OPEC+’s surprise oil-production cut sent shock waves through financial markets and pushed crude prices up by the most in a year. Now that the dust has started to settle, one question looms large: Will that price rally stick, or fade away? Banks from Goldman Sachs Group Inc. to RBC Capital …

Cooperation between Türkiye and Azerbaijan in the field of energy is rapidly developing. Turkish BOTAS and Azerbaijan’s SOCAR have established a joint venture to supply gas to Europe,” said Turkish Minister of Energy and Natural Resources Fatih Donmez as he addressed CNN Turk TV channel. He noted that the Balkan …

The US Navy has deployed a guided-missile submarine capable of carrying up to 154 Tomahawk missiles to the Middle East, a spokesman said. Cmdr. Timothy Hawkins, a spokesman for the 5th Fleet based in the Gulf nation of Bahrain, said on Saturday the nuclear-powered submarine, based out of Kings Bay, …

According to the US Energy Information Administration on Saturday, Iraq’s oil exports to the United States increased last week. The EIA’s report stated that the US imported an average of 6.36 million barrels of crude oil from nine countries, up by 1.833 million barrels per day from the previous week’s …

Russia’s Energy Ministry said the nation reduced its oil output by about 700,000 barrels a day last month, according to a person familiar with the figures. Yet that figure is inconsistent with data on the nation’s March seaborne exports and supplies to domestic refineries — adding to the uncertainty over …

South Korea has announced a $5.32 billion financial support package aimed at helping the country’s battery makers invest in infrastructure in North America over the next five years. The initiative is intended to help South Korean firms capitalize on the United States’ Inflation Reduction Act, which requires automakers to source …

In a fairy-tale turnaround that few could have foretold, oil prices have soared to multi-year highs, largely aided by strong post-Covid demand, surprise OPEC+ cuts and the disruption caused by Russia’s war in Ukraine. The petrodollar windfall has really given a boost to previously battered Gulf economies, allowing some Gulf …

North Korea claimed Saturday it had tested another underwater nuclear attack drone, in its latest response to South Korean and United States military drills, though analysts have questioned whether Pyongyang has such a weapon. In recent weeks, North Korea has tested what state media have described as an underwater nuclear-capable …

The Middle East and North Africa account for some 48 percent of the world’s daily production of desalinated water, according to a report by BNC Intelligence. Desalination is the process of removing salt and contaminants from sea water to produce fresh water. The 4th MENA Desalination Projects 2023 Report details …

Oil prices surged at the end of the week, with Basra Heavy crude leading the gains with a 9.09% increase, while Basra Intermediate, Brent, and West Texas Intermediate (WTI) crude also closed with gains. Basra Heavy crude closed at $80.63 per barrel, up by 9 cents. while Brent crude closed …