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☆ UAE energy minister: OPEC+ faces oil market volatility in both supply and demand
▼ + stars: | 2023-01-14 | by ( ) www.reuters.com time to read: +1 min

CAIRO, Jan 14 (Reuters) - OPEC+ is facing "volatile prospects" in oil markets both in supply and demand, UAE energy minister Suhail al-Mazrouei told Asharq TV on Saturday. OPEC+ production capacity was down 3.7 mln bpd due to fewer investments in the oil sector, Al-Mazrouei said. He also said UAE is taking preemptive steps to compensate for the reduced oil production capacity in some countries by bringing forward its five million barrel per day oil production capacity expansion to 2027 from a previous target of 2030. Regarding gas, Al-Mazrouei told the Atlantic Council Global Energy Summit earlier that the world would need natural gas for a long time and more investment was required to ensure supply security and affordable prices during the global energy transition. Reporting by Ahmed Tolba and Yasmin Hussein, Editing by Angus MacSwan and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ UAE, Israel ratify comprehensive economic partnership agreement
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: 1 min

Dec 11 (Reuters) - The governments of the United Arab Emirates and Israel ratified their comprehensive economic partnership agreement, UAE minister of state for foreign trade, Thani Al Zeyoudi, said on Twitter on Sunday. The free trade agreement, which was first signed in May, will remove or reduce tariffs on 96% of goods traded between the nations. "Non-oil trade between UAE and Israel hit $2 billion in the first nine months of 2022, up 114% from the same period in 2021... [The agreement] will accelerate this progress as we create opportunities in key sectors such as advanced technology, renewable energy and food security," Al Zeyoudi added. Reporting by Nayera Abdallah and Yasmin Hussein; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi stock exchange to close on Wednesday after World Cup win against Argentina
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: 1 min

CAIRO, Nov 22 (Reuters) - The Saudi stock exchange will be closed on Wednesday after Saudi Arabia declared a public holiday and will reopen on Thursday, state TV reported on Tuesday. King Salman bin Abdulaziz declared Wednesday as a public holiday after the Saudi soccer team beat Argentina in the World Cup on Tuesday. Reporting by Yasmin Hussein and Nayera Abdallah. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ Egypt's Sisi to attend Qatar World Cup opening ceremony – state TV
▼ + stars: | 2022-11-20 | by ( ) www.reuters.com time to read: 1 min

CAIRO, Nov 20 (Reuters) - Egypt's President Abdel Fattah al-Sisi will head to Qatar to attend the 2022 FIFA World Cup opening ceremony on Sunday, state TV quoted the presidency as saying. Qatar has thawed ties with Egypt and its Gulf neighbours after a resolution early last year to end a political row that had seen Saudi Arabia, the United Arab Emirates, Bahrain and Egypt boycott Doha for over three years. Reporting by Yasmin Hussein; Writing Mahmoud Mourad; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi crown prince arrives in Seoul - state news agency
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

[1/6] Crown Prince of Saudi Arabia, Mohammed bin Salman is received by South Korean Prime Minister, Han Duck-soo upon his arrival in Seoul, South Korea, November 16, 2022. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERSCAIRO, Nov 16 (Reuters) - Saudi Crown Prince Mohammed bin Salman arrived in South Korea, state news agency (SPA) reported on Wednesday. He was received by the South Korean prime minister in the capital Seoul, it added. Reporting by Moataz Mohammed and Yasmin Hussein; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Israel strike hits major air base in central Syria, military sources say
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

CAIRO/AMMAN Nov 13 (Reuters) - Syrian air defences shot down Israeli missiles over Homs province on Sunday, state news agency SANA said, in what military sources said was a strike on a major Syrian air base. Syrian state television posted a short video of the "aggression" but gave no further details. A Syrian army source, who was not authorised to speak publicly, said that the strikes targeted Shayrat air base, a military complex southeast of Homs city. Its runway and underground facilities have undergone a major expansion by the Russia military in the last three years, he added. Russia, which maintains a major military presence in Syria, has forces stationed near to Shayrat air base, which has also been used recently by the Iranian air force, another security source told Reuters on condition of anonymity.

☆ Nineteen dead in Egypt after bus falls into canal, health ministry says
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: 1 min

CAIRO, Nov 12 (Reuters) - Nineteen people were killed and six others were injured when a bus fell into a canal in northern Egypt on Saturday, the Health Ministry said. The bus was carrying some 35 people when it derailed on a highway and fell into Mansuriya canal in Aga town, in the northern governorate of Daqahlia, according to security sources. Reporting by Ahmed Mohamed Hassan, Farah Saafan, Yasmin Hussein, and Moaz Abd-Alaziz;Our Standards: The Thomson Reuters Trust Principles.

☆ UAE targets clean projects at 50% of energy mix by 2050 -energy minister
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: 1 min

CAIRO, Oct 30 (Reuters) - The United Arab Emirates aims to increase clean projects' share of its energy mix to 50% by 2050, state news agency WAM cited its energy minister as saying on Sunday. Suhail al-Mazrouei also said the Gulf state would start revising its energy strategy at the beginning of 2023 to align it with the goal of achieving climate neutrality by 2050. Reporting by Maha El Dahan and Yasmin Hussein; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ Egypt's pound sinks further against dollar after flexibility pledge
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +2 min

CAIRO, Oct 30 (Reuters) - Egypt's pound fell about 4% to 24 against the dollar as trading resumed on Sunday, Refinitiv data showed, after authorities committed to a flexible exchange rate under an International Monetary Fund support deal. The pound slid about 14.5% to 23 against the dollar on Thursday after they pledged a "durably flexible" exchange rate in conjunction with a staff-level agreement for a $3 billion IMF extended fund facility. Egypt's currency has been held steady or allowed to depreciate only gradually following previous sharp devaluations in 2016 and this March. It has weakened about 34.5% against the dollar so far this year. It introduced a mandatory requirement for importers to use letters of credit, leading to a sharp slowdown in imports and bottlenecks at ports.

☆ Saudi Arabia confirms crown prince won't attend Arab summit in Algeria
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +1 min

RIYADH, Oct 23 (Reuters) - Saudi Crown Prince Mohammed bin Salman will not travel to Algeria next month to attend a summit of the Arab League on medical advice, the royal court confirmed in a statement on state media on Sunday. Doctors had advised Prince Mohammed, 37, to avoid long-haul flights that might affect his middle ear, said the royal court. It has not previously stated that the Crown Prince, Saudi Arabia's de facto ruler, had ear problems. Foreign Minister Prince Faisal bin Farhan Al Saud will head the kingdom's delegation to the summit instead. The Algerian presidency said late on Saturday that Prince Mohammed would not attend the event to be held on Nov. 1 in Algiers in compliance with a medical recommendation to avoid travel.

☆ Lebanese president calls on Totalenergies to start drilling after deal with Israel
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

CAIRO, Oct 18 (Reuters) - Lebanese President Michel Aoun called on Totalenergies (TTEF.PA) to quickly start drilling in block 9 in the Mediterranean sea. The Lebanese Presidency said Aoun met with a delegation from the company and called for a start to drilling to offset the time spent in indirect negotiations with Israel to demarcate the southern maritime borders. Earlier this month, Lebanon and Israel reached an agreement demarcating a disputed maritime border between them after years of U.S.-mediated negotiations. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nayera Abdallah, Writing by Yasmin Hussein, Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi king Salman says kingdom seeks stability and balance in oil markets
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Oct 16 (Reuters) - Saudi King Salman said on Sunday the kingdom was working hard to support stability and balance in oil markets, including by establishing and maintaining the agreement of the OPEC+ alliance. King Salman bin Abdulaziz said in an address to the kingdom's advisory Shura Council that his country was a mediator of peace and highlighted the crown prince's initiative to release POWs from Russia last month. King Salman also called on Iran to fulfill its nuclear commitments and cooperate with the U.N. nuclear agency. Register now for FREE unlimited access to Reuters.com RegisterReporting by Aziz El Yaakoubi, Nayera Abdallah and Yasmin Hussein; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

CAIRO Oct 16 (Reuters) - OPEC+ member states lined up on Sunday to endorse a steep production cut agreed this month after the White House, stepping up a war of words with Riyadh, claimed Saudi Arabia had pushed some other nations into the move. Iraq, OPEC's second largest exporter, said the decision was based on economic indicators and was taken unanimously. The cut came despite oil markets being tight, with inventories in major economies at lower levels than when OPEC has cut output in the past. But some analysts have said recent volatility in crude markets could be remedied by a cut that would help attract investors to a market that was underperforming fundamentals. Oman's energy ministry said OPEC+ decisions were based purely on the realities of market supply and demand.

☆ Iraqi outgoing PM appoints new acting finance minister
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: 1 min

CAIRO, Oct 15 (Reuters) - Iraqi outgoing Prime Minister Mustafa al-Kadhimi appointed Hayam Nemat as acting finance minister after accepting Ihsan Abdul Jabbar's resignation, the state news agency said on Saturday. It added Nemat will fill the position until a new government is formed. Iraq’s parliament on Thursday elected Kurdish politician Abdul Latif Rashid as president, who immediately named Mohammed Shia al-Sudani prime minister-designate, ending a year of deadlock after a national election in October last year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yasmin Hussein; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Death toll from sunken Lebanon migrant boat rises to 86
▼ + stars: | 2022-09-24 | by ( ) www.reuters.com time to read: 1 min

People gather near Lebanese Red Cross vehicles that carry dead bodies of people that were aboard a migrant boat which according to Lebanese and Syrian officials sank off at Syrian coast after sailing from Lebanon, at the Lebanese-Syrian border crossing in Arida, Lebanon September 23, 2022. REUTERS/Mohamed AzakirRegister now for FREE unlimited access to Reuters.com RegisterCAIRO, Sept 24 (Reuters) - The death toll from a migrant boat that sank off the Syrian coast after sailing from Lebanon earlier this week has risen to 86, Syrian state TV said on Saturday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ahmed Tolba; Writing by Yasmin Hussein; Editing by David ClarkeOur Standards: The Thomson Reuters Trust Principles.

☆ Death toll from sunken Lebanon migrant boat rises to 94
▼ + stars: | 2022-09-24 | by ( ) www.reuters.com time to read: +1 min

Members of Syrian Red Crescent work by a shoreline following a migrant boat, which according to Lebanese and Syrian officials, sank off the Syrian coast after sailing from Lebanon, in Tartous, Syria September 24, 2022. Courtesy of Syrian Red Crescent/Handout via REUTERSCAIRO, Sept 24 (Reuters) - The death toll from a migrant boat that sank off the Syrian coast after sailing from Lebanon earlier this week has risen to 94, after more bodies were recovered from Syria's Baniyas coast on the Mediterranean, Syrian state TV said on Saturday. It is the deadliest such voyage yet from Lebanon, where mounting economic desperation has led many to board often rickety and overcrowded boats in the hope of reaching Europe. Syrian authorities began finding bodies off the coast of the northern port city of Tartus on Thursday afternoon. The Syrian transport ministry quoted survivors as saying the boat had left from Lebanon's northern Minyeh region on Tuesday with between 120 and 150 people on board, bound for Europe.

The company's chief executive Patrick Pouyanne travelled to Doha to sign a deal with QatarEnergy chief Saad al-Kaabi for the North Field South (NFS) expansion, saying that the deal came at a "perfect time" when world leaders particularly in Europe were seeking new LNG supplies. Qatar's North Field expansion project will boost its position as the world's top LNG exporter and help guarantee long-term supplies of gas to Europe as the continent seeks alternatives to Russian flows. He said he could not disclose the total cost of the NFS project as some onshore contracts had not yet been finalised. Qatar's North Field expansion plan includes six LNG trains that will ramp up its liquefaction capacity from 77 million tonnes per annum (mtpa) to 126 mtpa by 2027. It awarded contracts for the first phase of the expansion project, North Field East (NFE), which includes four trains, earlier this year.

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