/main-category/energy en /node/2587630/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, 2025-01-24 09:48</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 edged up on Friday but remained on track for a weekly decline after US President Donald Trump announced sweeping plans to boost US production and demanded that OPEC move to lower crude prices.</p> <p> Brent crude futures gained 25 cents, or 0.3 percent, to $78.54 a barrel by 2:47 p.m. Saudi time GMT while US West Texas Intermediate crude was up 22 cents, or 0.3 percent, at $74.84.</p> <p> Over the week Brent has lost nearly 3 percent while WTI is down close to 4 percent.</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/2025/01/24/4566780-1380265604.jpg" width="1000" height="667" alt="" title="Brent crude futures were down 9 cents at $78.20 a barrel by 7:45 a.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/president-donald-trump">President Donald Trump</a></div></div></div> <span class="label abs-el uppercase update"> Update </span> Fri, 24 Jan 2025 06:54:15 +0000 owen.bennett 2587630 at /node/2587491/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, 2025-01-23 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> LONDON:  Oil prices were little changed on Thursday,maintaining the previous session’s losses on uncertainty over how US President Donald Trump’s proposed tariffs and energy policies would impact global economic growth and energy demand.</p> <p> Brent crude futures dipped 2 cents to $78.98 a barrel by 12:41 p.m. Saudi time. US West Texas Intermediate crude lost 4 cents to $75.40.</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/2025/01/23/4566411-879598992.jpg" width="1000" height="625" alt="" title="Brent crude futures fell 38 cents, or 0.5 percent, to $78.62 a barrel by 10:16 a.m. Saudi time in a sixth straight day of losses. 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> Thu, 23 Jan 2025 07:59:56 +0000 owen.bennett 2587491 at /node/2587381/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/dayan-abou-tine%C2%A0">Dayan Abou Tine </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, 2025-01-22 15:34</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: ¶¶Òõ¶ÌÊÓƵ’s crude oil production rose to 8.92 million barrels per day in November, a 1.21 percent annual increase according to the latest release from the Joint Organizations Data Initiative. </p> <p> The report showed a 2.05 percent drop in crude exports, which fell to 6.21 million bpd, although this figure marks the highest level in eight months. </p> <p> Refinery crude exports surged 36 percent year on year to 1.14 million bpd in November but declined by 18.65 percent compared to October. </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/2025/01/22/4566128-1025989737.jpg" width="1000" height="667" alt="" title="Domestic demand for refinery products increased by 210,000 bpd year on year, reaching 2.56 million bpd. 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="/category/tags/oil">Oil</a></div><div class="field-item odd"><a href="/tags/saudi-oil">Saudi oil</a></div><div class="field-item even"><a href="/tags/jodi">jodi</a></div><div class="field-item odd"><a href="/tags/oil-production">Oil production</a></div></div></div> Wed, 22 Jan 2025 12:48:53 +0000 owen.bennett 2587381 at /node/2587339/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, 2025-01-22 10:37</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> SINGAPORE: Oil prices were little changed on Wednesday as markets weighed US President Donald Trump’s declaration of a national energy emergency on his first day in office and its impact on supply.</p> <p> Brent crude futures rose 9 cents to $79.38 per barrel at 7:20 a.m. Saudi time, while US West Texas Intermediate crude futures inched up 1 cent to $75.84.</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/2025/01/22/4566018-797652967.jpg" width="5500" height="3667" alt="" title="Trump has laid out a sweeping plan to maximize oil and gas production. 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/oil-updates">oil updates</a></div><div class="field-item odd"><a href="/tags/oil-prices">oil prices</a></div></div></div> Wed, 22 Jan 2025 07:46:37 +0000 owen.bennett 2587339 at /node/2587249/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">Tue, 2025-01-21 16:02</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 fell on Tuesday as investors assessed US President Donald Trump’s plans to apply new tariffs later than expected while boosting oil and gas production in the US.</p> <p> Brent crude futures were down $1.42, or 1.77 percent, to $78.73 per barrel at 1116 GMT. US West Texas Intermediate crude futures were down by $1.97, or 2.53 percent, at $75.91. There was no settlement in the US market on Monday due to a public holiday.</p> <p> Pressuring prices on Tuesday was a stronger US dollar, as its strengthening makes oil more expensive for holders of other currencies.</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/2025/01/21/4565775-218846525.jpg" width="4500" height="3000" alt="Pressuring prices on Tuesday was a stronger US dollar, as its strengthening makes oil more expensive for holders of other currencies. Reuters" title="Pressuring prices on Tuesday was a stronger US dollar, as its strengthening makes oil more expensive for holders of other currencies. 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="/category/tags/oil">Oil</a></div></div></div> Tue, 21 Jan 2025 13:04:45 +0000 shahrukh.jamshed 2587249 at /node/2587248/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">Reuters</div></div></div><div class="field field-name-field-id field-type-text field-label-above"><div class="field-label">ID:&nbsp;</div><div class="field-items"><div class="field-item even">1737463862565403200</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, 2025-01-21 10:03</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> DAVOS, Switzerland: Saudi oil giant Aramco’s Chief Executive Amin Nasser said on Tuesday he sees the oil market as healthy and expects an additional 1.3 million barrels per day of demand this year.<br /> Speaking to Reuters on the sidelines of the World Economic Forum in Davos, Nasser was responding to a question on the impact of US President Donald Trump’s energy decisions, which could increase US hydrocarbon output.<br /> Oil demand this year will approach 106 million barrels per day after averaging about 104.6 million barrels per day in 2024, he said.<br /></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/2025/01/21/4565772-1574644436.jpg" width="1100" height="734" alt="" title="Nasser was responding to a question on the impact of US President Donald Trump’s energy decisions, which could increase US hydrocarbon output. (FILE/AFP)" /></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="/WEF2025">WEF 2025</a></div></div></div> Tue, 21 Jan 2025 12:53:24 +0000 rbksa 2587248 at /node/2587238/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">Tue, 2025-01-21 14:50</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: ¶¶Òõ¶ÌÊÓƵ’s natural gas production is projected to rise by 4 percent in 2025, driven by the planned start-up of key projects, including Jafurah Phase 1 and Tanajib, according to an analysis. </p> <p> In its Gas Market Report for the first quarter of 2025, the International Energy Agency highlighted that Jafurah Phase 1 will add 2 billion cubic meters of natural gas annually to the Kingdom’s production capacity, while the Tanajib project is expected to contribute 27 billion cubic meters per year. </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/2025/01/21/4565750-563032741.jpg" width="670" height="446" alt="The IEA report noted that ¶¶Òõ¶ÌÊÓƵ’s gas production increased by an estimated 2 percent in 2024, bolstered by the full-year impact of the Hawiyah Gas Plant expansion and the first phase of the South Ghawar unconventional project, which both came online in late 2023. File" title="The IEA report noted that ¶¶Òõ¶ÌÊÓƵ’s gas production increased by an estimated 2 percent in 2024, bolstered by the full-year impact of the Hawiyah Gas Plant expansion and the first phase of the South Ghawar unconventional project, which both came online in late 2023. 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="/tags/gas-production">gas production</a></div><div class="field-item odd"><a href="/tags/iea">IEA</a></div></div></div> Tue, 21 Jan 2025 11:52:15 +0000 shahrukh.jamshed 2587238 at /node/2587094/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">Mon, 2025-01-20 10:30</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> SINGAPORE: Oil prices fell on Monday as expectations of US President-elect Donald Trump relaxing curbs on Russia’s energy sector in exchange for a deal to end the Ukraine war offset concern of supply disruption from harsher sanctions.</p> <p> Brent crude futures dropped 16 cents, or 0.2 percent, to $80.63 a barrel by 7:53 a.m. Saudi time after closing down 0.62 percent in the previous session.</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/2025/01/20/4565389-2003883855.jpg" width="1000" height="534" alt="" title="Brent crude futures dropped 16 cents, or 0.2 percent, to $80.63 a barrel by 7:53 a.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> Mon, 20 Jan 2025 07:38:38 +0000 owen.bennett 2587094 at /node/2586939/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">Sat, 2025-01-18 22:09</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: Nuclear energy development funding needs to double to $120 billion a year by 2030 to meet the rising demand for infrastructure development, according to an analysis. </p> <p> In its latest report, the International Energy Agency said that both public and private investments are needed to meet the rising financial needs in the sector. </p> <p> According to the analysis, ensuring the predictability of future cash flows is key to bringing down financing costs and attracting private capital to the nuclear 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/2025/01/18/4564960-1887881308.jpg" width="1200" height="716" alt="" title="The renewed momentum behind nuclear energy has the potential to open a new era for the secure and clean power source as demand for electricity grows strongly around the world. (SPA)" /></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/nuclear-power">nuclear power</a></div><div class="field-item odd"><a href="/tags/international-energy-agency-iea">International Energy Agency (IEA)</a></div></div></div> Sat, 18 Jan 2025 19:17:17 +0000 Sajjadkk 2586939 at /node/2586763/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, 2025-01-17 09:52</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> LONDON, Jan 17 : Oil prices edged up on Friday, heading for a fourth consecutive week of gains, as the latest US sanctions on Russian energy trade heightened expectations for oil supply disruptions.</p> <p> Brent crude futures were trading up 36 cents or 0.4 percent higher at $81.65 per barrel by 2:13 p.m. Saudi time, having gained 2.4 percent so far this week.</p> <p> US West Texas Intermediate crude futures were up 53 cents or 0.7 percent at $79.21 a barrel, having climbed 3.5 percent for the week.</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/2025/01/17/4564482-699704580.jpg" width="1000" height="667" alt="" title="Brent crude futures were trading up 36 cents or 0.4 percent higher at $81.65 per barrel by 2:13 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> Fri, 17 Jan 2025 06:55:56 +0000 owen.bennett 2586763 at /node/2586632/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">Thu, 2025-01-16 10:23</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> SINGAPORE: Oil prices gained for a second session on Thursday, supported by worries over supply amid US sanctions on Russia, a larger-than-forecast fall in US crude oil stocks, and an improving global demand outlook.</p> <p> Brent crude futures rose 25 cents, or 0.3 percent, to $82.28 per barrel by 7:46 a.m. Saudi time, after rising 2.6 percent in the previous session to their highest since July 26 last year.</p> <p> US West Texas Intermediate crude futures rose 28 cents, or 0.4 percent, to $80.32 a barrel, after gaining 3.3 percent on Wednesday to their highest since July 19.</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/2025/01/16/4564137-162918231.jpg" width="1000" height="665" alt="" title="Brent crude futures rose 25 cents, or 0.3 percent, to $82.28 per barrel by 7:46 a.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> Thu, 16 Jan 2025 07:36:41 +0000 owen.bennett 2586632 at /node/2586562/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, 2025-01-15 18:42</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: OPEC on Wednesday predicted that global oil demand in 2026 will increase at a rate similar to this year’s growth.</p> <p> However, the organization lowered its 2024 demand projection for the sixth time, citing ongoing economic weakness in China, the world’s largest oil importer.</p> <p> The 2026 forecast aligns with OPEC’s long-term view that global oil consumption will continue to rise over the next two decades. This contrasts with the International Energy Agency, which expects oil demand to peak within this decade as the world transitions to cleaner energy sources.</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/2025/01/15/4563944-1514053865.jpeg" width="3968" height="2645" alt="The 2026 forecast aligns with OPEC’s long-term view that global oil consumption will continue to rise over the next two decades. Reuters" title="The 2026 forecast aligns with OPEC’s long-term view that global oil consumption will continue to rise over the next two decades. 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="/category/tags/opec">OPEC</a></div></div></div> Wed, 15 Jan 2025 15:49:33 +0000 shahrukh.jamshed 2586562 at /node/2586539/business <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/206261">MOHAMMED AL-KINANI</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, 2025-01-15 16:03</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> JEDDAH: ¶¶Òõ¶ÌÊÓƵ and Italy have signed an agreement to boost energy cooperation, including a possible supply to Europe of green hydrogen made in the Kingdom.</p> <p> The Saudi Minister of Energy Prince Abdulaziz bin Salman met with Italy’s Minister of Energy and Environment Gilberto Pichetto Fratinon on Jan. 14 to sign the memorandum of understanding, which covers collaboration in innovation and technology, such as hydrogen project development, climate change mitigation solutions, and the circular carbon economy, including carbon capture, utilization, and storage.</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/2025/01/15/4563891-960119583.png" width="1597" height="1027" alt="" title="The Saudi Minister of Energy Prince Abdulaziz bin Salman met with Italy’s Minister of Energy and Environment Gilberto Pichetto Fratinon on Jan. 14. Ministry of Energy" /></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="/main-category/business">Business</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="/GreenAndBlue">Green &amp; Blue</a></div><div class="field-item odd"><a href="/tags/saudi-italian-ties">Saudi-Italian ties</a></div><div class="field-item even"><a href="/tags/green-hydrogen">Green hydrogen</a></div></div></div> Wed, 15 Jan 2025 13:17:38 +0000 owen.bennett 2586539 at /node/2586528/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-publication-date field-type-datestamp field-label-hidden"><div class="field-items"><div class="field-item even"><span class="date-display-single">Wed, 2025-01-15 15:20</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 Energy Minister Prince Abdulaziz bin Salman emphasized on Wednesday that achieving energy security and sustainability hinges on addressing the challenges related to the supply and extraction of critical minerals.</p> <p> Speaking at the Future Minerals Forum in Riyadh, Prince Abdulaziz highlighted that the primary energy security challenges of the modern world no longer revolve around oil, but are now focused on gas, electricity, and mining.</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/2025/01/15/4563872-1084885045.jpeg" width="1130" height="638" alt="Saudi Energy Minister Prince Abdulaziz bin Salman cautioned that the energy transition is inherently material-intensive, and the demand for these minerals could soon outpace their available supply." title="Saudi Energy Minister Prince Abdulaziz bin Salman cautioned that the energy transition is inherently material-intensive, and the demand for these minerals could soon outpace their available supply." /></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/future-minerals-forum">Future Minerals Forum</a></div></div></div> Wed, 15 Jan 2025 12:24:07 +0000 shahrukh.jamshed 2586528 at /node/2586522/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-japan">Arab News Japan</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, 2025-01-15 14:32</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: Mitsubishi Power, a brand of Mitsubishi Heavy Industries, reaffirmed its commitment to ¶¶Òõ¶ÌÊÓƵ at the Saudi Aramco In-Kingdom Total Value Add Forum in Dammam, where it participated as a platinum sponsor.</p> <p> The company highlighted its contributions to power generation technology, localization and sustainability, aligning with Saudi Vision 2030.</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/2025/01/15/4563856-1273102705.png" width="657" height="433" alt="" title="Representatives from Mitsubishi Power at the IKTVA event. 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/mitsubishi-power">Mitsubishi Power</a></div><div class="field-item odd"><a href="/tags/iktva-kingdom-total-value-add-forum">iktva (In-Kingdom Total Value Add) forum</a></div></div></div> Wed, 15 Jan 2025 11:41:37 +0000 owen.bennett 2586522 at