Oil

Iran-South Korea row worsens over oil billions frozen by US sanctions

Iran was South Korea's third-largest Middle Eastern trade partner before the US unilaterally withdrew from a 2015 nuclear deal between Tehran and world powers and reimposed crippling sanctions.

UK's driver shortage caused shutdowns of oil stations

The UK’s oil giant BP is temporarily shutting down some of its petrol stations amid the shortage of truck drivers.

Gulf sovereign wealth funds among world’s least transparent

A study by Global SWF singled out several of the largest entities in the region for insufficient disclosure and lack of trust.

Experts sent to Sri Lanka to help contain oil leak from sinking ship

MV X-Press Pearl burnt for 13 days, inundating the island’s beaches with plastic pellets, causing environmentalists to fear an oil spill could cause even greater degradation to fragile marine life.

US pipeline suspends operations after ransomware attack

Colonial Pipeline says a cyberattack forced it to temporarily halt all operations on a major pipeline that delivers roughly 45 percent of all fuel consumed on the US East Coast.

Chad's struggle with poverty, oil and unrest

The oil-rich African nation has become a key regional ally of the West in the fight against militants.

OPEC and allies agree to gradually boost crude oil output

The OPEC is gingerly adding back production that was slashed last year to support prices as demand sagged during the worst of the pandemic recession, which sapped demand for fuel.

Iran-China deal: the pro-agreement and anti-agreement division returns

Tehran and Beijing signed a 25-year bilateral agreement over the weekend, becoming a subject of both celebration and condemnation.

What the closure of the Suez Canal costs global trade

The Suez Canal is integral to the nine percent of global oil products and 12 percent of total global trade that passes through it.

Is the UAE becoming a go-to advisor on avoiding US oil sanctions?

Three UAE based companies are buying and shipping oil from Venezuela, a Latin American country facing harsh US sanctions since June last year.

OPEC, ally Russia agree to raise production from January

Oil producers agree to modest oil output increase by 500,000 barrels per day but fail to find a compromise on a broader policy for the rest of next year.

US to use Iranian fuel sale proceeds to aid terror victims

The US government in August seized 1.1 million barrels of fuel from four Iranian tankers that were en route to Venezuela. The fuel has since been sold, and officials say the proceeds will go to a special fund for victims of state-sponsored terrorism.