Analysis Algeria hails new $60B energy plan but price slump threatens reform push The OPEC member recently held its first oil and gas licensing round in a decade, attracting significant international interest and awarding five of six onshore blocks, signaling progress in its energy ambitions despite ongoing challenges. By Samuel Wendel In Washington, DC, reporting on regional business and tech
Iran, Russia, Central Asia states ink Caspian Sea pact, plan naval drills The navies of Iran, Russia, Azerbaijan and Kazakhstan signed a comprehensive strategic cooperation agreement on Wednesday, aimed at strengthening security in the Caspian Sea basin as the four countries deepen their relations. Iran
World Bank ups Middle East 2025 economic outlook as oil, tourism rebound The lender expects gross domestic product growth in the region to average 2.8% this year, up from its April forecast of 2.6%. Iran
Supreme Court clears path for Turkey’s Halkbank trial over Iran sanctions The Turkish president personally raised the Halkbank case with US President Donald Trump at the White House, as Ankara pushes for a settlement to avoid a drawn-out legal battle. Turkey
Analysis Egypt’s renewable power jumps 34% as country tackles energy crunch By Samuel Wendel In Washington, DC, reporting on regional business and tech
Analysis Saudi Arabia, Kuwait's gas dispute with Iran tests recent detente Kuwait and Saudi Arabia consider the Durra gas field to be theirs, but Iran claims a part of it. The issue shows disagreements remain between Riyadh and Tehran following the resumption of diplomatic relations. By Adam Lucente In New York City, reporting on regional news, militancy, climate change
Iran boasts to OPEC of growing crude sales despite sanctions Iran's top energy official told oil-exporting nations that the Islamic Republic is in good shape bypassing sanctions to sell its lifeline product as he advertised an attractive investment market in his country. Iran
Analysts skeptical new Iran-US arrangement would significantly impact oil market Tehran has been increasing its output over the last year despite the sanctions on its oil industry. Iran
UAE breaks foreign direct investment record as Saudi Arabia sees 59% dip Israel and the United Arab Emirates led the Middle East and North Africa for the highest FDI inflow — the purchasing of assets in another country — and globally placed 15th and 16th, respectively, according to a UNCTAD report released Wednesday. United Arab Emirates
UAE COP28 president calls on oil firms to 'deliver climate action' Sultan Ahmed Al Jaber gave a televised address to delegates at the OPEC International Seminar in Vienna, a meeting of oil executives and OPEC ministers. United Arab Emirates
Israel’s FM Cohen discusses Iran threat, energy cooperation in Greece Israel’s Foreign Minister Eli Cohen met Thursday with newly his appointed Greek counterpart Giorgos Gerapetritis. Israel
OPEC on hunt for new members, secretary-general says The oil cartel currently has 13 members, and 10 more countries form the OPEC+ group. Legacy: Gulf
Shots fired as Iran tries to seize oil tankers in Gulf of Oman, US Navy says The United States said Iran’s navy opened fire on a commercial tanker while attempting to seize it off the coast of Oman, in the latest tense encounter since Washington has moved to block sanctioned exports of Iranian petroleum. Legacy: Gulf
At OPEC, Saudi Arabia defends oil cuts with Russia despite mild market reaction The kingdom's energy minister called for more industry transparency, despite several news organizations being prohibited from reporting on the OPEC conference he was speaking at. Saudi Arabia
Kuwait rejects Iran's drilling plans in disputed gas field in Gulf Kuwait and Saudi Arabia have a longstanding dispute with Iran over the Durra gas field. The recent disagreement follows improvement in Iran's relations with both countries. Legacy: Gulf
Saudi Arabia extends oil production cut in attempt to increase prices Russia also moved to tighten supply, announcing it would reduce oil exports to 500,000 bpd in August. Saudi Arabia
Oil prices reach fourth quarterly decline on fears of economic slowdown Benchmark Brent crude futures for September were up 82 cents, or 1.1%, at $75.33 a barrel on Friday. Legacy: Gulf
