Nearly one billion people living in the world's most vulnerable economies could face higher living costs, inflation and slower growth as disruptions in the Strait of Hormuz drive up global oil prices, the United Nations Conference on Trade and Development (UNCTAD) has warned.
Global oil inventories could hit critical or historically low levels just ahead of the peak summer demand period if stock draws continue at their current pace, Reuters quoted the head of the International Energy Agency's oil industry and markets division as saying.
OPEC+ oil-producing countries will likely agree a further hike in their output target for July when they meet on Sunday, Reuters said quoting three sources.
Regional benchmarking, data interoperability, and managing market expectations can help the GCC industry transition toward more circular plastics systems, writes Noora Mukhtar, Senior Research Specialist, GPCA
AVEVA, a global leader in industrial software, and Amazon Web Services (AWS) have announced a multi-year Strategic Collaboration Agreement (SCA) to accelerate the delivery of industrial intelligence in the cloud.
O-Green, a green infrastructure platform jointly owned by Naqaa Sustainable Energy and OQ Alternative Energy, said it has achieved the financial close for the largest solar energy project in Oman. The landmark 93MW solar project is being developed in partnership with Madayn at Sohar Industrial City.
South Korea's Doosan Enerbility has announced that it had signed a contract worth KRW837 billion ($556 million) for the second phase of the Jafurah Combined Heat and Power Plant in Saudi Arabia in partnership with Korea Electric Power Corp (Kepco) and Saudi oil giant Aramco.
Brent oil looks set to move above $100 and potentially stay there for a while, said an industry expert citing reports that Iran has halted negotiations with the US and threatened to close the Strait of Hormuz. That scenario would change the game for investors.
Saudi Basic Industries Corp (Sabic) has launched an ambitious public auction of industrial assets from its facilities in La Aljorra, Spain, specifically from the LX2 polycarbonate plant and the HPP plant following their permanent closure. The auction comprises 141 lots divided into two specialised events.
Strohm has won its first contract in Egypt to supply a 2,000-metre thermoplastic composite pipe (TCP) flowline for a West Delta Deep Marine (WDDM) project operated by Burullus Gas Company, a joint venture between EGAS, Shell, and Petronas.
