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The Ministry of Finance revealed on Sunday that Iraq’s financial revenues in the federal budget exceeded 65 trillion dinars over seven months, confirming a rise in the oil contribution to the budget to 95%. However, an economic expert believes that non-oil revenues “will not improve.” Shafaq News Agency examined data …

Aramco has agreed to purchase a 100 per cent equity stake in Esmax Distribusción from Southern Cross Group, a Latin America-focused private equity company. The transaction is subject to certain customary conditions, including regulatory approvals. Esmax is a leading diversified downstream fuels and lubricants retailer in Chile. Its national presence …

Iran’s Foreign Ministry Spokesman Nasser Kana’ani has said that the latest move by his country to withdraw the designation of several experienced IAEA inspectors was based on the Islamic Republic’s governance rights enshrined in the Safeguards Agreement between the two sides. Kana’ani made the comment on Saturday hours after the …

Iraq, OPEC’s second largest exporter, has had its crude oil supplies to the US, the world’s second largest importer, increased, data by the Energy Information Administration (EIA) showed this weekend. In the span of a week, the volume rose from 100,000 barrels daily to a 248,000 barrels — a jump …

France has “questions” about refining margins, and decisions could be made to curb excessive profits, French Finance Minister Bruno Le Maire told journalists on Thursday. Inflation has been a concern across Europe, and the French government has taken strides to lower the cost of basic goods and services such as …

The Inflation Reduction Act (IRA) is spurring a land rush for development sites and giving impetus to clean energy equipment manufacturing in the United States, which could see annual renewable capacity additions triple to 110 gigawatts (GW) in ten years, according to Wood Mackenzie. Despite supply-chain and tariff challenges unrelated …

Russia is again reviving the possibility that it could ban all crude oil product exports in order to stabilize volatile fuel prices in the country, Russia’s TASS new agency said . Alternatively, Russia could increase its oil product exports duty to $250 per tonne. This duty will be refunded for …

Iran continued to increase its oil production in August to reach three million barrels per day (bpd) and stand at the third place among OPEC top producers, according to figures released in the organization’s latest monthly report. OPEC data showed that Iran’s oil output increased by 143,000 bpd or five …

TotalEnergies SE is launching a “massive” green hydrogen tender to reduce the carbon emissions of its six European refineries and two French biofuel plants as pressure mounts on the industry to fight climate change. The French energy giant plans to replace the entire 500,000 tons of gray hydrogen used annually …

Britain has now installed more wind capacity than any other type of power source, with wind power capacity overtaking combined-cycle gas power stations for the first time and ending more than a century of fossil fuels dominating the electricity system, a new report prepared for power group Drax showed on …