International

G20 countries are expected to further their talks on the acceleration of energy transition at their upcoming summit in Bali, Indonesia, as soaring energy prices have stalled decarbonization progress. The G20 major economies have agreed to take steps such as ensuring achievement of the sustainable global development targets by 2030 …

Given the many uncertainties in the global economy, the OPEC+ group will remain cautious in its oil production policy when it meets next month, Prince Abdulaziz bin Salman, the energy minister of OPEC’s de facto leader Saudi Arabia, told Bloomberg TV on Friday. “Our theme is being cautious,” Prince Abdulaziz …

The United States is happy for India to continue buying as much Russian oil as it wants, including at prices above a G7-imposed price cap mechanism, if it steers clear of Western insurance, finance and maritime services bound by the cap, US Treasury Secretary Janet Yellen said on Friday. The …

China’s passion for Alaskan oil appears to be over as the country turns to Russia. Surging Chinese energy demand amid Covid lockdowns on the US West Coast prompted Alaskan oil exporters to ship more crude than any time in two-decades, and nearly all of it went to the East Asian …

Saudi Arabia’s state oil company has assured several buyers in Asia it will deliver full contracted volumes in December despite the OPEC+ decision to cut production, Reuters has reported, citing unnamed sources. The assurance comes despite a commitment on the part of the Kingdom to reduce its production to contribute …

As India’s oil and gas demand continues to grow, the South Asian country is looking to any supplier offering a low-cost product, regardless of how controversial they may be. India’s refiners are diversifying their supply, in response to recent OPEC oil quota cuts, and turning to sanctioned states, such as …

Türkiye wants to engage in production activity in counties from which it buys natural gas or oil, Energy Minister Fatih Dönmez has said, adding that studies are underway to identify the location for a third nuclear plant. “This is our new energy strategy. We consider establishing partnerships with those countries …

India and Russia on Tuesday vowed to expand their economic engagement including New Delhi’s import of petroleum products from its “time-tested” partner even as External Affairs Minister S Jaishankar emphasized on ending the Ukraine conflict in view of growing global concerns over energy and food security. After holding wide-ranging talks …

India will “benefit” from the proposed price cap on oil, Treasury Secretary Janet Yellen has said, arguing that the United States does not want Russia to “profit unduly” from the war by enjoying prices that are essentially very high due to its Ukrainian invasion. Developing countries like India and China …

The UAE economy is on track to record its strongest annual GDP growth since 2011, one of the latest in a series of quarterly economic reports released by Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia. Oxford Economics is …