Oil prices fall by more than a dollar amid concerns about demand


Oil prices closed down by more than a dollar per barrel at the close of trading on Thursday.

Brent crude futures fell $1.05 at the close, or 1.42 %, to $72.70 per barrel. US West Texas Intermediate crude futures fell $1.14, or 1.62 %, to $69.20.

Today’s session witnessed volatile trading during which both benchmark crudes lost a dollar, then returned to rise by the same value after news that the OPEC+ alliance is discussing postponing the planned increase in oil production.

Source: National Iraqi News Agency

Oil Minister discusses with the Indian Ambassador cooperation between the two countries in the oil and gas sector


Deputy Prime Minister for Energy Affairs, Minister of Oil Hayan Abdul-Ghani discussed today, Thursday, with the Indian Ambassador Prashant Pise cooperation between the two countries in the oil and gas sector.

A statement by the Ministry of Oil stated: “Abdul-Ghani received, today, Thursday, the Indian Ambassador and during the meeting, they discussed the prospects of cooperation and relations between the two friendly countries and ways to enhance and develop them in the oil and gas sector.”

Source: National Iraqi News Agency

Al-Sudani directs ministries to expedite the submission of their visions for projects that will be included in the Grand Faw Port


Prime Minister, Mohammed Shia al-Sudani chaired a meeting on Thursday to follow up on the progress of the Grand Faw Port project, in the presence of representatives of the Korean Daewoo Company and the Italian consulting company Technital for the project.

According to a statement by his media office, al-Sudani was briefed on the details of the progress of work in the main projects in the port, and the conformity of implementation with the planned timeline, in order to complete this strategic project that will achieve a qualitative leap for Iraq, including its attached projects.

The Prime Minister directed to from a committee headed by the Chairman of the Advisory Board in the Prime Minister’s Office, the Technical Advisor to the Prime Minister and his Advisor for Transport Affairs, the Directors of Ports and Railways, and representatives of the Ministries of Electricity, Defense, Trade, Construction, Housing and Municipalities, Oil, and Industry, to present the final vision for the institutions that will be
included in the Grand Faw Port, within a month, given the relevance of this project to all state institutions, especially the aforementioned ministries.

Al-Sudani pointed out the necessity for the vision to include practical operational paths that contribute to raising the level of investment in this major strategic project, and the positive revenues that will be achieved through it, which will be reflected in the Iraqi economy, and its interconnection with the region’s economy and its development.

Source: National Iraqi News Agency

UAE celebrates milestone as Barakah Plant commences commercial operation


Abu Dhabi, The Emirates Nuclear Energy Corporation (ENEC) announced a historic milestone for the UAE with the fourth unit of the Barakah Nuclear Energy Plant entering commercial operations, marking its full delivery.

This fulfils ENEC’s promise to bring clean, abundant electricity to the UAE. Barakah is one of the most successful new build nuclear projects in the past 30 years, representing a remarkable feat of engineering and teamwork, and a significant achievement for the nation.

The plant has been delivered in accordance with the UAE’s 2008 policy commitments for nuclear energy development, meeting the highest standards of safety, security and transparency.

According to the Emirates News Agency (WAM), the Barakah Plant is now generating 40TWh of electricity per year, nearly the equivalent of the annual electricity consumption of New Zealand and provides up to 25% of the UAE’s electricity.

This clean and carbon-free energy is enough to power 16 million EVs annually. This represents the largest decarbon
isation effort in the UAE and the region, positioning the country ahead of its 2030 climate commitments.

The 22.4 million tons of annual carbon emissions prevented by the Barakah Plant are equivalent to removing 4.6 million cars from the roads each year and contribute to achieving 24% of the nation’s 2030 decarbonisation commitments to Nationally Determined Contributions (NDCs).

Barakah is also delivering wide-ranging economic benefits. Despite growing demand, consumption of natural gas for power generation is at a 13-year low in Abu Dhabi because of the significant contribution that Barakah is now making to Abu Dhabi’s energy mix.

The construction of Barakah has stimulated the creation of a new advanced industry in the UAE, boosting national studies in nuclear sciences and offering educational and training opportunities for talented Emirati youth. To date, over 2,000 highly skilled Emiratis have participated in developing the plant. This creation of know-how and intellect will be crucial for the future as
, according to an IMF study, nuclear plants have a unique footprint, distributing wealth more widely across various sectors than other energy sources.

During the construction phase alone, the delivery of the four units at Barakah yielded $6.7 billion (AED22.5 billion) in local procurement, making the UAE’s peaceful nuclear energy programme a major driver of In-Country Value.

The commercial operations of four units of the Barakah Plant come amid the growing global recognition of the pivotal role of nuclear energy in decarbonising the energy systems and achieving Net Zero. The International Energy Agency (IEA) predicts that global electricity demand is expected to rise at a faster rate over the next three years, growing by an average of 3.4% annually through 2026.

With rising demand for electricity, driven partly due to AI, EVs and semiconductors, the stable and reliable clean electricity provided by nuclear is increasingly recognised for its role in decarbonising the energy sector. The full delivery of Bara
kah firmly places ENEC and the UAE as frontrunners for their contributions to the pledge by the 25 nations to triple nuclear energy capacity by 2050.

Source: Bahrain News Agency