Iraq's oil minister Hayan Abdel-Ghani has said the Iraqi government was keen to support the Lebanese people and consider their fuel needs.Abdul-Ghani received the Lebanese Minister of Energy and Water, Walid Fayyad, and his accompanying delegation. During the meeting, they discussed prospects for bilateral relations and cooperation...

TEHRAN, IRAN- Iran executed Swedish-Iranian dissident Habib Chaab for "terrorism" on Saturday, according to the judiciary."The death sentence for Habib Chaab... nicknamed Habib Asyud, the head of Harakat al-Nidal terrorist group... was executed today, Saturday morning," the judiciary's Mizan Online website reported.Chaab had been held in Iran since October 2020 after...

Baghdad, Iraq - Jordan and Iraq have signed a deal to resume the export of Iraqi crude to Jordan under preferential terms, the Jordan News Agency reportedThe agreement was signed by the Energy and Mineral Resources Minister of Jordan, Saleh Al Kharabsheh, and the Oil Minister of Iraq, Hayan Abdul...

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...

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 Finance,...

Adjusted earnings rose six percent to $10.6 billion.

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...

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.

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.

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...

In Q1 2022, BP posted its biggest loss ever at $20.4bn.

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 the...

The UAE also eyes investment opportunities with Cambodia in logistics and infrastructure, travel and tourism projects, and renewable energy, reports said.

The firm had sold its oil sands activities in Canada to SunCor Energy.

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.

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 fast-tracking...

Saudi Arabia regularly announces seizures of amphetamine pills without specifying whether they are captagon, used by wealthy Saudis as a party pill.

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.

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 passing...

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.

"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.

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 Sunni...

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...

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...

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...

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 returned to...

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 period...

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 some...

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 Vietnam,...

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.

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 headline PMI...

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.

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...

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.

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 noted...

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 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.