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  • Saudi move to export electricity and hydrogen to Europe via Greece

    They underscored the significance of cooperation between the two countries in the field of clean hydrogen, including low-carbon hydrogen, green hydrogen, and its transfer to Europe. In this context, they highlighted the importance of the memorandum of understanding signed between the two countries in the field of energy and the formation of a joint technical team to carry out the necessary studies in the field of electrical interconnection and exporting electricity to Greece, as well as exporting electricity and hydrogen to Europe through Greece.

  • Saudi Crown Prince MBS in Europe for First Time Since Khashoggi Killing

    French President Emmanuel Macron had already beaten a path to Saudi Arabia, in December becoming the first western leader to travel there and meet the crown prince since the Khashoggi killing. The two countries have ties in fields such as defense and France has been extensively involved in the development of Saudi Arabia’s historic Al Ula region, which Prince Mohammed wants to turn into a global tourist destination.

  • Europe Is Scrambling to Secure Its Energy in Time for Winter

    Europe’s gas storage facilities are nowhere near levels that would avoid disruptions, despite the agreement to set a mandatory storage level of 80% by November this year to be increased to 90% by 2023. In Germany, the situation is particularly critical as current gas storage levels stand at around 65%. The country is struggling to fill up its capacity. In mid-July, Germany’s energy regulator warned that the country was injecting and drawing equal amounts of gas into and from its facilities.

  • European diplomat: Space for negotiating Iran deal revival ‘almost exhausted’

    European Union foreign policy chief Josep Borrell warned Tuesday that the space for further negotiations on restoring the 2015 Iran nuclear deal is almost exhausted, and said it is now time for swift political decisions to conclude the deal. “After 15 months of intense, constructive negotiations in Vienna…., I have concluded that the space for additional significant compromises has been exhausted,” Borrell wrote in the Financial Times Tuesday (July 26).

  • Saudi Crown Prince Visits Greece on First Europe Trip Since 2018

    Saudi Arabia’s Crown Prince Mohammed bin Salman visits Greece on Tuesday for talks with its premier, his first trip to a European Union nation since the 2018 killing of columnist Jamal Khashoggi damaged the kingdom’s ties with the West. The two countries will sign a number of bilateral agreements including in defense technology, maritime transport, food production and culture during the prince’s two-day stay, according to a person familiar with the matter who requested anonymity as the discussions are still private. Representatives from several Saudi businesses will explore potential partnerships, the person said.

  • Saudi Arabia and Iraq Come to the Aid of Europe’s Oil Refiners

    Saudi Arabia and Iraq are diverting more and more of their crude oil toward Europe, helping the continent’s oil refineries to overcome a pivot away from Russia. More than 1 million barrels a day of crude has made its way to Europe from the Middle East in the first thrtee weeks of July via a pipeline that crosses Egypt, according to vessel-tracking data compiled by Bloomberg. Volumes have roughly doubled from a year ago.

  • Ukraine war rekindles Europe’s demand for African oil and gas

    Energy firms are considering projects worth a total of $100 billion on the continent, according to Reuters calculations based on public and private company estimates. African countries that currently have little or no oil and gas output could see billions in energy investments in the coming years, including Namibia, South Africa, Uganda, Kenya, Mozambique and Tanzania.

  • EU ‘deeply regrets’ Houthi refusal to open roads to besieged Yemeni city

    The EU said on Wednesday it “deeply regrets” the refusal by Yemen’s Houthi rebels to reopen roads to the south-western city of Taez, where residents are on the verge of famine. A ceasefire between Yemen’s internationally recognised government and the Iran-backed rebels at the start of Ramadan in April has largely held, but is due to end on August 2. UN special envoy Hans Grundberg has been shuttling between the two sides in an effort to extend the truce.

  • Cabinet shakeup raises questions as Bahrain heads for polls

    The decree outlines the replacement of 13 ministers and a deputy prime minister, some of whom held cabinet positions since the country’s independence in 1971. The government is now among the least reliant on members of the royal family, includes an unprecedented four women ministers and grants Shiites nine ministerial portfolios.

  • How a Russian Natural Gas Cutoff Could Weigh on Europe’s Economies

    Three new IMF working papers examine these important issues. They examine how fragmented markets and delayed price pass-through can aggravate impacts, the role of the global liquefied natural gas market in moderating outcomes, and how such factors could play out in Germany, Europe’s largest economy.