On Tuesday, U.S. President Joe Biden unveiled a new plan allowing homegrown biofuels to mitigate the adverse effect of rising oil prices due to Russia’s war on Ukraine. The Biden administration aims to encourage the development of homegrown biofuels to provide an affordable alternative in the short term. The U.S. Department of Agriculture will...
ISTANBUL (AA) – Iranian authorities on Friday seized an oil tanker smuggling fuel in the Gulf, the second such incident in as many weeks. Seven crew members of the vessel were arrested by the Islamic Revolution Guards Corps (IRGC), an official told Iran’s Tasnim News Agency. The tanker was carrying 250,000 liters of smuggled fuel, […]...
LONDON – The UK has hit two key Russian oligarchs, Eugene Tenenbaum and David Davidovich, with sanctions worth up to £10 billion ($13 billion). This is the largest asset freeze in British history. Foreign Secretary Liz Truss said: “We are tightening the ratchet on Putin’s war machine and targeting the circle of people closest to […]...
LONDON – Ukrainian President Volodymyr Zelenskyy has told the BBC that European countries that continue to buy Russian oil are “earning their money in other people’s blood.” He cited Germany and Hungary, accusing them of blocking tougher energy embargoes. This year, Russia is expected to make £250 billion ($326 billion)...
TUNIS, Tunisia (AA) – Tunisia government raised fuel prices on Thursday, for the third time this year, saying it was triggered by high crude oil prices. In a statement, the Ministry of Industry, Mines and Energy said the prices of gasoline and gas (diesel) rose by 5-10%. The ministry said the fuel price hike was […]
RIYADH, Saudi Arabia (AA) – Saudi Arabia and Kuwait said Wednesday they have the right to develop the Durra offshore gas field which is also claimed by Iran. In a statement issued by the Saudi Foreign Ministry, Riyadh said it has reached an agreement with Kuwait “to expedite the development and exploitation of the Durra […]
BAGHDAD (AA) – Angry demonstrators shut an oil refinery in Dhi Qar province in southern Iraq on Wednesday, protesting against lack of jobs for local residents, according to witnesses. Dozens of university graduates gathered in front of the Al-Gharraf oilfield to demand employment, witnesses said. “They protested a month after they applied for ...
BEIRUT, Lebanon (AA) – Saudi Arabia on Wednesday vowed support to cash-strapped Lebanon amid a crippling economic crisis in the country. Saudi Ambassador Walid Bukhari met with Lebanese President Michel Aoun at the presidential palace in Beirut. Aoun was briefed by the Saudi envoy on the working mechanism of the Saudi-French joint fund “dedica...
TEHRAN, Iran (AA) – Iran is open to public sector investments from regional countries in nuclear energy, a senior official told Anadolu Agency. Pejman Shirmardi, Deputy Director of the Atomic Energy Organization of Iran (AEOI), said Tehran welcomes public sector companies from countries in the region to enter the field. “Iran’s cap...
ISTANBUL – Clean energy spending accounts for only 4% or $710 billion of the total $18.2 trillion mobilized to rebuild economies after Covid crisis, according to the latest update of the International Energy Agency’s (IEA) Sustainable Recovery Tracker. Although green spending globally has shown an increase of 50% over the past five...
