Browsing: Economy

RIYADH: Energy sector investments worth $14 trillion are needed to match the expected global oil demand of 116 million barrels per day by 2045, according to an OPEC expert.

BEIJING: Oil prices fell for a second day on Wednesday after a report that crude stockpiles in the US, the world’s biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week, according to Reuters.

CAIRO: Egypt has started paying off dues owed to foreign oil and gas companies operating in the country, the government said on Tuesday, with sources saying that up to $1.5 billion had been set aside for the payments. 

RIYADH: Real estate transactions in four of the UAE’s emirates surged in 2023 as they recorded a combined 22.6 percent annual increase in value – totaling 765.1 billion dirhams ($208.34 billion).

RIYADH: The production of Egyptian oil fields is poised to surge following a $66 million investment deal between Saudi drilling firm ADES and the subsidaries of the country’s petroleum corporation. 

RIYADH: Public entities in Saudi Arabia can now participate in the establishment of investment companies or profitable ventures following the approval of regulations by the Council of Ministers.

Ukrainian electricity imports have risen almost threefold, according to the Energy Ministry in Kiev, which also said the country has ceased almost all exports of electrical power following Russian strikes on infrastructure. 

Hungary no longer needs Ukrainian infrastructure for the supply of Russian natural gas thanks to the TurkStream pipeline, Foreign Minister Peter Szijjarto said on Monday.

Western restrictions on Russian diamond imports have destabilized the entire industry, as traders struggle to verify gems heading to the EU, the Sunday Times has reported, citing market players.

Trump Media & Technology Group, the parent company of Truth Social, former US President Donald Trump’s online platform, began trading on the NASDAQ stock market on Tuesday. Shares rose so quickly they triggered the fail-safe mechanism.