Energy

Motorists across the UAE will see their fuel costs fall for the first time in four months, providing welcome relief for household budgets and business operating expenses. This unexpected cut comes despite rising global oil prices.

Houthi strikes on Saudi oil facilities and Strait of Hormuz incidents have pushed Brent crude prices to their highest in five months. This surge could reshape government budgets and business costs across the region.

These significant increases, following earlier hikes in October, will impact heating, transport, and petrochemical costs across the Middle East and Asia.

Iraqi Prime Minister Ali al-Zaidi's visit to Syria signals a pragmatic shift. Discussions focused on reviving the historic Kirkuk-Baniyas oil pipeline, a move that could reshape regional energy flows.

The European Investment Bank is expanding its funding for Egypt's sustainable projects, from solar power to water infrastructure. This partnership aims to strengthen the economy and create jobs.

The revolving credit facility will provide a financial buffer for the energy giant's ambitious capital expenditure program as it balances traditional energy with new growth areas.

A new pipeline shutdown in Libya's western region highlights the ongoing vulnerability of its oil sector and poses a risk to state revenues.

The North African nation is boosting upstream exploration and bringing new wells online, alongside securing significant financing for Africa's largest solar project, to meet soaring energy demand.

A major joint venture between Italy's Eni and Libya's National Oil Corporation has completed a long-awaited gas recovery project, promising significant environmental and economic benefits.

Brent crude oil prices have fallen from a five-month high. A US waiver on Russian sanctions allowing increased diesel exports signals shifting supply dynamics for energy producers.

Doha's latest commitment aims to rebuild Lebanon's dysfunctional electricity sector with no upfront cost to Beirut, potentially offering a more reliable power supply for homes and businesses.

Algeria and South Africa are enhancing cooperation across oil, gas, and other key sectors, aiming to boost economic integration and investment. This strategic shift could reshape trade flows for both nations.

A joint operating body led by BP has taken over four major oilfields in northern Iraq to boost output and capture gas for power generation.

Oman is forging ahead with geothermal energy studies to diversify its power mix, while state-owned OQ Exploration and Production is establishing a $2 billion sukuk program to fuel its growth ambitions.

OPEC has significantly adjusted its global oil demand outlook, with a sharp downgrade for next year countered by a stronger rebound predicted for 2027. This shift reflects ongoing geopolitical tensions and the critical need to rebuild global oil stockpiles.

Saudi Aramco has tapped KBR for a significant engineering contract to upgrade its Marjan offshore field, ensuring long-term production stability and advanced gas processing capabilities. This investment highlights the Kingdom's commitment to its energy future.

The state oil giant has cut prices for November shipments to Asia, offering its flagship Arab Light crude at a $5 per barrel discount. This move targets market share amidst high shipping costs and regional disruptions.

Baghdad's state-owned tankers have made their first shipment past the Strait of Hormuz in decades, signalling a major change in how it gets its crude to global markets.

Yemen's Houthi group claimed drone and missile strikes on a Riyadh Aramco facility, sparking fears of energy supply disruptions and pushing Brent crude prices above $106.

As Houthi attacks persist, the Kingdom is boosting its western pipeline capacity and exploring an Oman bypass to safeguard its crucial oil exports.

The coordinated move by major economies aims to ease global fuel prices and address Europe's diesel shortage. For Saudi Arabia, this could mean less revenue from its primary export.

Despite ongoing market volatility and efforts to recover supply, the major oil producers are taking a cautious stance, impacting global energy markets and regional trade.

Global oil markets are reacting to ongoing geopolitical tensions and reduced Gulf supply, pushing prices upwards. The UAE is investing in critical infrastructure to safeguard its exports.

The ongoing Iran conflict has severely impacted global oil supply through the vital Strait of Hormuz, pushing prices significantly above pre-war levels.

When the Kurdistan Region's exports first passed 100,000 barrels a day, it looked like the start of an oil boom. What followed was a long fight with Baghdad over who controls Kurdish crude and its revenue.

Stolen fuel, corruption and mismanagement have kept Iraq's electricity sector failing for two decades, despite tens of billions of dollars in spending.