Oil & Gas Oil eases but Middle East supply fears support gains Oil prices remained set for a second straight weekly gain as investors weighed the impact of hurricane damage on US demand against any broad supply disruption if Israel attacks Iranian oil sites. Prices eased on Friday after a rally the previous day. Brent crude oil futures fell 39 cents, or 0.5 percent, to $79.01 a […] October 11, 2024
Markets Turkey’s energy bourse Epias to expand and may consider IPO Turkish energy bourse Enerji Piyasalari Isletme AS (Epias) will expand its operations over the next few years and an initial public offering may be considered after the expansion, Turkish energy minister Alparslan Bayraktar said on Wednesday. Speaking at an Atlantic Council conference in Istanbul on Wednesday, Bayraktar said Epias, which currently operates wholesale electricity and […] October 10, 2024
Energy Oil prices rise on Middle East conflict fears Oil prices rose in early Asian trade on Thursday on concerns about potential supply disruptions in the Middle East, with Israel planning to strike oil-producer Iran, and on spikes in fuel demand as a major storm barrelled into Florida. Brent crude futures rose 37 cents, or 0.5 percent, to $76.95 a barrel, while US West Texas Intermediate […] October 10, 2024
Energy Oil prices slip as strong supply counters risks Oil prices slipped during trading on Wednesday as weak demand fundamentals and rising supply countered the elevated risk of supply disruption from conflict inthe Middle East and Hurricane Milton in the United States. Brent crude futures fell cents, or 0.47 percent, to $76.82 a barrel by 11:03 GMT. US West Texas Intermediate futures were down […] October 9, 2024
Energy Oil prices slip after rallying to highest in over a month A rally in oil prices took a break on Tuesday as the market waited for Israel’s response to last week’s Iranian rocket attacks that prompted a price surge on concerns of a broader conflict in the Middle East. Brent crude futures fell $1.60, or 2 percent, to $79.33 per barrel by 12:18 GMT. US West […] October 8, 2024
Oil & Gas Oil prices up after strongest weekly rise in over a year Oil prices fell and then rose again on Monday after posting their steepest weekly rise in over a year last week. Brent crude futures fell to $77.74 per barrel before rising again to $79.14 per barrel. US West Texas Intermediate dipped to $74.18 per barrel and then rose to $75.53 per barrel. Brent rose by […] October 7, 2024
Oil & Gas Oil edges up on Middle East risks Oil prices inched up in early Asian trading hours on Friday, holding on to their strong weekly gains, as investors weighed the Middle East conflict and the potential disruption in crude flows against an amply-supplied global market. Brent crude futures were up 9 cents, or 0.12 percent, to $77.71 a barrel as of 00:10 GMT. […] October 4, 2024
Oil & Gas Oil rises 1% on prospects of wider Middle East conflict Oil prices rose on Thursday as the prospect of a widening Middle East conflict that could disrupt crude oil flows from the key exporting region overshadowed a stronger global supply outlook. Brent crude futures were up 94 cents, or 1.27 percent, to $74.84 a barrel at 06:15 GMT. US West Texas Intermediate crude futures were […] October 3, 2024
Oil & Gas Oil prices jump 3% as Middle East conflict intensifies Oil prices rose by more than 3 percent on Wednesday as Israel vowed retribution for Iran’s ballistic missile attack on its regional adversary. The conflict has intensified rapidly, with Israel also ordering more soldiers into Lebanon to battle the Iran-backed group Hezbollah. There is little sign of de-escalation despite international pleas. That has sent oil […] October 2, 2024
Adnoc to buy German chemicals company Abu Dhabi’s Adnoc has agreed to buy German chemicals producer Covestro for €15.9 billion ($18 billion) including debt, the state oil giant said on Tuesday, representing its largest acquisition to date. The deal is one of the biggest foreign takeovers by a Gulf state as Abu Dhabi and other countries in the region seek to reduce […] October 1, 2024
Oil & Gas Opec+ to ‘delay oil output hike for two months’ Opec+ has agreed to delay a planned oil output increase for October and November after crude prices hit their lowest in nine months. A statement on the oil producer group’s website said: “The eight participating countries have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until […] September 5, 2024
Banking & Finance Lebanon’s former central bank governor ‘arrested in Beirut’ The former governor of Lebanon’s central bank, Riad Salameh, was arrested on Tuesday after a hearing in Beirut, a senior judicial source has told Reuters. Salameh has been charged with financial crimes including money laundering, embezzlement and illicit enrichment. He has denied all wrongdoing. Neither he nor his lawyer immediately responded to Reuters’ attempts to […] September 3, 2024
Tech Telegram founder Pavel Durov arrested in France Pavel Durov, the Russian-born billionaire founder and owner of the Dubai-based Telegram messaging app, was arrested at Le Bourget airport, Paris shortly after landing on a private jet late on Saturday, and placed in custody, three sources have told Reuters. Durov, 39, who has dual French and UAE citizenship, was arrested as part of a […] August 26, 2024
Banking & Finance Bank of Singapore says Middle East vital to growth One of Asia’s biggest private banks, the Bank of Singapore, aims to expand its business in the Middle East. Ranjit Khanna, the bank’s head of private banking for Europe and the Middle East, said the region could contribute up to 20% of its overall revenue and private banking assets over the next three to five […] August 23, 2024
People & Lifestyle Masoud Pezeshkian is elected president of Iran Masoud Pezeshkian urged people on Saturday to stick with him on “the difficult road ahead” after beating Saeed Jalili in the run-off for Iran’s presidential election. The election was called following the death of former president Ebrahim Raisi in a helicopter crash in May. Pezeshkian, a 69-year-old cardiac surgeon, has pledged to promote a pragmatic foreign policy, ease […] July 6, 2024
Aviation US fines Emirates for operating in prohibited airspace Emirates has been fined $1.5 million by the US Transportation Department for operating flights carrying JetBlue Airways’ JBLU.O designator code in prohibited airspace. The transportation department said that between December 2021 and August 2022, Emirates operated a significant number of flights carrying the JetBlue Airways code between the United Arab Emirates and the United States […] June 14, 2024
Oil & Gas Builder of Qatar-Exxon LNG facility files for bankruptcy Zachry Holdings, the lead contractor on the QatarEnergy and ExxonMobil Golden Pass LNG project in Texas, has filed for Chapter 11 bankruptcy protection. Zachry Holding’s share of the $10 billion Golden Pass project is valued at $5.8 billion. The company said it is pursuing a “structured exit”. “Because we have been unable to find a […] May 23, 2024
Sustainability Debt-for-nature swaps may give $100bn boost to climate fight Debt-for-nature swaps, where poorer countries have debt written off in return for protecting ecosystems such as barrier reefs or rainforests, could provide $100 billion for the fight against climate change, a new report has calculated. The UK-based, non-profit International Institute for Environment and Development (IIED) based the estimate on the possibility of debt swaps in […] April 15, 2024
Oil & Gas Opec stands by predictions for oil demand growth Opec predicts robust fuel use this summer and has stuck to last month’s forecast of relatively strong growth in oil demand in 2024 and 2025. The oil producers’ organisation predicted in its monthly report that global demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. […] April 12, 2024
Renewable Energy Atvos in deal to build biomethane plant in Brazil Brazilian ethanol producer Atvos has signed an agreement to build a biomethane factory in the state of Mato Grosso do Sul, with investments seen at more than 350 million reais ($69.4 million), it said in a statement on Wednesday. The biomethane plant is expected to have a 28-million cubic meter capacity per crop and will […] April 10, 2024 In association with
Finance Egypt’s inflation eases to 33.3% in March Egypt’s annual urban consumer price inflation rate slowed to a lower-than-expected 33.3 percent in March from 35.7 percent in February, data from the country’s statistics agency Capmas showed on Monday. Month-on-month, prices rose by one percent in March, down from 11.4 percent in February. A poll of 12 analysts had expected annual inflation to climb to a […] April 9, 2024
Energy Aramco and Shell near final stage of Pavilion Energy talks Saudi Aramco and Shell, which are competing to buy the assets of Singapore’s Temasek-owned liquefied natural gas (LNG) trading firm Pavilion Energy, are now locked in price negotiations after completing the due diligence process, three sources with knowledge of the matter said. The potential sale comes a decade after the Singapore state investment firm set up Pavilion […] April 7, 2024
