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
Italy and Saudi Arabia in talks for major deals as ties grow under Meloni The government of Italian Prime Minister Giorgia Meloni, which came into power in October 2022, has been working to deepen ties with energy- and cash-rich states in the Middle East and North Africa. Saudi Arabia
Middle East state oil firms ‘should set the tone’ for lowering emissions at COP28, IEA says Chief energy economist Tim Gould said it was “a legitimate expectation that these companies should be doing more” to support the clean transition. United Arab Emirates
Oil & gas industry must not hide behind carbon capture 'illusion,' says IEA Some of the major carbon emitters have ambitious plans to capture greenhouse gases, but those alone won't be enough to help the planet avert a climate crisis, the agency warned. United Arab Emirates
Business & Tech Briefing: Dubai gears up for COP28 By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Analysis What does US envoy Hochstein’s trip to Israel mean for Gaza’s offshore gas? Gaza’s offshore gas field could provide revenue to the Palestinians, but the estimated amount of gas in the area is relatively small. By Adam Lucente In New York City, reporting on regional news, militancy, climate change
What’s behind crash of Middle East diesel exports to Europe? The Middle East is now considered a key source of diesel and other types of fuel for Europe after the European Union sanctioned Russia for its invasion of Ukraine in 2022. Legacy: Gulf
Iraqi FM says unless US stops Israel, conflict in Gaza will 'burn all of us' Foreign Minister Fuad Hussein worries that the conflict in Gaza will drag on and expand beyond Israel’s borders. Iraq
Chevron resumes gas supplies from Israel’s Tamar field after Gaza war halt The US energy giant was ordered to shut down the field for security reasons after the outbreak of the Israel-Hamas war. Israel
Saudi Arabia to sign more than $500M in deals with African countries Saudi Investment Minister Khalid Al-Falih said the kingdom’s sovereign wealth fund, the Public Investment Fund, will make some “game changing” investments in Africa. Saudi Arabia
Iraq and Turkmenistan make progress toward deal to transport gas via Iran Iraq, currently dependent on Iran for gas and electricity, is seeking to develop its own gas supply as well as import gas from Turkmenistan. Iraq
Analysis Inside ADNOC's and Carbon Clean's plan to capture CO2 on mass scale The British company's new project with the UAE energy major is hoping to address those skeptical about the cost, efficacy and viability of carbon dioxide capture as a climate solution. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Oil prices rise after Saudi Arabia, Russia extend output cuts The Kingdom has maintained its oil output cut of 1 million barrels per day since July in an attempt to stabilize the market and prop up prices amid weakened demand. Saudi Arabia
