Tag Archives: Gulf News

Over the past week, the world saw three major developments in the oil industry directly linked to the interests of three powers. Each wanted to push their own agenda and which is heralding successive changes in global relations and alliances. The developments came in the form of a three-act play …

Oil rocketed to a fresh seven-year high above $92 a barrel, and almost every indicator is pointing to the rally extending. The market’s structure is trading at its strongest level in years, indicating scarce supply. Diesel – the fuel that helps power the global economy – is also surging as …

Ukraine, likely named after the Slavic word for “borderland,” has long been a crossroads for peoples, civilisations, trade — and military invasions. As Russia amasses its troops at the Russia-Ukraine border, energy is the latest resource to become weaponised. Russia supplies about 40 per cent of the European Union’s natural …

Oil held gains in early Asian trading after OPEC and its allies agreed to a scheduled increase in production for next month, and an industry report pointed to another decline in US crude inventories. Futures in New York traded near $77 a barrel after rising 2.4 per cent over the …

Saudi Arabia said global oil production could drop 30 per cent by the end of the decade due to falling investment in fossil fuels. “We’re heading towards a phase that could be dangerous if there’s not enough spending on energy,” Oil Minister Abdulaziz bin Salman said in Riyadh. The result …

Abu Dhabi’s renewables energy company Masdar has commissioned its first wind farms in Poland. These ‘farms’ are jointly owned with Taaleri SolarWind II Fund. In January, Masdar and Taaleri SolarWind II Fund each acquired a 50 per cent stake in the projects, marking their first investment in the Polish renewable …

Oil rose after Saudi Arabia boosted the prices of its crude, signalling confidence in the demand outlook despite the spread of the Omicron variant of the coronavirus. Futures in New York advanced more than 2 per cent to trade near $68 a barrel. The Kingdom increased its oil prices for …

The UAE remains fully committed to the Declaration of Cooperation issued by OPEC+ oil producing countries, according to the Ministry of Energy and Infrastructure. The UAE “reiterates” that any decisions will be taken collectively by the OPEC+ group at the next Ministerial meeting. The comments come amidst major developments in …

OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble. The coalition led by Saudi Arabia and Russia is gradually restoring the vast amount of crude production halted during the pandemic, …

Saudi Arabia’s plans to diversify its economy hinges largely on funding from Aramco and other leading public sector entities while large private sector players are expected to join the massive 5 trillion-riyal ‘Shareek’ investment plan. The recent confirmation by Saudi Arabia’s Crown Prince Mohammed Bin Salman that the kingdom is …