Iraq devalues dinar 13% as Hormuz disruption hits oil revenue The central bank said in a statement that it had revised the official exchange rate to 1,520 Iraqi dinars per dollar from around 1,320. Iraq
Explainer Rubio says Iran ‘lost’ Hormuz. Has it? US Secretary of State Marco Rubio said Wednesday that Iran has “lost complete control” of the waterway, pointing to the recovery in Gulf oil exports in September. Iran
Turkey, Pakistan to deploy forces to Saudi Arabia amid Houthi attacks Turkish, Saudi and Pakistani officials agreed to bolster military cooperation under the Mecca defense pact as Houthi attacks and fighting in Yemen intensify. Turkey
Mideast oil exports surpass prewar levels despite pipeline, ship attacks Bloomberg reported on Monday, citing sources, that Saudi Arabia’s key East-West Pipeline was flowing as normal, despite an earlier report that it had closed again following a new attack. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Analysis As Iran’s grip on Hormuz weakens, what leverage does Tehran have left? By A correspondent in Tehran In Tehran, reporting on politics
Iran-Pakistan gas pipeline gets a reset, can it overcome sanctions? As Tehran and Islamabad work to make progress on the Iran-Pakistan natural gas pipeline that has been decades in the making, the threat of US sanctions and financing challenges still remain. Iran
Saudi Arabia reports oil export slump after OPEC cuts The dip in exports for the fourth quarter of 2023 was due to Saudi Arabia’s decision to reduce crude output in accordance with the Organization of Petroleum Exporting Countries and allies — the kingdom has also implemented voluntary cuts. Saudi Arabia
Analysis Germany to import Algerian gas, eyes long-term renewables partnership Berlin needs to convince Algiers that green hydrogen production for export is technically feasible and economically viable. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
ADNOC, BP form natural gas joint venture in Egypt The British energy major said Wednesday it would contribute its interests in three development concessions and exploration agreements in Egypt to the joint venture. Egypt
Saudi energy minister reveals why Aramco cut oil target by 1m bpd In January, the world's biggest corporate crude producer said it would halt its oil expansion plan and set a minimum sustained production capacity of 12 million bpd, 1 million bpd below its target announced in 2020 to be reached in 2027. Saudi Arabia
India bets on Qatar again with 20-year LNG deal India is one of Qatar's top LNG customers, and the Gulf country is looking to expand its reach in Asia and Europe amid high export targets and increasing competition from the United States' expanding natural gas market. Qatar
Why has Saudi Arabia ordered Aramco to halt its plan to raise oil production? The move may be simply a cost-cutting strategy, or it could be driven by a new, less optimistic outlook from the world's largest crude producer on future oil demand. Saudi Arabia
Davos 2024: Green ammonia expansion integral to Morocco’s new hydrogen economy, minister says Morocco's Minister of Energy Transition and Sustainable Development Leila Benali told Al-Monitor in an interview that the COP28 declaration marked the first time an emergence of more inclusive messaging has been seen in official climate text. Morocco
Turkey says tanker seized by Iran carrying Turkish oil purchased from Iraq The ship was seized by the Iranian navy off the coast of Oman. Turkey
UAE President MBZ in Azerbaijan eyeing energy, investment cooperation Emirati entities have inked several energy deals with Azerbaijan in the past year. Legacy: Gulf
BP, Equinor change oil shipment plans after Red Sea Houthi attacks The Iran-backed rebels have said the attacks are in retaliation for the war in Gaza. Yemen
Iran says ‘enemy conspiracy’ behind outage at 70% of gas stations The Oil Ministry’s Shana news agency reported that operations will be running again as normal within “a few hours” and until then fuel is being distributed offline. Iran
