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  • Saudi Oil Export Revenues Hit Three-Year Low as Prices Decline

    Lower crude oil prices dragged Saudi Arabia’s oil export revenues to the lowest level in more than three years in August, amid underwhelming oil demand and continued supply constraints from the world’s top crude exporter. The value of Saudi Arabia’s oil exports in August 2024 stood at $17.4 billion (65.3 billion Saudi riyals), down by 15.5% from $20.6 billion (77.3 billion riyals) in August 2023, data from the Kingdom’s General Authority for Statistics showed on Thursday.

  • READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with Finance Minister Mohammed Al-Jadaan of Saudi Arabia

    Secretary of the Treasury Janet L. Yellen met with Finance Minister Mohammed Al-Jadaan of Saudi Arabia. Secretary Yellen reaffirmed Treasury’s long-standing and close partnership with Saudi Arabia and discussed with the Minister the outlook for Saudi Arabia’s economy and its reform and development plans. The Minister and Secretary Yellen committed to continue working together in both bilateral and multilateral settings and on combating the financing of terrorism and money laundering.

  • Saudi Arabia’s Top Female Freediver Breaks National Record in Greece

    Saudi Arabia’s top female freediver Nada Mohammed Alrasheed has achieved a remarkable success breaking the national record of the World Freediving Depth Championship in Kalamata, Greece, on Oct 6. “It was a mix of emotions, relief, joy and an overwhelming sense of accomplishment. In those moments after surfacing, the weight of all the training, discipline and effort becomes real. There’s a brief silence before the celebrations begin, and in that quiet, I really felt the magnitude of the achievement,” Alrasheed told Arab News.

  • In collaboration with Transport General Authority: first hydrogen-powered taxi pilot project launched in Saudi Arabia featuring Toyota Mirai

    The Transport General Authority (TGA), Abdullah Hashim Industrial Gases & Equipment (AHG), Abdul Latif Jameel Motors, the authorized distributor of Toyota vehicles in Saudi Arabia since 1955, and Toyota Motor Corporation (TMC) have launched a seven-day trial of the Toyota Mirai, a cutting-edge, hydrogen-powered fuel cell electric vehicle (FCEV), as part of a taxi fleet in Jeddah. A first-of-its-kind in Saudi Arabia, the initiative commenced on 20 October and is aimed at assessing the viability of hydrogen as a zero-emission fuel source for Saudi Arabia’s public transportation system, furthering the Kingdom?s ambitions for sustainable and environmentally friendly transportation solutions.

  • China’s Rise in Iraq’s Energy Sector: From Newcomer to Dominant Player

    Chinese energy companies emerged as dominant players in the Iraqi Oil Ministry’s May licensing rounds to auction 29 oil and gas blocks, securing 10 out of 13 oil and gas blocks. Shell was the only Western international oil company to participate, and it did not win any bids. Other Western and U.S. international oil companies showed no interest in bidding, despite improved fiscal terms of the contracts. The resounding success of Chinese firms underscores a significant shift, solidifying Beijing’s already strong position in Iraq’s energy landscape and presenting a substantial challenge to Washington’s strategic position in the region.

  • Iranian Oil Kingpin’s Hedge Fund Manages Millions From London

    The building at 180 Brompton Road is one of the main outposts for Ocean Leonid Investments, a hedge fund overseen by Hossein Shamkhani, the secretive commodities trader whose network is an influential player in both Iran and Russia, according to more than a dozen people familiar with the matter and documents seen by Bloomberg.

  • Expert Views: A US regional response to the security threats posed by Iran and its proxies

    The region remains on edge as Israel contemplates its planned retaliatory strike against Iran, while its wars in Gaza and Lebanon against the Iranian-backed groups Hamas and Hezbollah show few signs of concluding. Both sides’ now year-long effort to reassert deterrence over the other puts the United States in a challenging position — supporting its close regional allies and partners on the one hand, while working to deescalate the situation and prevent a region-wide war on the other.

  • Transcript of Press Briefing: Middle East and Central Asia Department Regional Economic Outlook October 2024

    Let me start with the Middle East and North Africa.  This year has been challenging, with conflicts causing devastating human suffering and economic damage.  Oil production cuts are contributing to sluggish growth in many economies, too.  The recent escalation in Lebanon has increased uncertainty in the MENA region.  The second important issue is on growth.  For 2024, growth is projected at 2.1 percent, a downgrade revision of 0.6 percent from the April WEO forecast, and this is largely due to the impact of the conflict and the prolonged OPEC+ production cuts.  To the extent that these gradually abate, we anticipate stronger growth of 4 percent in 2025.  However, uncertainty about when these factors will ease is still very high.

  • Cheap Solar Panels Are Changing the World

    In the United States, solar accounted for more than half of all new power last year. But the most dramatic growth is happening overseas. The latest global report from the International Energy Agency (IEA) notes that solar is on track to overtake all other forms of energy by 2033. The world’s use of fossil fuels is already plateauing (the U.S., for its part, hit its peak demand for fossil-fuel energy way back in 2007). Energy demand is still rising, but renewables are stepping in to make up the difference. “The really interesting debate now,” Bond said, “is actually: When do we push fossil fuels off the plateau? And from our numbers, if solar keeps on growing this way, it’s going to be off the plateau by the end of this decade.”

  • GCC-Iran engagement heats up as regional war looms

    In the shadow of a potential major escalation between Iran and Israel, Bahrain has hosted an Iranian chief diplomat for the first time in 17 years. Meanwhile, in another first—and amid tension over three disputed islands—Sheikh Mohammed bin Zayed Al Nahyan (MbZ) of the United Arab Emirates (UAE) has met his Iranian counterpart. The session notably took place even as Abu Dhabi was not among regional capitals recently toured by Iran’s chief diplomat. Speaking on condition of anonymity, informed Iranian political sources told Amwaj.media that the lack of a visit to the UAE was deliberate and triggered by the territorial dispute.