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Tag Archives: Opec

UAE to host COP28 conference in 2023

The ruler of Dubai said in a tweet on Thursday the United Arab Emirates (UAE) has been selected to host the COP28 international climate conference in 2023. “We will put all our capabilities to make the conference a success. The UAE will remain committed to global climate action to protect the planet,” …

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OPEC snubs Biden bid to reduce gasoline prices

OPEC and allied oil-producing countries rebuffed pressure from U.S. President Joe Biden to pump significantly more oil and lower gasoline prices for American drivers, deciding Thursday to stick with their plan for cautious monthly increases even as prices surge and the global economy is thirsty for fuel. The OPEC+ alliance, …

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UN vows to cut emissions to zero by 2050

The United Arab Emirates on Thursday (Oct 7) announced a plan for net-zero emissions by 2050, and would oversee 600 billion dirhams (US$163 billion) in investment in renewable energy. This makes it the first country in the Middle East and North Africa region to launch a concrete initiative to achieve …

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Iran defying US oil export ban

Iran is determined to increase its oil exports despite sanctions imposed by the United States on sales of crude from Tehran, Iranian Oil Minister Javad Owji said on Wednesday, adding that the use of oil sanctions as a “political tool” would hurt the market. “There is a strong will in …

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IEA worried about emissions once COVID crisis abates

Rising consumption in the wake of the COVID-19 pandemic is set to drive greenhouse gas emissions to all-time highs, the International Energy Agency said on Tuesday. “We estimate that full and timely implementation of the economic recovery measures announced to date would result in CO2 emissions climbing to record levels …

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No progress yet in UAE-Saudi OPEC talks

UAE is still in discussions with Saudi Arabia and other OPEC+ members for better terms under the current agreement that will expire in April 2022, an informed source of the discussions told Arab News. Reuters said earlier that UAE has reached a compromise to assign the Gulf nation a quota of 3.65 …

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Saudi, UAE disagree over OPEC policy

Oil held steady as tensions between Saudi Arabia and the UAE escalated over the weekend, leaving the market with few clues about how supply talks will proceed on Monday after discussions reached an impasse last week. The clash was unresolved just hours before Monday’s meeting was scheduled to start. The Saudis are standing …

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US worried about oil prices rising too high

The White House said on Friday it is concerned about the impact of rising oil prices on US consumers but believes producers have ample ability to pump enough crude. “Currently we believe that there is enough spare oil production capacity globally,” White House Press Secretary Jen Psaki told reporters. “Because …

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Iran claims US to lift all oil sanctions

Iran said on Wednesday the United States had agreed to remove all sanctions on Iran’s oil and shipping but Washington said “nothing is agreed until everything is agreed” in talks to revive the 2015 Iran nuclear deal. The remarks by outgoing President Hassan Rouhani’s chief of staff Mahmoud Vaezi echoed …

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Iraq and Saudi cooperating against common threats

Saudi Arabia’s Crown Prince Mohammed bin Salman and Iraqi Prime Minister Mustafa Al-Kadhimi agreed Wednesday on the need for their countries to continue coordinating in confronting extremism and terrorism.  Meeting at the Yamamah Palace in Riyadh, the two leaders also agreed to boost economic cooperation, starting with the creation of …

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US imposes latest wave of sanction on Iranian oil

The United States on Monday imposed fresh Iran-related sanctions targeting the Islamic Republic’s oil sector, including the Iranian Ministry of Petroleum, in Washington’s latest move to increase pressure on Tehran. The U.S. Treasury Department in a statement said it was slapping sanctions on key actors in Iran’s oil sector for …

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Iraq wants out of OPEC export cut deal

Iraq is seeking an exemption from an OPEC+ deal curbing oil production during the first quarter of 2021 but will adhere to the cuts over the next three months, Oil Minister Ihsan Abdul Jabbar said on Wednesday. Abdul Jabbar has spoken about the exemption to OPEC oil ministers in three …

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Russia, Iraq support oil price coordination

President Vladimir Putin discussed Russia’s cooperation with Iraq over an OPEC+ deal to reduce oil supply in a telephone conversation with Iraq’s Prime Minister Mustafa al-Kadhimi, the Kremlin said on Monday. The two men noted the importance of continuing their countries’ joint efforts in the oil markets, the Kremlin said. …

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Iraq, Saudi committed to coordinating oil cuts

Iraq and Saudi Arabia agreed on Saturday to continue working to re-balance markets and stressed their commitment to output cuts agreed by the Organization of the Petroleum Exporting Countries, Russia and other allies, Saudi state news agency SPA said. The comments came after Iraq’s Finance Minister Ali Allawi, who is …

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