Tag Archives: The National

Iraq has begun negotiations with the US oil major Halliburton to develop a crutch gas field in Anbar governorate, looking to increase its hydrocarbons output as oil prices rise. The Ministry of Oil has also sent the initial contract for the development of Mansourieh gas field to the Council of …

Geopolitical tension in Eurasia has ruffled financial markets in recent weeks and contributed to the almost 20 per cent increase in oil prices since the start of 2022. In addition, oil markets are expected to remain relatively tight in the first quarter of this year, as supply is only gradually …

Saudi Arabia’s Crown Prince Mohammad bin Salman said 4 per cent of oil giant Saudi Aramco’s shares have been transferred to country’s sovereign wealth fund, known as the Public Investment Fund, to support restructuring the economy. The move is also part of PIF’s plan to raise its assets under management …

Oil prices rose for an eighth straight week amid growing concerns about supply disruptions as a result of intensifying geopolitical tensions in eastern Europe and a rise in demand. Brent, the global benchmark for two thirds of the world’s oil, jumped 3.31 per cent to trade at $94.44 per barrel …

Oil prices jumped on Monday on the back of supply disruption concerns linked to the rise in geopolitical tensions in the Middle East and Eastern Europe, while demand held steady as the impact of the Omicron coronavirus strain eased in some countries. Brent, the global benchmark for two thirds of …

Germany has objected to draft EU plans to label nuclear power plants as an environmentally friendly energy source that can help countries reach their climate change goals. Chancellor Olaf Scholz’s new three-party coalition government voiced its objections in a formal letter to Brussels, ministers said on Saturday. The EU aims …

Saudi Arabia stressed that oil stability is paramount and said its alliance with the super group of producers has taken measures to ensure energy security. “We believe OPEC+ have done a lot in bringing about stability,” Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday at the Abu Dhabi …

Russian gas company Gazprom missed its own “conservative” target for 2021 exports to Europe, and those capped flows contributed to the continent’s worst energy supply crunch in decades. Gazprom delivered 185.1 billion cubic metres to its main clients abroad, including Turkey, China and the EU, excluding former Soviet Union nations …

Saudi Arabia’s King Salman said the OPEC+ production agreement was “essential” for oil market stability and urged all participating countries to comply with the pact. Oil market stability and balance are pillars of Saudi energy policy as crude supports the growth of the global economy, King Salman said in an …

Oil climbed as investors weighed a surge in Omicron cases against signs that the new strain is not as severe as previous waves. Brent was 0.39 per cent higher at 9.40am UAE time after losing 0.9 per cent in the previous session. West Texas Intermediate, which didn’t trade on Friday …