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  • Why escalating violence in the Middle East isn’t pushing up gas prices. Yet

    Not that long ago, the closure of one of the world’s most important trade routes would have pushed households’ energy and fuel bills sharply higher.

    So why, then, in the midst of a crisis in the Red Sea, with tankers of oil and liquefied natural gas (LNG) forced to take much longer routes to their destinations, have energy prices barely reacted — or even declined — over the past few weeks?

    Europe imports most of its natural gas, but the price of the benchmark gas contract has fallen 28% since early December when Iran-backed Houthi militants began ratcheting up attacks on shipping in retaliation for Israel’s war against Hamas.

  • Qatari finance minister says Gaza war to slow Middle East economies

    The war in Gaza will hit economies across the Middle East if it is not resolved and the conflict urgently needs a non-military solution, Qatar's finance minister told Reuters.
    Qatar, whose mediators are involved in talks on the release of Israeli hostages by Hamas, has also helped mediate in several regional conflicts including in Afghanistan.
    "The solution is really to look for a permanent solution for the main issue in the Middle East which is the Palestinian problem ... This cannot be fixed by military actions," Qatar's Finance Minister Ali Al Kuwari said in Davos.

  • Davos 2024: Saudi Arabia to Sell More Eurobonds ‘As Opportunities Arise’

    Saudi Arabia plans to sell more bonds after issuing $12 billion this month, according to its finance minister. “We need to manage our liabilities not only for this year, but for the years to come,” Mohammed Al-Jadaan told Bloomberg Television at the World Economic Forum’s annual meeting in Davos, Switzerland. “We will tap the markets as opportunities arise.”

  • 15,000 empty seats for Supercoppa Italiana game in Saudi Arabia

    Napoli beat Fiorentina 3-0 in front of more than 15,000 empty seats in Saudi Arabia after ticket sales for the first ever Supercoppa Italiana semi-final fell flat. Thursday's game took place at the 25,000-seater King Saud University Stadium, also known as Al-Awwal Park. But the official attendance in Riyadh was just 9,762.

  • The Rig: Saudi Arabia reveals location of oil rig-themed resort and park

    There will be three hotels at The Rig, with a total room count of 800, alongside 11 restaurants, a marina and helipads as well as an extreme sports and adventure park. It will also feature a variety of water activities, a diving centre, an esports centre, as well as a theatre and a multipurpose arena. The project is being developed by the Oil Park Development Company.

  • Defense One Radio, Ep. 142: Trouble on the Red Sea

    We review how the Iran-backed Houthis are disrupting global shipping in the Red Sea, and we look back at similar dynamics near the end of the so-called tanker wars of the late 1980s.

  • What is behind Iran-Pakistan attacks and could conflict escalate?

    Iran launched missile strikes on three different countries this week - Iraq, Syria and Pakistan - while proxy militant groups it backs continue to target U.S. and Western interests and fight Israel, stoking fears of conflict that could engulf the Middle East and spread to other regions.

  • The United States is drowning OPEC in oil

    “US oil supply growth continues to defy expectations,” the International Energy Agency said in its latest Oil Market Report, released Thursday (Jan. 18). The US is producing more oil than any country in history, some 13 million barrels of it per day, and all those barrels are coming at OPEC’s expense. Combined with record production in Brazil and Guyana (whose oil resources are the key to an escalating diplomatic row with Venezuela), as well as the defection of OPEC member Algeria, the global oil supply marketshare of OPEC+ (OPEC and a select group of allies) sits at about 48%, the lowest since the “plus” was added in 2016.

  • Covid-19 in Saudi Arabia: ‘Wear masks in crowded places’ says health authority

    Saudi health authorities have urged people in the Kingdom to wear face masks in crowded places, amid concerns over the spread of infection diseases such as Covid-19. The JN.1 variant of Covid-19 has been identified in Saudi Arabia and was reported to have surged in the Kingdom.
    The Public Health Authority had previously allayed fears over the new variant, saying: “There is no truth to the risks and warnings being circulated about a new epidemic, as the JN.1 variant is considered one of the branching variants of COVID-19, and the effectiveness of immunisation with the developed COVID-19 vaccine is valid and there is no reason for concern and there is no need to apply strict measures”.

  • NEOM: 10 cities of Saudi Arabia’s $500bn gigaproject revealed

    Saudi Arabia’s ambitious gigaproject, NEOM, has unveiled plans for the creation of ten new cities as part of its groundbreaking $500 billion initiative. NEOM, the brainchild of Saudi Arabia’s Crown Prince Mohammed bin Salman, aims to transform the Kingdom’s economy and diversify its revenue streams beyond oil.
    Each of the ten cities is tailored to specific industries and sectors, with a focus on attracting global investments and fostering economic growth.