Saudi Arabia Announces Discoveries of Natural Gas in Eastern Province, Empty Quarter

Gas pipelines are seen in the Kingdom. Photo: Aramco website
Gas pipelines are seen in the Kingdom. Photo: Aramco website
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Saudi Arabia Announces Discoveries of Natural Gas in Eastern Province, Empty Quarter

Gas pipelines are seen in the Kingdom. Photo: Aramco website
Gas pipelines are seen in the Kingdom. Photo: Aramco website

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz announced that Saudi Aramco has discovered two natural gas fields in the Empty Quarter: Al-Hiran and Al-Mahakik natural gas fields.

The discovery of Al-Hiran natural gas field was confirmed after gas flowed from Hanifa reservoir in the Al-Hiran – 1 well, at a rate of 30 Million standard cubic feet (MMSCF), and 1,600 Barrel of Condensates daily (BCPD), and from the Al-’Arab – C reservoir in the same field at a rate of 3.1 MMSCFD.
On the other hand, the discovery of Al-Mahakik natural gas field was confirmed after gas flowed from the Al-Mahakik – 2 well, at a rate of 0.85 MMSCFD.
Furthermore, Natural gas was also discovered in five reservoirs in previously discovered fields. It was discovered in the Jallah reservoir in the ‘Usaikerak field in the Empty Quarter, after gas flowed at a rate of 46 MMSCFD, in addition to discovering an additional natural gas reservoir in Shadoun field, west of Haradh, after gas flowed from ‘Unayzah – A reservoir, at a rate of 15.5 MMSCFD, with about 460 BCPD.
Natural gas was also discovered in ‘Unayzah B/C reservoirs in Mazalij field, southwest of Dhahran, where gas flowed at a rate of 14 MMSCFD, with about 4,150 BCPD, and in Al-Sarah reservoir in Al-Wadhihi field and Al-Qusaibah reservoir in Awtad field, southwest of Hofuf city, where natural gas flowed at a rate of 11.7 MMSCFD and 5.1 MMSCFD, respectively, with about 57 BCPD.



EU-Mercosur Trade Deal to Apply Provisionally from May 1

FILE PHOTO: EU flags flutter in front of European Central Bank (ECB) headquarters in Frankfurt, Germany July 18, 2024. REUTERS/Jana Rodenbusch/File Photo/File Photo
FILE PHOTO: EU flags flutter in front of European Central Bank (ECB) headquarters in Frankfurt, Germany July 18, 2024. REUTERS/Jana Rodenbusch/File Photo/File Photo
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EU-Mercosur Trade Deal to Apply Provisionally from May 1

FILE PHOTO: EU flags flutter in front of European Central Bank (ECB) headquarters in Frankfurt, Germany July 18, 2024. REUTERS/Jana Rodenbusch/File Photo/File Photo
FILE PHOTO: EU flags flutter in front of European Central Bank (ECB) headquarters in Frankfurt, Germany July 18, 2024. REUTERS/Jana Rodenbusch/File Photo/File Photo

The EU said Monday a free trade agreement with South American bloc Mercosur will provisionally enter into force on May 1 -- despite a pending court ruling on its legality.

"Today is an important step in demonstrating our credibility as a major trading partner," EU trade chief Maros Sefcovic said, adding "provisional application will allow" Brussels to start delivering on the promise of "new opportunities for trade, growth and jobs" for exporters.

The key ⁠trade elements of ⁠the accord, which has proven contentious in Europe, will apply from that ⁠date between the 27-nation European Union and the countries in Mercosur that have completed their ratification procedures before the end of March.

"Argentina, Brazil and Uruguay have ⁠already ⁠done so. Paraguay has recently ratified the agreement and is expected to send its notification soon," the Commission said in a statement.


Saudi Arabia’s Mawani Adds 5 Shipping Services

Yanbu Commercial Port. SPA
Yanbu Commercial Port. SPA
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Saudi Arabia’s Mawani Adds 5 Shipping Services

Yanbu Commercial Port. SPA
Yanbu Commercial Port. SPA

The Saudi Ports Authority (Mawani) said Monday that it has added five new maritime shipping services to enhance the connectivity of the Kingdom’s ports with global markets.

The move was done in partnership with major global shipping lines MSC, CMA CGM, Maersk, and Hapag-Lloyd, with a total capacity exceeding 63,000 TEUs, supporting the smooth flow of goods, enhancing supply chain efficiency, and reinforcing the Kingdom’s position as a global logistics hub, Mawani said.

It also announced a trade bridge connecting Sharjah in the United Arab Emirates with the Kingdom.

This step enhances logistics integration and supports the smooth flow of goods between the two countries with high operational efficiency, Mawani added.


China Limits Fuel Price Hike to Cushion Impact of Rising Oil Prices

A rider passes by motorists queue to pump gasoline at a petrol station in Beijing, Sunday, March 22, 2026. (AP Photo/Andy Wong)
A rider passes by motorists queue to pump gasoline at a petrol station in Beijing, Sunday, March 22, 2026. (AP Photo/Andy Wong)
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China Limits Fuel Price Hike to Cushion Impact of Rising Oil Prices

A rider passes by motorists queue to pump gasoline at a petrol station in Beijing, Sunday, March 22, 2026. (AP Photo/Andy Wong)
A rider passes by motorists queue to pump gasoline at a petrol station in Beijing, Sunday, March 22, 2026. (AP Photo/Andy Wong)

China intervened to cushion rising fuel prices on Monday, increasing regulated ceiling prices for retail gasoline and diesel but limiting the hike to about half what would normally be applied under the government's pricing mechanism.

However, the adjustments brought on by rising oil prices linked to the US-Israeli war on Iran were still the largest on record, lifting price limits close to levels seen in 2022 following Russia's invasion of Ukraine.

The state ⁠planner, the National ⁠Development and Reform Commission, said on Monday it would raise the maximum retail prices for gasoline and diesel by 1,160 yuan ($167.93) per metric ton and 1,115 yuan per metric ton, respectively, starting from Monday midnight, Reuters reported.

The NDRC reviews retail gasoline and diesel ⁠prices every 10 working days and applies adjustments reflecting changes in international crude oil prices, while taking into account average processing costs, taxes, distribution expenses, and appropriate profit margins.

Under the current pricing mechanism, gasoline and diesel prices would have been set to rise by 2,205 yuan per metric ton, and 2,120 yuan per metric ton, respectively, according to NDRC.

"To cushion the impact, ease the burden on downstream users, and support ⁠economic ⁠and social stability, authorities introduced temporary controls within the existing pricing framework," the state's planner said in an announcement.

Oil prices rose on Monday after Iran's Revolutionary Guards said they would target Israel's power plants and those supplying US bases in the Middle East in retaliation against any attack on its electricity sector.

Brent crude futures were up $1.57 to $113.76 a barrel by 0731 GMT. US West Texas Intermediate was at $101.32 a barrel, up $3.09, or 3.15%.