North Africa

After?18 months? of intensive negotiating, Syria and Russia have reached an agreement to settle the future of Russian base?at Tartous?and Hmeimim?, according the Syrian Foreign Ministry. The ministry announced that the Syrian state will take over the management of civil facilities, such as Hmeimim Airport and the commercial berth at Tartous Port, allowing for their gradual integration into the civilian administration. The military sites would be converted into joint training and qualification centres, under new arrangements that preserve the interests of both parties. This transition was to be completed in three months. The Russian naval base at Hmeimim and?Tartous air?base...

Investors weighed the escalating tensions in the region and an array of corporate earnings announcements as they viewed major stock markets in Gulf in early trade on Thursday. The?U.S. The?U.S. The Iranian Revolutionary Guards reported that an oil tanker was set ablaze after an explosion occurred while trying to navigate what they described as a "mined" route near the coast of Oman in the southern Strait of Hormuz. Two other tankers returned. Saudi Arabia's benchmark index fell 0.1% due to a 0.9% drop in the Saudi National Bank, the largest lender of the country. However, ?oil major Saudi Aramco gained...

Sheikh Hamad Bin Khalifa al-Thani died aged 74. He was a moderniser and a powerful leader who took power in 1995, but broke tradition by handing it over to his son, 18 years later. The Amiri Diwan in Qatar, Qatar's top government body, announced on Sunday that Sheikh Hamad died. The cause of death was not mentioned. It did not mention?the cause of his death. Sheikh Hamad presided in one of the most significant periods of history of the country, driving a fast transformation of the small desert state, which reshaped the economy, global status and political ambition. He was...

The nation's Amiri Diwan (its top government body) announced on Sunday that Qatar's former emir had died at the age of 74. Sheikh Hamad bin Khalifa Al Thani, Qatar's former ruler from 1995 until 2013, abdicated to his son Sheikh Tamim. Sheikh Tamim is now the current leader of this gas-rich Gulf nation. The Amiri Diwan has announced the death of HH Father Amir Sheikh Hamad Bin Khalifa Al-Thani. The Diwan stated that Allah would have mercy on him and give him the best reward possible for his achievements for 'his homeland and nation. Sheikh Hamad has raised Qatar's profile...

Two Pakistani sources claim that Pakistan is quietly mediating between Libya’s rival eastern-western?power centers. This effort, which was previously unknown, will raise Pakistan's diplomatic profile, if successful. The Pakistani involvement comes after months of monitoring a U.S. led push to find diplomatic solutions in Libya. The Trump administration has repeatedly credited Pakistan's role in separate mediation between Iran and the U.S. This year. One of the Pakistani source said that the U.S. had been "fully aware and engaged" with Islamabad’s Libya role. Both sources confirmed that Saudi Arabia was also supporting the effort. Islamabad and Saudi Arabia signed a mutual...

Masoud Suleman, chairman of the National Oil Corporation in London, told reporters that Libya plans to restart its 220,000 barrels-per-day Ras Lanuf refinery within six to twelve months to supply the domestic market. Since 2013, the refinery, Libya’s largest, was idle due to an arbitration dispute between Trasta and NOC, its Emirati partner. NOC announced on Monday that it had signed an agreement to end the partnership with Trasta, and transfer full control of the Ras Lanuf refinery and complex to Libyans. Suleman said that the budget for the restart was already allocated. He added that NOC had the necessary...

The U.S. Air Force has yet to answer Maryland's congressional delegation about the delay in notifying them of a fuel spill from Andrews Air Force Base. Maryland lawmakers say they have yet to receive a response from Defense Department following a letter they sent earlier this week asking for answers regarding a fuel spill into Piscataway Creek, Prince George's County. They were notified of the incident on March 23 - two months after it occurred. About 22,000 gallons were released into the environment contaminating soils, and Piscataway Creek. The delegation, with the exception of Republican Congressman Andy Harris said that...

Josu Imaz, the chief executive of Repsol, said that the company is not in a hurry to list the oil and gas production unit it has in the United States. This will temper expectations for a 'initial public offering' or reverse merger. Imaz said in late 2018 that its upstream unit is preparing for a liquidity event by 2026. This could be an IPO, or a reverse merge with a listed company?in the U.S. He said that while the unit is technically "ready to go to the American market", it would be better if the fundamentals of the upstream sector...

A UAE official said on Wednesday that the United Arab Emirates was reevaluating its role and contribution?across multilateral organizations but it is not considering further withdrawals 'at this time. The Emirati official who spoke on condition of anonymity said that the country was reviewing its membership in all multilateral organizations. After its unexpected decision to leave the Organization of Petroleum Exporting Countries (OPEC+) and OPEC+?effective May 1, Abu Dhabi's statement has fueled speculation that it could also exit other regional organizations, such as the Arab League or the Gulf Cooperation Council. The UAE's exit from OPEC, as one of its...

The International Monetary Fund (IMF) expects that at least 12 countries will?seek out new loan programs? to deal with the surging 'energy prices? and supply chain disruptions caused by the Middle East?war?,? the head of global crisis lender, said on Wednesday. Kristalina Georgeeva, IMF's Managing Director, warned of further supply disruptions if the Strait of Hormuz is closed even if it ends quickly. She also urged nations to reduce fuel consumption. At a press briefing during the IMF/World Bank spring meetings, Georgieva reiterated her estimation that the disruptions caused by the war would trigger a new demand for financial support...

International Monetary Fund announced on Tuesday that the Middle East and North Africa will 'experience a sharply lower growth rate this year due to the oil exporting countries dealing with the 'fallout' of the Iran War. IMF's World Economic Outlook's forecast for the region's real growth in GDP was cut to just 1.1%, which is 2.8 percentage points below its original January projection. In 2027, growth is projected to return to 4,8%. IMF estimates assume that energy production and transportation will be normalised in the next few months. It noted that the assumption could need to be revised, if the...

Wale Edun is the Nigerian Finance Minister, and the Chair of the G-24 coalition of developing nations. He said that multilateral institutions should do more to help vulnerable countries weather the economic shocks caused by the Middle East war. Edun stated during the briefing for the G-24 at the IMF/World Bank Spring Meetings in Washington that "we would like them do more. We definitely like them provide, especially at this time additional liquidity risk management instruments that lower the cost of funding." The G-24 is a group of countries that coordinates the stances taken by developing nations on issues related...

Residents and paramilitary groups claim that drones used by the Rapid Support Forces on Tuesday morning targeted important installations in Khartoum, the state controlled by the Sudanese Army, including the capital. This was the first attack of this kind in several months. The Tasis Coalition, a coalition of armed and political groups led by RSF, claimed responsibility for the attack. It said that the attacks were directed at military and logistics targets. Residents of Khartoum said that drones attacked the main oil refinery in the country, power stations in Bahri, Omdurman and a fuel depot located in southern Khartoum as...

The World Food Programme warned on Tuesday that several areas south of Sudan’s capital Khartoum were at risk of famine. This is due to the fact that the need for food aid in war-ravaged Sudanese region outstripped the resources available. The WFP Country Director for Sudan, Laurent Bukera told journalists in Geneva, via video link, that the level of hunger, destitution, and desperation found was severe. This confirmed the risk of an impending famine. After gaining entry to the capital, the U.N. Food Agency said that it had reached 1 million people in 7 localities of Khartoum. Sudan's war between...

A survey shows that OPEC's oil production fell in April despite a planned increase in output. This was due to a reduction in Venezuelan supplies in response to renewed U.S. efforts to reduce the flow of oil and smaller drops in Iraq, Libya, and Libya. According to a survey released on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) produced 26.60 millions barrels of oil per day in March, a decrease of 30,000 barrels per days from the total for the month of March. This was due to a reduction by some producers, which was offset by an increase...

African Export-Import Bank launched a $3 billion revolving line of credit that will allow African and Caribbean buyers easier access to petrol, jet fuel, diesel and other products produced by refineries in the continent. It said that the bank expected the facility to provide trade finance of $10-14 billion over the first three years, and to help reduce the region's $30?billion fuel import bill. This year, both oil-exporting and import-dependent countries have seen their economies shook by the sharp drop in crude prices as well as a rise in freight costs. Brent crude has fallen more than 20% in price...

Next week, the Russian Deputy Premier Alexander Novak will be in charge of a meeting between government officials and oil companies to discuss an possible ban on gasoline exports for fuel producers starting March 1. Novak's Office declined to comment. One source said that the meeting could take place either on Tuesday or Thursday. The TASS news agency reported last week that the Federal Anti-Monopoly Service could impose a one-month export ban on gasoline by large producers to stabilize wholesale prices before the planting season. A measure that was originally implemented in March last year prohibits traders and resellers from...

Federal governments around the globe are ploughing billions of dollars into fossil fuel subsidies to shelter people from higher energy costs, but that comes at a. financial burden, develops ineffectiveness, and obstructs the objective of. decreasing total usage. At the U.N.'s COP29 environment top in Baku, conversations are. continuous over decreasing distortions and inefficiencies produced by. aids - a crucial to decrease the production and use of fossil. fuels, which contribute significantly to climate modification and. pollution. JUST HOW MUCH DO GOVERNMENTS SPEND ON FOSSIL FUELS? The International Energy Company (IEA) computed that fossil. fuel consumption aids stood at $620...

A stop in Libyan oil exports has supported the worths of Azeri, African and U.S. oil grades, while some refiners could consider lowering unrefined consumption altogether due to poor earnings margins, traders and analysts informed Reuters. Petroleum exports from Libya's significant ports have actually been shut for a week in the latest case of major unrest in the country, an OPEC member that pumps about 1% of world oil output. Some loadings have actually been allowed from storage after the nation's two competing factions accepted designate a brand-new central bank guv to relieve the crisis, however a lot of exports...

Egypt will not raise the price of its greatly subsidised bread, set at 20 piastres per loaf, even after diesel prices have actually increased, Supply Minister Sherif Farouk stated in a statement on Thursday. Egypt, one of the world's greatest wheat importers, raised the cost of subsidised bread by 300% in June for the first time in years, a politically delicate decision that had been postponed for several years. The minister's remarks followed the federal government raised the prices of a wide range of fuel products earlier on Thursday, including gasoline and diesel, among the most typically used fuels. Both...

Egypt raised the costs of a. large range of fuel items on Thursday, the official gazette. said, four days before the International Monetary Fund (IMF). conducts a third review of its broadened $8 billion loan. programme for the country. The official gazette, mentioning the petroleum ministry, said. petrol rates increased by up to 15% per litre, with 80 octane. increasing to 12.25 Egyptian pounds ($ 0.25), 92 octane to 13.75. pounds and 95 octane to 15 pounds. Diesel, one of the most commonly utilized fuels, saw the greatest. increase, increasing to 11.50 Egyptian pounds ($ 0.24) from 10. pounds. This...

Egypt needs to import around $ 1.18 billion worth of mazut fuel oil and gas to end relentless power cuts worsened by consecutive heat waves, its Prime Minister Mostafa Madbouly said in a telecasted address on Tuesday. It hopes the deliveries will get here in full around the third week of July, by which point the federal government aims to stop cutting power throughout the staying summer season, he added. It has already begun contracting for 300,000 tonnes of mazut worth $180 million to boost its tactical reserves which are expected to show up early next week. Egypt's federal government...

Egypt needs to increase the costs of bread, a necessary product that is heavily subsidised in among the world's most significant wheat importers, however it will still mostly be subsidized, Prime Minsiter Mostafa Madbouly stated on Monday. Egypt will likewise want to into balancing prices of petroleum products by the end of 2025, to relieve their expense in the state spending plan, however gas prices will stay subsidised, Madbouly included. In a letter of intent signed in November 2022, Egypt stated it would enable most sustain item rates to rise to bring domestic prices more in line with those in...

Asian area melted gas (LNG) prices increased this week to its greatest levels given that January, as heat throughout the region spurred more demand for the superchilled fuel, and as it tracked gains in European gas costs on the back of maintenance outages and lower wind output. The average LNG cost for July delivery into north-east Asia rose to $10.90 per million British thermal systems ( mmBtu), up from $10.50/ mmBtu in the previous week and its strongest levels considering that Jan. 5, market sources estimated. Asian provided rates have actually edged higher in the previous few days ... as...