Middle East

Sri Lanka's energy minister announced on Friday that the country will begin work on plans next month to create an energy hub in collaboration with India and United Arab Emirates. The nation is looking to leverage its strategic position to cement a return from the financial crisis. The three signed the deal during the visit of India's PM Narendra Modi to the island this month. He was the first world leader to visit since Anura Kumara dissanayake became president last September. Dissanayake was elected with promises of stability, after the worst financial crises in decades three year ago caused runaway...

Sources say Gulf issuers are working on bond offerings including Saudi Arabia's sovereign wealth fund worth $925 billion. They have braved the debt markets in spite of recent turmoil caused by President Donald Trump's policies regarding tariffs. Investors are struggling to determine where Trump's policies will lead. The markets have been volatile ever since Trump announced his sweeping tariffs in April, even though he has rolled back most of them. Two sources who are directly involved in the matter have confirmed that Saudi Arabia's Public Investment Fund is looking to raise $1.5 billion to $2 billion through a sukuk or...

Tata Steel Nederland announced on Wednesday that major industrial groups from Oman and Germany, as well as the Netherlands, have signed an agreement to develop the first liquid hydrogen import corridor in the world. The group announced in a press release that the corridor would link the ports of Duqm, Oman, Amsterdam, Netherlands, and the key logistic hubs of Germany, including Duisburg. The aim is to allow the importation of liquid hydrogen that complies with RFNBO (renewable fuel of non-biological source) into Europe. Hans van den Berg is the CEO of Tata Steel Nederland. He said: "As a large buyer,...

The petrochemicals plant at Austrian Oil and Gas Company OMV's Schwechat Refinery near Vienna Airport broke down on February 2. This caused it to switch over to high-flare operation, which alarmed the passersby. It also prompted fire brigade calls. OMV's largest refinery, Schwechat, is one of Europe's largest. It has a capacity to process 9.6 million tonnes crude oil per year. Borealis is a petrochemicals company that's partly owned by OMV, and it's going through a merger. It has a production site next to the refinery. OMV released a statement that said, "On April 15, 2025, at 10:00 am (0800...

The Santos Port Authority in Brazil, which manages the largest southern hemisphere port, has said that the port's draft will be deepened in order to attract larger ships in coming years. Beto Mendes (director of port operations) said that the goal is to increase the draft from 16 to 17 meters by 2031. Attracting larger ships would allow Brazil's commercial ties to be strengthened with partners like China, who is currently in a trade conflict with the United States. Mendes stated during a presentation that "we need to be ready." Santos will see an increase in shipping volumes as a...

Hassan Fadlallah, a Hezbollah legislator, said that the Iran-aligned movement is prepared to begin talks with the Lebanese Government on a national defense strategy. The focus will be on ensuring Israel's removal from Lebanon. Three Lebanese sources have confirmed that the U.S.-backed president Joseph Aoun is about to begin talks with Hezbollah regarding its arsenal of weapons. Aoun pledged in January to establish a monopoly state control over arms. Hezbollah, one of the most heavily-armed non-state organizations in the world, was severely weakened by the conflict with Israel that began 2024, which was caused by the Gaza War. The group...

The Egyptian presidency announced on Tuesday that Egyptian President Abdel Fatah al-Sisi discussed with U.S. president Donald Trump mediation efforts to restore calm in the region, which would have positive impacts on Red Sea Navigation and stop economic losses for both parties. Since Israel's war against Hamas in late 2023 began, the Iran-aligned Houthis are said to have launched more than 100 maritime attacks. They claim they were doing so in solidarity with Gaza’s Palestinians. The attacks disrupted the global economy and sent the U.S. Military on a costly missile interception campaign. Trump had said on Tuesday morning that he...

Saudi Aramco's official selling prices for LPG (liquefied petroleum gases) in April are unchanged from those of March. Sonatrach, however, has cut its OSPs between 2-7% because of a weaker Mediterranean demand, according to traders on Monday. Aramco’s April OSP was $615 per metric tonne. Butane costs $605 per ton , traders said. LPG comes in two types: propane and butane. They have different boiling points. LPG is primarily used as a fuel for heating and cars, as well as as a feedstock to make other petrochemicals. Sonatrach has cut its April OSP (Off-Season Price) for propane from $550 to...

This week, the European Union began a ban on reexporting Russian LNG via EU ports. The goal is to reduce Moscow’s revenue after its invasion in Ukraine. The ban prohibiting the reloading Russian cargoes in EU ports to export to third-country countries was implemented in June 2024. A moratorium will be in place until March 26th 2025 for contracts that were signed before June 25th last year. Gas experts claim that the measure will have little effect, as the transshipments via EU ports into Asia represents less than 10% total Russian LNG exports. However, suppliers will direct this volume towards...

This week, the European Union's (EU) ban on reexporting Russian LNG via EU ports came into force. The EU's goal is to reduce Moscow’s revenue after its invasion of Ukraine. The ban prohibiting the reloading Russian cargoes in EU ports to export to a third country was implemented in June 2024. A moratorium will be enforced until March 26th, 2025, for contracts that were signed before June 25, 2018. Gas experts claim that the measure will have little effect, as transshipments via EU ports into Asia represents less than 10% total Russian LNG exports. However, suppliers would direct this volume...

Calculations based on data from the industry showed that Russia's rail-exports of liquefied petrol gas (LPG), which were a result of European sanctions, fell by 24% in January and February compared to last year, reaching 451,000 metric tonnes. The European Union imposed sanctions on Russian LPG due to the conflict in Ukraine on December 20, 2018. Poland, one Russia's biggest LPG importers, proposed the restrictions last year. LPG (or propane and butane) is used primarily as a fuel for cars and heating, and also to make other petrochemicals. The majority of Russia's LPG exports are shipped by rail, with the...

The major Gulf stock markets were up slightly on Monday morning as investors waited for clarity about the next tariffs from U.S. president Donald Trump amid increased geopolitical tensions in the region. Trump's reciprocal duties, which are due to go into effect on April 2, will likely fuel inflation and stunt the economy. Trump said on Friday there could be some flexibility with tariffs. This would potentially reduce their impact. Saudi Arabia's benchmark stock index rose 0.1% thanks to a 1.3% increase in Saudi Arabian Mining Company. Umm Al Qura for Development and Construction, on the other hand, soared by...

Mohsen Paknejad, the Iranian Oil Minister, said that during his visit to Moscow last Friday, Iran would increase cooperation with Russia in banking and agriculture. He also stated that he would remove all barriers between Russia and Iran in any sphere of cooperation. Since the beginning of the conflict in Ukraine, Russia has strengthened its ties with Iran and signed an agreement for strategic partnership with Tehran in January. Both countries are subject to Western sanctions. Paknejad, speaking on state television earlier on Friday said that Iran would sign a $4-billion agreement with Russian companies for the development of seven...

State media reported that Morocco's King Mohammed V gave his approval on Thursday to a rail expansion project worth 96 billion dirhams (10,3 billion dollars), which includes the construction of a fast-track line from Marrakesh (the country's tourist center) by 2030. The extension of high-speed rail, intercity, and urban networks has been a result of Morocco's preparations for co-hosting the World Cup 2030 with Spain and Portugal. The country hopes that the investments will also help to develop its fledgling rail industry. The 53 billion dirhams high-speed rail line will run from Kenitra, on the Atlantic Coast, 430 km south...

Four trading sources said that the discount for Russian Urals oil cargoes loaded in May to Brent dated this month remained at this month's levels, even though Saudi Arabia reduced its official selling price of oil. They said that May Urals cargoes were selling at a discount of $2.50-3 a bar to dated Brent, on a DES basis (delivered from ship), which is close to the estimates for April cargoes. "Urals Prices held firm despite Saudi Arabia’s decision to cut prices for the competing Arab Light Oil. Russian barrels are very much in demand," said an Urals trader. Saudi Arabia's...

An industry source said that Kazakhstan's oil production fell during the first two weeks in April compared to the average for March, but it is still higher than the OPEC+ quota after months of overproduction. Sources said that the central Asian country's crude oil production, excluding the gas condensate was down by 3% between April 1-13 compared to the average of March at around 1.82 million barrels a day. This is due to a decline at the Chevron Tengiz Field, they added. Kazakhstan, a country in the top 10 oil producers, has consistently exceeded the quotas established by OPEC+. This...

The oil prices fell for the second consecutive week on Friday, amid investor concerns about a recession caused by the growing trade war between China and the United States. Brent crude futures fell 25 cents or 0.39% on the day to $63.08 per barrel at 1312 GMT, while U.S. West Texas Intermediate Crude dropped 30 cents or 0.50% to $59.77. Brent and WTI will both decline by 3.8% and 3.5% respectively this week, after losing about 11% each last week. Brent fell below $60 per barrel this week, its lowest level since February 2021. Analyst Giovanni Staunovo of UBS said...

Chris Wright, the U.S. Energy secretary, said that President Donald Trump could increase pressure on Iran by stopping its oil exports. This would be part of his plan to put pressure on Tehran regarding its nuclear program. Trump's return to the White House in January, after his first term, when he rescinded the United States' 2015 power agreement with Tehran and imposed restrictions on its oil sales, has once again brought a more aggressive approach towards the Middle Eastern country over its nuclear activities. Wright said during a trip to Abu Dhabi that he believed Gulf allies were very concerned...

The oil prices fell by more than two dollars per barrel on Thursday. This erased the previous session's gains as investors re-evaluated a planned pause of sweeping U.S. Tariffs, and shifted their focus to an intensifying trade war between Washington, D.C., and Beijing. U.S. West Texas Intermediate Crude Futures dropped $2.28 or 3.7% to settle at 60.07 per barrel. Brent crude futures dropped $2.15 or 3.3% to $63.33 per barrel. Both contracts gained more than 2 dollars a barrel after U.S. president Donald Trump suspended the heavy tariffs that he announced against dozens U.S. trading partner a week earlier, marking...

The oil prices dropped by around 1% as U.S. president Donald Trump intensified his trade war against China. He also announced a 90 day pause in tariffs on other countries. Brent futures dropped 73 cents or 1.1% to $64.73 a barge by 01:08 a.m. GMT. U.S. West Texas Intermediate Crude futures declined 49 cents or 0.8% to $61.86. On Wednesday, the benchmarks settled 4% higher after falling as much as 7 % during the session. Trump increased the tariff rate on China from 104% to 125%. This is effective immediately. China has also announced a new import tax on U.S....

Kuwait, an oil-rich country, cut off electricity temporarily in certain industrial and agricultural zones on Wednesday due to a surge in demand caused by the hot weather. This was outstripping power plant generating capacity which had been limited because of maintenance. Kuwait, which is a member of the Organization of Petroleum Exporting Countries (OPEC), resorted last summer to load-shedding, for the first time since years, due to an increase in demand, urbanization and delays with plant maintenance. According to posts on X by the Ministry of Electricity, Wednesday's power outages lasted for less than two hours. The temperature has risen...

Calculations showed that the average daily supply of natural gas to Europe through the TurkStream pipeline, owned by Russian energy giant Gazprom, fell 19.4% from a year earlier in March. The only remaining transit route for Russian gas into Europe is through Turkey after Ukraine decided not to renew a transit agreement with Moscow that expired in January. Based on data provided by the European Gas Transmission Group Entsog, calculations showed that Russian gas exported via the TurkStream pipe fell to 45 million cubic meters (mcms) per day from 55.8 millions cubic metres per days in February. This was also...

Oil prices fell on Monday and are heading towards a modest quarter-loss, despite warnings from U.S. president Donald Trump, who warned that he could impose secondary tariffs against buyers of Russian crude oil if he felt Moscow was blocking his efforts in ending the war in Ukraine. Brent crude futures for June, the more active contract, fell 30 cents or 0.4% to $72.46 a barrel by 0330 GMT. Meanwhile, U.S. West Texas Intermediate oil declined 33 cents or 0.5% to $69.03 a barrel. Brent front-month, down 26 cents or 0.4% at $73.36, expires on Monday. Both benchmarks are on track...

Oil prices fell on Monday and are heading towards a small quarterly loss, despite warnings from U.S. president Donald Trump about secondary tariffs if he believes that Moscow is preventing him from ending the war in Ukraine. Brent crude futures for June, the more active contract, fell 17 cents or 0.2% to $72.59 a barge by 0028 GMT. Meanwhile, U.S. West Texas Intermediate oil declined 18 cents or 0.3% to $69.18 a barge. Brent front-month, up 8 cents or 0.1% at $73.71, expires on Monday. Both benchmarks recorded a weekly gain for the third time in a row on Friday....