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Middle East

Global diesel prices soften as inventories edge upward

Global distillate fuel oil inventories remain much lower than normal for the time of year but there are signs they are no longer falling which has eased some of the upward pressure on prices.

India wants Saudi Aramco to develop strategic petroleum reserve as ties strengthen

India wants Saudi Arabia's Aramco to participate in its planned 6.5 Mmt strategic petroleum reserve program as the South Asian nation wants to strengthen ties with its key oil supplier.

Borouge signs agreement with NPCC to supply critical materials for key energy projects in UAE

Borouge Plc announced that it has signed a Memorandum of Understanding with National Petroleum Construction Company, a UAE-based Engineering, Procurement and Construction Company.

Kuwait's al-Zour refinery to operate at full capacity within days

Kuwait's al-Zour refinery will operate at full capacity of 615,000 bpd within days.

OPEC leaders make case for fossil fuels at Riyadh climate event

OPEC heavyweights said oil and gas should not be stigmatized in the climate debate and that the industry had a role to play in an orderly energy transition.

CPChem, QatarEnergy finalize financing on Ras Laffan, Qatar, petrochemicals project

Ras Laffan Petrochemicals, a joint venture company owned 30% by Chevron Phillips Chemical and 70% by QatarEnergy, announced that it has secured $4.4 B to finance an integrated polymers facility to be located in Ras Laffan Industrial City, Qatar.

Masdar and Boeing join forces to accelerate the SAF industry in the UAE and globally

Masdar is teaming up with aerospace company Boeing to propel the SAF industry in the UAE and globally with the partnership aiming to further support the commercial aviation industry’s goal of achieving net-zero emissions by 2050.

Emirates and Shell Aviation sign agreement for SAF supply at airline’s Dubai hub

Emirates has announced an agreement with Shell Aviation for the supply of over 300,000 gallons of blended SAF for use at the airline’s international hub in Dubai.

Russia’s Lukoil lends Socar $1.5 B in deal to supply its Turkish STAR refinery

Private Russian oil producer Lukoil will lend Azeri state oil firm Socar $1.5 B as part of a broader deal that will allow Socar's 200,000-barrel-per-day Turkish STAR refinery to process Russian crude again.

Saudi Arabia, Russia to continue voluntary oil cuts

Saudi Arabia and Russia said they were continuing voluntary oil cuts to year end as tightening supply and rising demand support oil prices.