Shell has abandoned its search for oil in the Arctic after failing to find enough crude. Due to the lack of oil and gas found off the coast of Alaska, operations will stop for the foreseeable future. Environmental campaigners had criticized the costly project in the Chukchi Sea. The project has had numerous issues including a major setback in 2012 after a drilling rig came lose and was grounded.
IEA proposes record release of strategic stocks in response to Iran war oil price surge
The International Energy Agency (IEA) on Wednesday recommended the release of 400 million barrels of oil, the largest such move in its history, to try to restrain soaring crude prices amid the U.S.-Israeli war with Iran.
H.H. Sheikh Hamdan highlights economic resilience at Dubai Majlis
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, UAE Deputy Prime Minister and Defence Minister, attended a specially convened Dubai Majlis to discuss strategies to reinforce economic resilience.
Oil sinks 11% as Trump predicts Middle East de-escalation
Oil prices plummeted by more than $10 a barrel on Tuesday after soaring to an almost four-year high in the previous session after U.S. President Donald Trump predicted the war in the Middle East could end soon, lowering expectations of prolonged disruptions to oil supply.
DP World appoints Ahmad Yousef Al-Hassan as CEO and MD for GCC
DP World has appointed Ahmad Yousef Al-Hassan as Chief Executive Officer and Managing Director for the GCC.
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