Energy

OPEC expects global oil demand will grow by 4.2 million barrels per day on average next year as economic activity ramps up.

A shipment of fuel is set to arrive in Lebanon this week as part of a deal, which it is hoped will alleviate the chronic energy problems plaguing the country.

France's TotalEnergies has signed a $27-billion contract to invest in oil, gas and solar energy production in Iraq in an apparent bid to end the country's reliance on fossil fuels

Libya's oil minister said on Sunday that he was suspending the head of the state oil company, escalating a dispute between the two.

The North African country's energy minister said his country met its OPEC+ production agreement in August by 110%.

OPEC+ raised its 2022 oil demand growth forecast following calls from the US to increase oil production to combat climbing gasoline prices that could threaten global economic recovery.

Israel's first consulate in Dubai expressed his hopes for an Israeli-UAE oil deal to be finalised after environmental checks are made, adding that he expects a multimillion-dollar trade boom between the two countries after normalising ties.

Announcing a third Iranian fuel ship for Lebanon, Hezbollah chief Hassan Nasrallah said 'our words will be clear when the first vessel reaches Lebanon'.

The tanker, which left Iran for Lebanon on Thursday, contains 'fuel for the power grid', according to the TankerTrackers.com monitor.

The increase in 95-octane gasoline prices would take effect immediately, the government said in a statement. It follows the state's decision on Saturday to change the exchange rate used to price petroleum products in a bid to ease the shortages.