Iran says Saudi-Kuwaiti deal on Durra gas development 'illegal' | Reuters
Iran said on Saturday that a document signed between Saudi Arabia and Kuwait this week to develop the Durra gas field was "illegal" since Tehran also has a share in the field and must be included in any action to operate and develop the field.
Kuwait signed a document with Saudi Arabia to develop the Durra field, which is expected to produce 1 billion standard cubic feet per day of gas and 84,000 barrels per day of condensates, according to a statement last Monday by the Kuwait Petroleum Corporation.
"The Arash/Al-Durra gas field is a joint field between Iran, Kuwait and Saudi Arabia," Iran's foreign ministry said in a tweet.
"Parts of it are located in areas between Iran and Kuwait whose water boundaries have not been defined. The Islamic Republic of Iran also reserves the right to exploit the gas field," it said.
Iranian media quoted Foreign Ministry spokesman Saeed Khatibzadeh as saying: "The recent move by Kuwait and Saudi Arabia in the framework of a cooperation document is contrary to what has been previously negotiated, and is illegal.
"Any action in the operation and development of this field must be in coordination with all three countries," it added.
Saturday, 26 March 2022
#UAE Pumps Money Into Egypt as Food-Price Surge Squeezes Economy - Bloomberg video
UAE Pumps Money Into Egypt as Food-Price Surge Squeezes Economy - Bloomberg
The United Arab Emirates has accelerated a plan to invest billions of dollars in Egypt because it wants to ward off economic shocks from the war in Ukraine that could shake the stability of the Arab world’s most populous nation.
A major food importer, Egypt’s been hit hard by record grain prices fueled by the Russian invasion. One of the Middle East’s most indebted nations, it buys most of its wheat from Russia and Ukraine, using those supplies as a cornerstone for a subsidized program providing cheap bread for 70 million people.
The UAE will invest about $2 billion by buying state-held stakes in companies, Bloomberg News reported this week. That came as the leaders of Egypt, the UAE and Israel discussed energy and food security at a rare meeting.
Bread prices have a politically-sensitive history in Egypt. An attempt in the late 1970s by then-President Anwar Sadat to end subsidies on basic foodstuffs triggered riots that left more than 80 people dead, so governments have since resorted to workarounds such as shrinking the size of loaves.
The United Arab Emirates has accelerated a plan to invest billions of dollars in Egypt because it wants to ward off economic shocks from the war in Ukraine that could shake the stability of the Arab world’s most populous nation.
A major food importer, Egypt’s been hit hard by record grain prices fueled by the Russian invasion. One of the Middle East’s most indebted nations, it buys most of its wheat from Russia and Ukraine, using those supplies as a cornerstone for a subsidized program providing cheap bread for 70 million people.
The UAE will invest about $2 billion by buying state-held stakes in companies, Bloomberg News reported this week. That came as the leaders of Egypt, the UAE and Israel discussed energy and food security at a rare meeting.
Bread prices have a politically-sensitive history in Egypt. An attempt in the late 1970s by then-President Anwar Sadat to end subsidies on basic foodstuffs triggered riots that left more than 80 people dead, so governments have since resorted to workarounds such as shrinking the size of loaves.
Ukrainian president calls on energy producers to hike output | Reuters
Ukrainian president calls on energy producers to hike output | Reuters
Ukrainian President Volodymyr Zelenskiy called on energy producing countries on Saturday to increase output so that Russia cannot use its oil and gas wealth to "blackmail" other nations.
Addressing the Doha Forum international conference via video link, Zelenskiy said countries such as Qatar could make a contribution to the stabilisation of Europe.
"They can do much to restore justice. The future of Europe depends on your effort. I ask you to increase the output of energy to ensure that everyone in Russia understands that no country can use energy as a weapon and blackmail the world," he said in translated comments.
The month-long invasion of Ukraine by Russia, Europe's top gas supplier, has sharpened concerns of disruption to energy supplies and increased scrutiny of European Union countries' reliance on imported fossil fuels.
Ukrainian President Volodymyr Zelenskiy called on energy producing countries on Saturday to increase output so that Russia cannot use its oil and gas wealth to "blackmail" other nations.
Addressing the Doha Forum international conference via video link, Zelenskiy said countries such as Qatar could make a contribution to the stabilisation of Europe.
"They can do much to restore justice. The future of Europe depends on your effort. I ask you to increase the output of energy to ensure that everyone in Russia understands that no country can use energy as a weapon and blackmail the world," he said in translated comments.
The month-long invasion of Ukraine by Russia, Europe's top gas supplier, has sharpened concerns of disruption to energy supplies and increased scrutiny of European Union countries' reliance on imported fossil fuels.
#SaudiArabia Outlook to Positive by S&P Amid Higher Oil - Bloomberg
Saudi Arabia Outlook to Positive by S&P Amid Higher Oil - Bloomberg
Saudi Arabia had the outlook on its debt rating revised to positive from stable by S&P Global Ratings as oil, the kingdom’s main source of income, trades above $100 per barrel.
S&P revised the outlook while affirming the kingdom’s long-term foreign currency debt rating at A-, its seventh highest level, according to a statement on Friday.
“The positive outlook reflects our expectation of improving GDP growth and fiscal dynamics over the medium term, tied to the country’s emergence from the Covid-19 pandemic, improved oil sector prospects, and the government’s reform programs,” S&P said.
The kingdom is expecting a budget surplus this year and raised its revenue forecast even before Russia’s war in Ukraine sent oil prices soaring. Despite Crown Prince Mohammed bin Salman’s plan to diversify the economy, energy revenue still dominates the Saudi economy and those of its Gulf neighbors.
The International Monetary Fund estimates Saudi Arabia needs oil at $72.40 per barrel to balance its budget this year, way lower than current levels.
Saudi Arabia had the outlook on its debt rating revised to positive from stable by S&P Global Ratings as oil, the kingdom’s main source of income, trades above $100 per barrel.
S&P revised the outlook while affirming the kingdom’s long-term foreign currency debt rating at A-, its seventh highest level, according to a statement on Friday.
“The positive outlook reflects our expectation of improving GDP growth and fiscal dynamics over the medium term, tied to the country’s emergence from the Covid-19 pandemic, improved oil sector prospects, and the government’s reform programs,” S&P said.
The kingdom is expecting a budget surplus this year and raised its revenue forecast even before Russia’s war in Ukraine sent oil prices soaring. Despite Crown Prince Mohammed bin Salman’s plan to diversify the economy, energy revenue still dominates the Saudi economy and those of its Gulf neighbors.
The International Monetary Fund estimates Saudi Arabia needs oil at $72.40 per barrel to balance its budget this year, way lower than current levels.
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