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Russia’s Tatneft makes new oil discovery in Libya

Russia’s Tatneft has made a new oil discovery with a 1,870 barrel per day capacity in Libya’s Ghadames basin, Libya’s National Oil Corporation (Noc) said in a statement on Wednesday. Noc said the well was the third discovery for Tatneft in the area known as area 82 block 4. Tatneft has an interest of 10.5 […]

Europe looks to a divided Libya to ease energy crisis

Italian oil major Eni’s $8 billion deal to develop two new gas fields in Libya is the biggest since the overthrow of veteran ruler Muammar Gaddafi. It also marks the latest attempt by European energy companies to secure new supplies for the continent in North Africa. Last year Eni struck an agreement to increase gas […]

A worker displays grains of wheat at a mill in Lebanon, where the cost of a loaf of bread rose 70 percent in March

Ukraine war drives Gulf to double down on food security

As the war in Ukraine has pushed up food prices and disrupted supply chains, hard-hit MENA countries explore ways to protect themselves In Abu Dhabi clusters of fresh tomatoes are growing inside rows of climate-controlled greenhouses in the middle of the desert – just one example of the lengths the arid region must go to […]

Oil will cushion Middle East from economic impact of Ukraine war

The war in Ukraine will sharply reduce economic growth in the Central Asian region in 2022, but higher oil prices will partly cushion the blow for the Middle East and North Africa, the International Monetary Fund said on Wednesday. Both regions, however, will feel the impact of surging commodity prices, the IMF said, warning higher […]