News

Bloomberg The International Energy Agency (IEA) cut forecasts for oil demand this year and next because of growing threats to global economic growth, yet warned that dwindling spare oil supplies will keep prices high. Reduced growth estimates from the International Monetary Fund (IMF), trade disputes and the strain of high oil prices all fed into the downgrade to consumption, the …

Bloomberg India is seeking $1.5 billion of investments from global oil producers and traders to build additional emergency crude reserves that will act as a buffer against volatility in oil prices. The plan is to build underground caverns that can hold a combined 6.5 million tons of crude at two locations, Indian Strategic Petroleum Reserves Ltd. Chief Executive Officer H.P.S. …

Bloomberg Electric vehicles (EV) may be commonplace sooner than most people think, and that could signal a bonanza for Chilean lithium producer Soc. Quimica y Minera de Chile SA. Larrain Vial, Chile’s largest brokerage firm, sees global EV penetration at almost 21 percent by 2025, well above the market consensus of 8 percent to 20 percent, Alexander Varschavsky, a senior …

Bloomberg Cracking down on fossil fuels could actually boost profits for the world’s biggest oil companies, though the industry must shift toward cleaner fuels or be left behind by investors, according to Goldman Sachs Group Inc. Major producers including Exxon Mobil Corp., BP Plc and Royal Dutch Shell Plc can slash carbon emissions and still see “materially higher” returns on …

ASTANA / WAM Sheikh Nahyan bin Mubarak Al Nahyan, Minister for Tolerance, said that the UAE, since its establishment by the late Sheikh Zayed bin Sultan Al Nahyan, has become a regional and international symbol of tolerance and humanitarian coexistence, through its initiatives and efforts to support international organisations that call for tolerance, love and peace around the world. He …

MADRID / WAM The UAE Embassy in Spain has signed an agreement with the country’s four leading healthcare providers to facilitate knowledge-sharing and exchange of expertise in the healthcare sector. Dr Hissa Abdullah Al Otaiba, UAE Ambassador to Spain, signed the agreement on behalf of the government. The agreement includes facilitating mutual exchange of knowledge and expertise in different medical …

SHARJAH/ WAM Gulftainer hosted the signing of a sister port agreement between the Department of Seaports & Customs of the Government of Sharjah and the Diamond State Port Corporation (DSPC), a corporate entity of the State of Delaware, USA. Under the terms of the partnership, the two entities are mandated to cooperate in the development of international trade and logistics, …

Bloomberg Oil traded above $74 a barrel on concerns Hurricane Michael in the US may exacerbate a supply crunch, while the International Energy Agency (IEA) warned higher prices may put the world economy at risk. Futures were little changed in New York after gaining 0.9 percent on Tuesday. Organization of Petroleum Exporting Countries (Opec) and other key producers need to …

Bloomberg Irving Oil Corp.’s refinery in New Brunswick, a major supplier of fuel to the northeastern US, was shut after an explosion and fire in a diesel unit. The hydrotreater, which removes sulfur from diesel to make fuel that meets environmental standards, was in the part of the refinery that was still running, while other units were shut for maintenance …

HODEIDAH / WAM The Emirates Red Crescent (ERC) intensified its humanitarian, relief and development efforts in the liberated governorates and cities of Yemen last week, to answer the needs of the Yemeni people, in light of their difficult humanitarian conditions. The ERC is also working to make the Yemeni youth happy and achieving their dreams of family stability, through its …