Oil and gas

Russian Foreign Minister Sergei Lavrov chairs the annual meeting of the Caspian Sea littoral states foreign ministers, known as the Caspian Five, in Moscow, on Dec. 5, 2023.

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.

A picture taken from a station of Dubai's Palm Monorail, shows traffic on a road in Palm Jumeirah on August 28, 2025.

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%.

People walk past a branch of Turkish bank HalkBank on Dec. 1, 2017 in Istanbul, Turkey.

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.

The sun sets behind overhead power lines as the Kuwaiti Ministry of Electricity requested citizens to ration their electricity usage at peak times due to outages caused by the increased pressure on power stations amid soaring temperatures and heightened energy demand, Kuwait City, Kuwait, June 19, 2024.

Kuwait seeks renewable energy boost as 14 GW power expansion plan takes shape

Kuwait, historically lagging in the Gulf’s energy transition, is moving ahead with plans to expand renewable energy amid efforts to banish power crunches.

Latest News

Analysis

Egypt’s renewable power jumps 34% as country tackles energy crunch

wind farm

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

What’s next for Saudi Arabia’s budget balancing act as deficit doubles?

A Riyadh Metro train makes its way along a track in the middle of a road in Riyadh on December 3, 2024.

Iran rial hits record low 1.13M to dollar as UN snapback sanctions resume: What to know

Iranians drive next to a billboard displaying pictures of nuclear scientists, centrifuges and a sentence reading in Farsi, "Science is the power," at the Enqelab Square in Tehran, on Aug. 29, 2025.

Analysis

After $20B deals unravel, will Gulf oil majors scale back abroad?

The headquarters of the UAE's state oil company, ADNOC, Dubai, July 27, 2022.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Traffic flows on a main road past electricity transmission towers in Tehran, on Dec. 16, 2024.

Iran's energy crisis shuts 80 power plants as rial plummets: What to know

Amid freezing temperatures and increased demand for heat, Iran is facing an acute energy crisis that has all but shut down the country.

In this pool photograph distributed by Russian state agency Sputnik, Russia's President Vladimir Putin (L) speaks with Russia's energy giant Gazprom CEO Alexei Miller as they visit the Lakhta Centre skyscraper, the headquarters of Russian gas monopoly Gazprom in Saint Petersburg on June 5, 2024. (Photo by Kirill MOROZOV / POOL / AFP) (Photo by KIRILL MOROZOV/POOL/AFP via Getty Images)

Turkey, Hungary receive US sanctions waiver to pay Russia's Gazprombank

Turkish Energy Minister Alparslan Bayraktar says the exemption has been granted.

FAYEZ NURELDINE/AFP via Getty Images

UAE energy giant gets green light for $16B takeover of German firm Covestro

ADNOC agreed in October to buy Covestro for 14.7 billion euros (then around $16.3 billion), including its debt, in its biggest-ever takeover.

United Arab Emirates

Senior Iranian and Chinese officials held talks in Tehran on expanding bilateral ties in various areas, particularly in the economic field.

Senior China delegation in Iran to discuss 'strategic partnership,' economic ties

Iran hosted a Chinese delegation on Tuesday and Wednesday in a step to solidify a 2021 strategic partnership agreement, but can the two countries’ partnership weather the upcoming Donald Trump presidency?

Sultan Al Jaber

ADNOC launches $80B low carbon energy company XRG: What we know

XRG, which will operate separately to ADNOC, is expected to double its asset value over the next decade.

United Arab Emirates

Turkey in talks for US sanctions waiver to pay for Russian gas

The United States introduced Ukraine war-related sanctions last week against 118 individuals and entities tied to Russia’s financial sector, including Gazprombank, the country’s largest lender yet to be designated by Washington.

A man walks past a mural depicting slain commander of the IRGC's Quds Force Qasem Soleimani in Caracas, Venezuela, on April 26, 2024.

Iran defense chief visits Venezuela, talks energy, trade: What we know

Iran and Venezuela are working to repair oil ties after the reimposition of US sanctions on the South American country and the looming return of President Donald Trump to the White House.

TPAO

Turkey’s big plan to launch IPOs for state energy companies: What we know

Turkey's financial recovery travails are likely to be the key reason for the change in energy policy.

Saudi Arabia's Crown Prince and Prime Minister Mohammed bin Salman (C) inspects a guard of honour during a ceremonial reception at the President House a day after the G20 summit in New Delhi on September 11, 2023. (Photo by Money SHARMA / AFP) (Photo by MONEY SHARMA/AFP via Getty Images)

Analysis

What to make of Saudi-Iranian flurry of diplomatic activity, military channels?

A high-level military meeting between Saudi Arabia and Iran on Sunday marked another in a series of recent diplomatic engagements between the two nations.

By Rosaleen Carroll

In Washington, DC, US, reporting on the Middle East

A picture shows the headquarters of UAE's state oil company ADNOC in Dubai on July 27, 2022.

UAE's ADNOC doubles down on gas, allocating $15B over next 5 years

In a Monday statement ADNOC Gas said it had raised its capital expenditure plan to around $15 billion for the next five years, from about $13 billion.

United Arab Emirates

Former US President and Republican presidential candidate Donald Trump speaks during an election night event at the West Palm Beach Convention Center in West Palm Beach, Florida, on November 6, 2024. Donald Trump claimed victory and pledged to "heal" the country on November 6, 2024 as results put him on the verge of beating Kamala Harris in a stunning White House comeback. (Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)

Middle East markets rally after Donald Trump's election victory

Saudi Arabia’s benchmark index, the TASI, gained 0.9%, while Dubai's main share index gained 0.5%. The Abu Dhabi Securities Exchange, a key player in the region’s stock markets, gained 0.4%.

Saudi Aramco in 'advanced' talks on hydrogen offtake as Q3 income drops 15.3%

Aramco's Q3 net income fell 15.3% to $27.6 billion on low oil prices. Aramco is looking to expand into new business areas such as renewables and hydrogen.