/main-category/energy en /node/2596984/business-economy <div class="field field-name-field-rbitem-author field-type-taxonomy-term-reference field-label-above"><div class="field-label">article author:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/rbitem-author/arab-news">Arab News</a></div></div></div><div class="field field-name-field-author field-type-text field-label-inline clearfix"><div class="field-label">Author:&nbsp;</div><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-field-publication-date field-type-datestamp field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Mon, 2025-04-14 16:10</span></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p> RIYADH: OPEC has trimmed its 2025 global oil demand growth forecast, pointing to first quarter data and recently announced US trade tariffs as key factors behind the revision.</p> <p> In its latest monthly report, the oil producers鈥� group now expects demand to rise by 1.3 million barrels per day next year鈥�150,000 bpd lower than its previous estimate.</p> <p> The group also downgraded global economic growth projections for both 2025 and 2026, citing rising uncertainty from evolving trade dynamics.</p></div></div></div><div class="field field-name-field-binary field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="/sites/default/files/2025/04/14/4591861-1070385234.jpg" width="670" height="377" alt="The group also downgraded global economic growth projections for both 2025 and 2026, citing rising uncertainty from evolving trade dynamics. File" title="The group also downgraded global economic growth projections for both 2025 and 2026, citing rising uncertainty from evolving trade dynamics. File" /></div></div></div><div class="field field-name-taxonomy-vocabulary-1 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Main category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/economy">Business &amp; Economy</a></div><div class="field-item odd"><a href="/main-category/energy">Energy</a></div></div></div><div class="field field-name-taxonomy-vocabulary-9 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/category/tags/opec">OPEC</a></div><div class="field-item odd"><a href="/tags/opec">OPEC+</a></div></div></div> Mon, 14 Apr 2025 13:12:18 +0000 shahrukh.jamshed 2596984 at /node/2596945/business-economy <div class="field field-name-field-rbitem-author field-type-taxonomy-term-reference field-label-above"><div class="field-label">article author:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/taxonomy/term/225841">Reuters</a></div></div></div><div class="field field-name-field-publication-date field-type-datestamp field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Mon, 2025-04-14 10:06</span></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p> LONDON: Oil prices rose more than 1 percent on Monday after US exclusions on some tariffs and Chinese data showing a sharp rebound in crude imports in March, but gains were capped by concerns that the trade war between the US and China could weaken global economic growth and dent fuel demand.</p> <p> Brent crude futures rose by 89聽cents, or 1.37 percent, to $65.65聽a barrel by 3:51聽p.m. Saudi time. US West Texas Intermediate crude was up 91聽cents, or 1.48 percent, at $62.41.</p></div></div></div><div class="field field-name-field-binary field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="/sites/default/files/2025/04/14/4591758-546123268.jpg" width="1000" height="534" alt="" title="Brent crude futures rose by 89聽cents, or 1.37 percent, to $65.65聽a barrel by 3:51聽p.m. Saudi time. Shutterstock" /></div></div></div><div class="field field-name-taxonomy-vocabulary-1 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Main category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/economy">Business &amp; Economy</a></div><div class="field-item odd"><a href="/main-category/energy">Energy</a></div></div></div><div class="field field-name-taxonomy-vocabulary-9 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/tags/oil-updates">oil updates</a></div><div class="field-item odd"><a href="/tags/oil-prices">oil prices</a></div></div></div> <span class="label abs-el uppercase update"> Update </span> Mon, 14 Apr 2025 07:23:10 +0000 owen.bennett 2596945 at /node/2596850/business-economy <div class="field field-name-field-rbitem-author field-type-taxonomy-term-reference field-label-above"><div class="field-label">article author:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/article-authors/reina-takla">Reina Takla</a></div><div class="field-item odd"><a href="/taxonomy/term/206261">MOHAMMED AL-KINANI</a></div></div></div><div class="field field-name-field-publication-date field-type-datestamp field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Sun, 2025-04-13 13:29</span></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p> RIYADH: The US and 抖阴短视频 will sign a preliminary agreement on energy cooperation and civilian nuclear technology, Energy Secretary Chris Wright told a press conference in the Saudi capital on Sunday.</p> <p> The US official said that details on nuclear cooperation between the two countries would come later this year.</p> <p> He said the cooperation will focus on building a commercial nuclear power industry in the Kingdom 鈥渨ith meaning developments expected this year.鈥�</p></div></div></div><div class="field field-name-field-binary field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="/sites/default/files/2025/04/13/4591503-42644003.jpeg" width="1126" height="753" alt="US Energy Secretary Chris Wright with Saudi Energy Minister Prince Abdulaziz bin Salman in Riyadh on Sunday." title="US Energy Secretary Chris Wright with Saudi Energy Minister Prince Abdulaziz bin Salman in Riyadh on Sunday." /></div></div></div><div class="field field-name-taxonomy-vocabulary-1 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Main category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/economy">Business &amp; Economy</a></div><div class="field-item odd"><a href="/main-category/energy">Energy</a></div></div></div><div class="field field-name-taxonomy-vocabulary-9 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/category/tags/us">US</a></div><div class="field-item odd"><a href="/category/tags/saudi-arabia">抖阴短视频</a></div><div class="field-item even"><a href="/tags/nuclear-technology">nuclear technology</a></div></div></div> <span class="label abs-el uppercase update"> Update </span> Sun, 13 Apr 2025 10:31:30 +0000 shahrukh.jamshed 2596850 at /node/2596675/business-economy <div class="field field-name-field-rbitem-author field-type-taxonomy-term-reference field-label-above"><div class="field-label">article author:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/article-authors/nirmal-narayanan">Nirmal Narayanan</a></div></div></div><div class="field field-name-field-author field-type-text field-label-inline clearfix"><div class="field-label">Author:&nbsp;</div><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-field-publication-date field-type-datestamp field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Fri, 2025-04-11 15:04</span></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p> RIYADH: Electricity consumption by data centers is expected to double by 2030 to reach 945 terawatts per hour, driven by the rapid use of applications powered by artificial intelligence, according to a think tank.聽</p> <p> In its latest report, the International Energy Agency said that this rise in electricity demand will create new challenges for energy security and carbon dioxide emission goals.聽</p> <p> According to the IEA,聽electricity consumption by data centers has increased by 12 percent annually since 2019 to reach聽1.5 percent of the global amount in 2024.</p></div></div></div><div class="field field-name-field-binary field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="/sites/default/files/2025/04/11/4591043-99128222.jpg" width="1000" height="553" alt="" title="Data centers are set to account for around one-tenth of global electricity demand growth to 2030. Shutterstock" /></div></div></div><div class="field field-name-taxonomy-vocabulary-1 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Main category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/economy">Business &amp; Economy</a></div><div class="field-item odd"><a href="/main-category/energy">Energy</a></div></div></div><div class="field field-name-taxonomy-vocabulary-9 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/tags/data-centers">DATA CENTERS</a></div><div class="field-item odd"><a href="/tags/artificial-intelligence-ai">artificial intelligence (AI)</a></div><div class="field-item even"><a href="/tags/international-energy-agency-iea">International Energy Agency (IEA)</a></div></div></div> Fri, 11 Apr 2025 12:17:22 +0000 owen.bennett 2596675 at /node/2596654/business-economy <div class="field field-name-field-rbitem-author field-type-taxonomy-term-reference field-label-above"><div class="field-label">article author:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/rbitem-author/arab-news">Arab News</a></div></div></div><div class="field field-name-field-author field-type-text field-label-inline clearfix"><div class="field-label">Author:&nbsp;</div><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-field-publication-date field-type-datestamp field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Fri, 2025-04-11 11:28</span></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p> RIYADH: The International Islamic Trade Finance Corporation has signed a 鈧�40 million ($45.43 million) Murabaha financing agreement with the African nation of Comoros to support its energy sector, the Saudi Press Agency reported.</p> <p> A member of the Islamic Development Bank Group, ITFC stated that the funding will ensure a stable supply of refined petroleum products and help drive growth in vital sectors such as agriculture, manufacturing, and services.</p></div></div></div><div class="field field-name-field-binary field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="/sites/default/files/2025/04/11/4590965-1517731960.png" width="1500" height="968" alt="" title="This financing deal addresses Comoros鈥� immediate energy needs. ITFC" /></div></div></div><div class="field field-name-taxonomy-vocabulary-1 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Main category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/economy">Business &amp; Economy</a></div><div class="field-item odd"><a href="/main-category/energy">Energy</a></div></div></div><div class="field field-name-taxonomy-vocabulary-9 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/tags/international-islamic-trade-finance-corporation-itfc">International Islamic Trade Finance Corporation (ITFC)</a></div><div class="field-item odd"><a href="/tags/comoros">comoros</a></div></div></div> Fri, 11 Apr 2025 08:35:11 +0000 owen.bennett 2596654 at /node/2596648/business-economy <div class="field field-name-field-rbitem-author field-type-taxonomy-term-reference field-label-above"><div class="field-label">article author:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/taxonomy/term/225841">Reuters</a></div></div></div><div class="field field-name-field-publication-date field-type-datestamp field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Fri, 2025-04-11 10:29</span></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p> LONDON: Oil prices were stable on Friday but on track for their second weekly loss in a row against a backdrop of investor concern over the burgeoning trade war between the US and China.</p> <p> Brent crude futures were up 16 cents, or 0.25 percent, at $63.49 a barrel by 3:21 p.m. Saudi time while US West Texas Intermediate crude added 15 cents, or 0.25 percent, to $60.22.</p></div></div></div><div class="field field-name-field-binary field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="/sites/default/files/2025/04/11/4590944-645257487.jpg" width="1000" height="534" alt="" title="Brent and WTI are poised to register weekly declines of about 3 percent, having both lost about 11 percent last week. Shutterstock" /></div></div></div><div class="field field-name-taxonomy-vocabulary-1 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Main category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/economy">Business &amp; Economy</a></div><div class="field-item odd"><a href="/main-category/energy">Energy</a></div></div></div><div class="field field-name-taxonomy-vocabulary-9 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/tags/oil-prices">oil prices</a></div><div class="field-item odd"><a href="/tags/oil-updates">oil updates</a></div></div></div> <span class="label abs-el uppercase update"> Update </span> Fri, 11 Apr 2025 07:35:17 +0000 owen.bennett 2596648 at /node/2596522/business-economy <div class="field field-name-field-rbitem-author field-type-taxonomy-term-reference field-label-above"><div class="field-label">article author:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/taxonomy/term/225841">Reuters</a></div></div></div><div class="field field-name-field-publication-date field-type-datestamp field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Thu, 2025-04-10 10:44</span></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p> LONDON: Oil prices retreated nearly 3 percent on Thursday as fears of a deepening US-China trade war and possible recession eclipsed earlier relief created by President Donald Trump鈥檚 announced 90-day pause on sweeping tariffs against most countries.</p> <p> Brent futures fell $1.80, or 2.75聽percent, to $63.68聽a barrel by 3:11 p.m. Saudi time. While US West Texas Intermediate crude futures dropped $1.84, or 2.95聽percent, to $60.51.</p></div></div></div><div class="field field-name-field-binary field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="/sites/default/files/2025/04/10/4590613-437852490.jpg" width="1000" height="518" alt="" title="Brent futures fell $1.80, or 2.75聽percent, to $63.68聽a barrel by 3:11 p.m. Saudi time. Shutterstock" /></div></div></div><div class="field field-name-taxonomy-vocabulary-1 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Main category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/economy">Business &amp; Economy</a></div><div class="field-item odd"><a href="/main-category/energy">Energy</a></div></div></div><div class="field field-name-taxonomy-vocabulary-9 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/tags/oil-updates">oil updates</a></div><div class="field-item odd"><a href="/tags/oil-prices">oil prices</a></div><div class="field-item even"><a href="/tags/us-tariffs">US tariffs</a></div></div></div> <span class="label abs-el uppercase update"> Update </span> Thu, 10 Apr 2025 07:48:33 +0000 owen.bennett 2596522 at /node/2596443/business-economy <div class="field field-name-field-rbitem-author field-type-taxonomy-term-reference field-label-above"><div class="field-label">article author:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/article-authors/nadin-hassan">Nadin Hassan</a></div></div></div><div class="field field-name-field-publication-date field-type-datestamp field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Wed, 2025-04-09 18:35</span></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p> RIYADH: Saudi Aramco has made a series of groundbreaking oil and gas discoveries in the Eastern Province and the Empty Quarter, further cementing 抖阴短视频鈥檚 position as a global energy leader.</p> <p> Announced by Energy Minister Prince Abdulaziz bin Salman on Wednesday, the discoveries include six oil fields, two oil reservoirs, two natural gas fields, and four natural gas reservoirs鈥攈ighlighting the Kingdom鈥檚 vast and growing hydrocarbon potential.</p></div></div></div><div class="field field-name-field-binary field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="/sites/default/files/2025/04/09/4590413-1627181845.jpeg" width="5000" height="3333" alt=" The discoveries include six oil fields, two oil reservoirs, two natural gas fields, and four natural gas reservoirs. Reuters" title=" The discoveries include six oil fields, two oil reservoirs, two natural gas fields, and four natural gas reservoirs. Reuters" /></div></div></div><div class="field field-name-taxonomy-vocabulary-1 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Main category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/economy">Business &amp; Economy</a></div><div class="field-item odd"><a href="/main-category/energy">Energy</a></div></div></div><div class="field field-name-taxonomy-vocabulary-9 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/tags/aramco-0">Aramco</a></div></div></div> Wed, 09 Apr 2025 15:37:35 +0000 shahrukh.jamshed 2596443 at /node/2596404/business-economy <div class="field field-name-field-rbitem-author field-type-taxonomy-term-reference field-label-above"><div class="field-label">article author:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/article-authors/nour-el-shaeri%C2%A0">Nour El-Shaeri聽</a></div></div></div><div class="field field-name-field-publication-date field-type-datestamp field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Wed, 2025-04-09 13:06</span></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p> RIYADH: A major petrochemical industry expansion is set for 抖阴短视频鈥檚 west coast as Aramco, Sinopec, and Yasref advance plans to develop a fully integrated complex in Yanbu.</p> <p> The three companies have signed a venture framework agreement to advance engineering studies for the project, adding new high-capacity facilities to the Yasref, short for Yanbu Aramco Sinopec Refining Co., site.聽</p></div></div></div><div class="field field-name-field-binary field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="/sites/default/files/2025/04/09/4590326-2119023899.jpeg" width="2048" height="1248" alt="" title="Standing, from left: Yasref Director Lian Mingxiang, Sinopec Group Assistant President and MD of HR Qin Du, Sinopec Group President Zhao Dong, Aramco President and CEO Amin Nasser, Aramco Downstream President Mohammed Al-Qahtani, and Aramco Executive Vice President of Products and Customers and Yasref Chairman Yasser Mufti. Sitting, from left, are Sinopec Overseas Investment Holding Limited President Zou Wenzhi, Yasref President and CEO Saad Bin Matlig, and Aramco Vice President of Liquid-to-Chemical Program Development Fahad Al-Sahali. Supplied" /></div></div></div><div class="field field-name-taxonomy-vocabulary-1 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Main category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/economy">Business &amp; Economy</a></div><div class="field-item odd"><a href="/main-category/energy">Energy</a></div></div></div><div class="field field-name-taxonomy-vocabulary-9 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/tags/saudi-aramco">Saudi Aramco</a></div><div class="field-item odd"><a href="/tags/sinopec">Sinopec</a></div><div class="field-item even"><a href="/tags/yasref">Yasref</a></div><div class="field-item odd"><a href="/tags/yanbu">Yanbu</a></div></div></div> Wed, 09 Apr 2025 10:09:37 +0000 owen.bennett 2596404 at /node/2596388/business-economy <div class="field field-name-field-rbitem-author field-type-taxonomy-term-reference field-label-above"><div class="field-label">article author:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/taxonomy/term/225841">Reuters</a></div></div></div><div class="field field-name-field-author field-type-text field-label-inline clearfix"><div class="field-label">Author:&nbsp;</div><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-field-publication-date field-type-datestamp field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Wed, 2025-04-09 10:56</span></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p> RAVENNA : Italian energy group Eni will invest around 鈧�24 billion ($26.24 billion) in Algeria, Libya and Egypt over the next four years to help boost energy production, CEO Claudio Descalzi said on Tuesday.</p> <p> The investments would coincide with the Rome government鈥檚 efforts to relaunch its economic and political ties with Africa as part of its so-called Mattei Plan.</p> <p> Eni is already a major foreign investor in North Africa鈥檚 energy sector.</p></div></div></div><div class="field field-name-field-binary field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="/sites/default/files/2025/04/09/4590282-232732831.jpg" width="1000" height="667" alt="" title="Eni is already a major foreign investor in North Africa鈥檚 energy sector. Shutterstock" /></div></div></div><div class="field field-name-taxonomy-vocabulary-1 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Main category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/economy">Business &amp; Economy</a></div><div class="field-item odd"><a href="/main-category/energy">Energy</a></div></div></div><div class="field field-name-taxonomy-vocabulary-9 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/tags/eni">Eni</a></div></div></div> Wed, 09 Apr 2025 08:00:01 +0000 owen.bennett 2596388 at /node/2596385/business-economy <div class="field field-name-field-rbitem-author field-type-taxonomy-term-reference field-label-above"><div class="field-label">article author:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/taxonomy/term/225841">Reuters</a></div></div></div><div class="field field-name-field-publication-date field-type-datestamp field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Wed, 2025-04-09 10:46</span></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p> LONDON: Oil prices plunged as much as 7 percent on Wednesday, hitting fresh four-year lows before recovering some ground, after China announced additional tariffs on US goods in retaliation against President Donald Trump鈥檚 tariff policy.</p> <p> China will impose 84 percent tariffs on US goods from Thursday, up from the previously announced 34 percent, the finance ministry said.</p> <p> Brent futures were down $2.47, or 3.9 percent, to $60.35 a barrel at 5:23 p.m. Saudi time. US West Texas Intermediate crude futures were down $2.35, or 3.9 percent, at $57.23.</p></div></div></div><div class="field field-name-field-binary field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="/sites/default/files/2025/04/09/4590276-1533102250.jpg" width="1000" height="665" alt="" title="Both Brent and WTI have tumbled over the five sessions since US President Donald Trump announced sweeping tariffs on most imports. Shutterstock" /></div></div></div><div class="field field-name-taxonomy-vocabulary-1 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Main category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/economy">Business &amp; Economy</a></div><div class="field-item odd"><a href="/main-category/energy">Energy</a></div></div></div><div class="field field-name-taxonomy-vocabulary-9 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/tags/oil-updates">oil updates</a></div><div class="field-item odd"><a href="/tags/oil-prices">oil prices</a></div><div class="field-item even"><a href="/tags/donald-trumps-tariff">Donald Trump&#039;s tariff</a></div></div></div> <span class="label abs-el uppercase update"> Update </span> Wed, 09 Apr 2025 07:52:48 +0000 owen.bennett 2596385 at /node/2596264/business-economy <div class="field field-name-field-rbitem-author field-type-taxonomy-term-reference field-label-above"><div class="field-label">article author:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/article-authors/nour-el-shaeri-0">Nour El-Shaeri</a></div></div></div><div class="field field-name-field-author field-type-text field-label-inline clearfix"><div class="field-label">Author:&nbsp;</div><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-field-publication-date field-type-datestamp field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Tue, 2025-04-08 12:52</span></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p> RIYADH: Egypt and France have signed a 鈧�7 billion ($7.6 billion) agreement to develop a large-scale green hydrogen and ammonia production complex near Ras Shokeir on the Red Sea coast.聽</p> <p> The deal, which comes amid heightened economic relations between the two nations, includes the development, financing, construction, and operation of a private-sector-led facility.</p> <p> EDF Renewables and Zero Waste will lead the project in partnership with the General Authority for the Red Sea Ports and the New and Renewable Energy Authority.</p></div></div></div><div class="field field-name-field-binary field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="/sites/default/files/2025/04/08/4589926-1391203088.png" width="1544" height="1007" alt="" title="EDF Renewables Chairwoman Beatrice Buffon and Zero Waste Chairman Amr El-Sawaf signed the agreement alongside Egyptian energy officials. Facebook/Egyptian Prime Minister&#039;s Office" /></div></div></div><div class="field field-name-taxonomy-vocabulary-1 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Main category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/economy">Business &amp; Economy</a></div><div class="field-item odd"><a href="/main-category/energy">Energy</a></div></div></div><div class="field field-name-taxonomy-vocabulary-9 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/tags/green-hydrogen">Green hydrogen</a></div><div class="field-item odd"><a href="/tags/french-edf-renewables">French EDF Renewables</a></div></div></div> Tue, 08 Apr 2025 10:21:59 +0000 owen.bennett 2596264 at /node/2596173/business-economy <div class="field field-name-field-rbitem-author field-type-taxonomy-term-reference field-label-above"><div class="field-label">article author:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/article-authors/reem-walid">Reem Walid</a></div></div></div><div class="field field-name-field-author field-type-text field-label-inline clearfix"><div class="field-label">Author:&nbsp;</div><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-field-publication-date field-type-datestamp field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Mon, 2025-04-07 12:51</span></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p> RIYADH: Recession risks and the possibility of higher-than-expected OPEC+ supply led Goldman Sachs to revise its annual average price forecasts again for Brent and West Texas Intermediate crude in 2026.</p> <p> The Wall Street brokerage lowered its 2026 average price forecast for Brent by $4 to $58 per barrel, and for WTI to $55, Reuters reported, citing a note dated April 6.</p></div></div></div><div class="field field-name-field-binary field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="/sites/default/files/2025/04/07/4589687-916351136.jpg" width="1000" height="859" alt="" title="Goldman Sachs now expects oil demand to grow by 300,000 barrels per day in 2025. Shutterstock" /></div></div></div><div class="field field-name-taxonomy-vocabulary-1 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Main category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/economy">Business &amp; Economy</a></div><div class="field-item odd"><a href="/main-category/energy">Energy</a></div></div></div><div class="field field-name-taxonomy-vocabulary-9 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/tags/goldman-sachs">Goldman Sachs</a></div><div class="field-item odd"><a href="/tags/oil-prices">oil prices</a></div></div></div> Mon, 07 Apr 2025 09:59:59 +0000 owen.bennett 2596173 at /node/2596164/business-economy <div class="field field-name-field-rbitem-author field-type-taxonomy-term-reference field-label-above"><div class="field-label">article author:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/taxonomy/term/225841">Reuters</a></div></div></div><div class="field field-name-field-publication-date field-type-datestamp field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Mon, 2025-04-07 10:11</span></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p> LONDON: Oil prices extended losses on Monday, falling around 2 percent as escalating trade tensions between the US and China stoked fears of a recession that would reduce demand for oil, while OPEC+ readies a supply increase.</p> <p> Brent futures were down $1.17, or 1.78 percent, to $64.41 per barrel at 4:03 p.m. Saudi time, and US West Texas Intermediate crude futures were down $1.17, or 1.89 percent, at $60.82.</p> <p> The Brent and WTI benchmarks鈥� intra-day lows of $62.51 and $58.95 respectively were their lowest since April 2021.</p></div></div></div><div class="field field-name-field-binary field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="/sites/default/files/2025/04/07/4589664-1000281747.jpg" width="1000" height="667" alt="" title="Oil plunged by 7 percent on Friday as China ramped up tariffs on US goods, escalating a trade war that has led investors to price in a higher probability of recession. Shutterstock" /></div></div></div><div class="field field-name-taxonomy-vocabulary-1 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Main category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/economy">Business &amp; Economy</a></div><div class="field-item odd"><a href="/main-category/energy">Energy</a></div></div></div><div class="field field-name-taxonomy-vocabulary-9 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/tags/oil-updates">oil updates</a></div><div class="field-item odd"><a href="/tags/oil-prices">oil prices</a></div></div></div> <span class="label abs-el uppercase update"> Update </span> Mon, 07 Apr 2025 07:20:12 +0000 brittany.lucas 2596164 at /node/2596095/business-economy <div class="field field-name-field-rbitem-author field-type-taxonomy-term-reference field-label-above"><div class="field-label">article author:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/rbitem-author/arab-news">Arab News</a></div></div></div><div class="field field-name-field-publication-date field-type-datestamp field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Sun, 2025-04-06 15:13</span></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p> RIYADH: Saudi Aramco on Sunday cut its crude oil prices for Asian buyers in May to their lowest in four months, an official document showed.</p> <p> This is the second consecutive month Aramco has lowered its prices. The company also lowered April prices for other grades it sells to Asia by $2.30 per barrel.</p> <p> Aramco cut the May official selling price for flagship Arab Light crude by $2.30 to $1.20 a barrel above the average of Oman and Dubai prices, a pricing document from the producer showed.</p></div></div></div><div class="field field-name-field-binary field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"><img src="/sites/default/files/2025/04/06/4589460-1192200941.jpg" width="670" height="447" alt="This is the second consecutive month Aramco has lowered its prices. The company also lowered April prices for other grades it sells to Asia by $2.30 per barrel." title="This is the second consecutive month Aramco has lowered its prices. The company also lowered April prices for other grades it sells to Asia by $2.30 per barrel." /></div></div></div><div class="field field-name-taxonomy-vocabulary-1 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Main category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/economy">Business &amp; Economy</a></div><div class="field-item odd"><a href="/main-category/energy">Energy</a></div></div></div><div class="field field-name-taxonomy-vocabulary-9 field-type-taxonomy-term-reference field-label-above"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/tags/aramco-0">Aramco</a></div><div class="field-item odd"><a href="/tags/osp">OSP</a></div><div class="field-item even"><a href="/tags/asia">Asia</a></div><div class="field-item odd"><a href="/tags/arab-light">arab light</a></div></div></div> Sun, 06 Apr 2025 12:15:15 +0000 shahrukh.jamshed 2596095 at