Oil ministers in the V8 grouping -- comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman -- decided to increase production by 137,000 barrels a day (bpd) from next month.

Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, along with the Saudis and Russians currently produce about 41-42 mbd.

Abu Dhabi, UAE --  Emirates Global Aluminum, the largest ‘premium aluminum’ producer in the world, today announced the progression of plans to develop the first new primary aluminum production plant in the United States of America since 1980. The plant is expected to have a production capacity of 600 thousand...

Riyadh, Saudi Arabia -- Saudi Arabia's poultry sector has reached complete self-sufficiency in table egg production, with output surpassing 8 billion eggs by 2024, according to the Ministry of Environment, Water, and Agriculture. The Ministry highlighted that the Kingdom's egg production not only meets domestic demand but also generates a...

Riyadh, Saudi Arabia - Riyadh is currently hosting the third Seasonal Dates Exhibition, a major economic, social, and tourist event. Organized by the National Company for Agricultural Services, the exhibition is being held at Al-Rabwa Markets in the Al-Rabwa neighborhood, east of Riyadh, and will continue daily until the end...

Despite lower profit, it will pay $31bn in dividends to Saudi government.

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...

Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December 2023, marking a monthly growth of 0.3%, according to data from the General Authority for Statistics (GASTAT). The sub-index for mining and quarrying activity, which accounts for 61.4% of the...

AlUla, Saudi Arabia - Date palm cultivation in AlUla governorate has witnessed a significant increase in productivity this year, with production surpassing 90,000 tons of dates annually.  The governorate boasts more than 2 million date palm trees, and the Royal Commission for AlUla (RCU) is actively engaged in expanding the...

The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields. The deals have been labelled as Iran's "biggest oil contracts in the past decade" that are aimed to add 350,000 barrels per day to the Islamic republic's daily production.

Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western sanctions. In a ceremony broadcast on state TV, the oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields.

Tehran, Iran -  Iran’s production of aluminum ingot in the country registered a 7% growth in the first 11th month of this Iranian year, the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).  Iran’s four major aluminum production companies produced 54,893 tons of aluminum ingots in February 2024,...

The automaker will beef up production of hybrid vehicles.

TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer in January 2024, according to new data released by the World Steel Association (WSA). In the first month of 2024, Iranian steel mills produced a total of 2.6 million tons...

Abu Dhabi, UAE-- The UAE's real GDP will grow 5.3 percent in 2024, compared to 3.4 percent in 2023, according to S&P Global Ratings, the world's leading credit rating agency. The credit rating agency in a new report said that UAE banks reported exceptional profits for the full year 2023...

Houthi attacks in the Red Sea caused a shortage of parts.

The Al Wasl field is its first oil discovery in Egypt.

The production started at the first well in the Gulf of Suez.

Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as GDP, fiscal revenue and the balance of payments, over the long term against the backdrop of the global energy transition, says Fitch Ratings. Uncertainty around potential outcomes remains high at...

The agreement will bring AI innovation to food production.

Abu Dhabi, UAE-- In order to speed up the energy transition there must be a fast increase in the production of green hydrogen, according to a joint report by the International Renewable Energy Agency (IRENA) and World Trade Organisation (WTO). The report published on December 9 provides insights into global...

DUBAI, UAE - Fifty oil and gas companies representing 40 percent of global production pledged to decarbonize their operations by 2050 at the UN's COP28 climate talks in Dubai on Saturday. Saudi giant Aramco and ADNOC of the UAE were among 29 national companies to sign a non-binding agreement that also...

It will pour US$3.4bn into the new venture this decade.

ABU DHABI, UAE  - Emirates Global Aluminum (EGA) on Tuesday announced the start of construction of the country’s largest aluminum recycling plant. The state-of-the-art facility, with an annual production capacity of 170,000 tonnes, is being built adjacent to EGA's existing smelter in Al Taweelah. The plant will utilize a combination...

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 JV will set up a facility to make tires in Saudi Arabia.

ROME, ITALY - The Food and Agriculture Organization of the United Nations (FAO) raised its forecast for global cereal production in 2023 to 2,819 million tonnes, now 0.9 percent higher than the previous year. The higher forecast is almost entirely based on recent and more positive yield estimates for the...

RAS LAFFAN, QATAR - Qatar's state-owned energy giant began construction on Tuesday on a project to expand production from the world's biggest natural gas field through an export terminal on the Gulf emirate's northeast coast. There has been mounting demand for Qatari gas as European consumer nations have scrambled to replace...

Abu Dhabi, UAE--Abu Dhabi Oil Company (ADOC) is planning more investments and expansions in the UAE, according to a senior company official. Takahiko Shingai, Deputy General Manager and Director of Development Department at ADOC, told the Emirates News Agency (WAM) on the sidelines of the ADIPEC 2023 exhibition and conference...

Seoul, South Korea--QatarEnergy has signed US$3.90 billion worth agreement with Korea's HD Hyundai Heavy Industries (HHI) for the construction of 17 ultra-modern LNG carriers. The deal marks the start of the second phase of QatarEnergy's LNG ship acquisition program, which will support its expanding LNG production capacity from the North...

PARIS, FRANCE - French firm TotalEnergies and Indian group Adani unveiled plans on Wednesday to create a joint venture to develop wind and solar electricity production in India. The joint venture will include wind and solar assets that Adani Green Energy Limited (AGEL) already operates and is building and developing in India,...

Tehran, Iran -- Production of pick-up trucks and vans in Iran in the first five months of the current Iranian calendar year (March 21 to August 22, 2023) registered a 52 and 70 percent growth respectively compared to the same period of last year, Tasnim News Agency reported. In this...

Tehran, UAE -- Iran’s oil production capacity has increased 40 percent in two years with the rise in investment in semi-finished oil projects, the country's Minister of Oil Javad Owji said Sunday. He said since the beginning of the administration of President Ebrahim Raisi, in August 2021, increasing investment opportunities...

Tehran, Iran - Iran has reported a 15% surge in its gasoline output this year compared to last year. The boost in production has come in response to a growing domestic demand for fuel in the country.  Alireza Jafarpour, Chief Executive of the Persian Gulf Star Oil Refinery, announced that...

Abu Dhabi, UAE-- In a boost to the UAE's effort to secure self-sufficiency in the food sector, ADQ has partnered with Safe Haven Solutions, a Netherlands-based climate-smart agriculture solution provider, to construct a high-tech greenhouse at ADQ’s AgTech Park in KEZAD. The automated 10-hectare facility will leverage advanced agricultural technology...

Muscat, Oman-- Oman's total domestic production of natural gas shot up 2.3 percent to 26.19 billion cubic meters (CBM) until the end of June 2023, as compared to the same period in 2022, when the total amounted to 25.60 billion cubic meters. Statistics issued by the National Center for Statistics...

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

PARIS, FRANCE - New carbon-cutting plans by this year's UN climate talks host the UAE were branded "insufficient" by an analysis on Thursday that hit out at the oil-rich nation for allegedly undermining its own targets with plans to increase fossil fuel production. The UAE, which will host the COP28 United...

ROME, ITALY - World cereal production is predicted to hit a record high in 2023-24, according to the latest Cereal Supply and Demand Brief, released by the Food and Agriculture Organization (FAO) on Saturday. FAO raised its 2023 global cereal production forecast to 2 819 million tonnes, indicating a 1.1...

Vienna, Austria-- Egypt plans to drill new gas wells in the Mediterranean Sea and the Nile Delta as part of its ambitious $1.8 billion offshore exploration program. According to Tarek El Molla, Egypt's Minister of Petroleum and Mineral Resources, the country is developing several exp fields in the Mediterranean Sea,...

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...

MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023 to 1.3 percent, the International Monetary Fund (IMF) said on Monday. The projections reflect the oil production cuts by OPEC+, moderate growth in the non-hydrocarbon sector and a slowdown in...

Sharjah, UAE-- The Sharjah Electricity Water and Gas Authority (SEWA) has held talks with a US consulate-general delegation to explore efforts in promoting innovation in energy and water and developing sustainable solution for energy production using advanced technologies. In this regard, Abdullah Abdul Rahman Al Shamsi, Director-General of SEWA, hosted...

SHARJAH, UAE - The Sharjah Waste-to-Energy Project, the first of its kind in the Middle East, has strengthened its efforts to divert waste from landfills and contribute to the production of clean energy. Since its launch one year ago, the plant has increased its waste diversion rate from 76 percent...

Paris, France--Investment in clean energy across the world is expected to rise to US$1.7 trillion in 2023, with solar set to eclipse oil production for the first time, according to a report by the International Energy Agency. The report noted that Investment in clean energy technologies is significantly outpacing spending...

Riga, Latvia--Al Dahra Group has signed a supply agreement with Golden Fields, an Estonian agriculture company specializing in the production of premium quality animal feed grown in the Baltic region. At an event in Riga attended by government officials, farmers, and businesses from Lithuania, Latvia and Estonia, Al Dahra Group...

ABU DHABI, UAE -  The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) has launched an ambitious program to develop and sustain beekeeping and honey production in the Emirate. The program is based on scientific, applied studies and research to develop the best methods and practices suitable for the UAE...

The Kingdom holds 323.1 tons of gold, accounting for 21.4% of the total yellow metal held by central banks in the Arab countries. Qatar, UAE and Kuwait are also regional leaders.

The company delivered 127 aircraft in Q1 of 2023.

Ottawa, Canada--Canadian Prime Minister Justin Trudeau announced Friday up to 13.2 billion Canadian dollars ($9.8 billion) in subsidies over 10 years for Volkswagen's first overseas battery plant, to be built in St. Thomas, Ontario. The production support matches incentives by US President Joe Biden's administration, as Washington's trading partners work to keep...