7 Countries Flare 65% of Global Gas Associated with Extracting Oil, Report Finds

Russia, Iraq, Iran, the United States, Algeria, Venezuela and Nigeria remain the top seven gas flaring countries for nine years running.
Russia, Iraq, Iran, the United States, Algeria, Venezuela and Nigeria remain the top seven gas flaring countries for nine years running.
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7 Countries Flare 65% of Global Gas Associated with Extracting Oil, Report Finds

Russia, Iraq, Iran, the United States, Algeria, Venezuela and Nigeria remain the top seven gas flaring countries for nine years running.
Russia, Iraq, Iran, the United States, Algeria, Venezuela and Nigeria remain the top seven gas flaring countries for nine years running.

Russia, Iraq, Iran, the United States, Algeria, Venezuela and Nigeria remain the top seven gas flaring countries for nine years running, since the first satellite was launched in 2012, stated a recent report by the World Bank's Global Gas Flaring Reduction Partnership (GGFR).

These seven countries produce 40 percent of the world’s oil each year, but account for roughly two-thirds (65 percent) of global gas flaring, it noted.

This trend is indicative of ongoing, though differing, challenges facing these countries.

For example, the United States has thousands of individual flare sites, difficult to connect to a market, while a few high flaring oil fields in East Siberia in the Russian Federation are extremely remote, lacking the infrastructure to capture and transport the associated gas.

Gas flaring, the burning of natural gas associated with oil extraction, takes place due to a range of issues, from market and economic constraints, to a lack of appropriate regulation and political will.

The practice results in a range of pollutants released into the atmosphere, including carbon dioxide, methane and black carbon (soot).

“The methane emissions from gas flaring contribute significantly to global warming in short to medium term because methane is over 80 times more potent than carbon dioxide on a 20-year basis,” the report said.

The World Bank’s 2020 Global Gas Flaring Tracker, a leading global and independent indicator of gas flaring, found that from 2019 to 2020, oil production declined by eight percent (from 82 million barrels per day (b/d) in 2019 to 76 million b/d in 2020).

It further pointed out that global gas flaring reduced by five percent (from 150 billion cubic meters (bcm) in 2019 to 142 bcm in 2020).

Nonetheless, the world still flared enough gas to power sub-Saharan Africa.

According to the report, the United States accounted for 70 percent of the global decline, with gas flaring falling by 32 percent from 2019 to 2020, due to an eight percent drop in oil production, combined with new infrastructure to use gas that would otherwise be flared.



Gold Steadies after Hitting over 3-month Peak, US Inflation Data Looms

A saleswoman adjusts gold jewelry displayed for sale in a shop in Lianyungang City, eastern Jiangsu Province, China (AFP)
A saleswoman adjusts gold jewelry displayed for sale in a shop in Lianyungang City, eastern Jiangsu Province, China (AFP)
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Gold Steadies after Hitting over 3-month Peak, US Inflation Data Looms

A saleswoman adjusts gold jewelry displayed for sale in a shop in Lianyungang City, eastern Jiangsu Province, China (AFP)
A saleswoman adjusts gold jewelry displayed for sale in a shop in Lianyungang City, eastern Jiangsu Province, China (AFP)

Gold held steady after hitting its highest in more than three months on Tuesday, as investor focus shifted to upcoming US inflation data and a speech later this week by Federal Reserve Chair Kevin Warsh.

Spot gold steadied at $4,645.67 per ounce by 0651 GMT, after scaling its highest since May 14 earlier. US gold futures rose 0.1% to $4,702.00.

"Looking ahead, we expect dips in gold to be well-supported from ⁠buyers looking for ⁠gold to make its way towards the next upside resistance at $4,900/$5,000," IG market analyst Tony Sycamore said.

Prices rose sharply last week after the US Treasury Department said it would double the size of liquidity support buyback operations for longer-dated notes and bonds. The announcement spurred currency debasement fears.

"These US ⁠dollar debasement fears should see gold be well-supported in the coming weeks, as the Fed has not been sending a clear signal it is ready to fight higher inflation," TD Securities said in a note.

"However, it's too early for the metal to surge to our $5,350/oz target, given the risk rates on the short term may eventually rise as crude grinds higher."

While gold is widely regarded as an inflation hedge, elevated rates can curb its appeal as it is a ⁠non-yielding asset.

Fed Chairman ⁠Warsh's debut speech at the annual Jackson Hole conference this week has taken on added weight as traders and analysts look for guidance about the recent jump in bond yields and for reassurance of his independence from the Trump administration.

The US Personal Consumption Expenditures report, the Fed's preferred inflation gauge, is due on Wednesday.

On the geopolitical front, Iran promised to retaliate against expanded US economic sanctions that Washington said would cut off Tehran's economic lifeline.

Among other metals, spot silver fell 0.7% to $68.43 per ounce, platinum lost 1.1% to $1,854.67 and palladium slipped 1.4% to $1,338.15.


Saudi Economic Growth Draws Foreign Investment

Saudi Arabia and France strengthened cultural cooperation through nine executive programs during the French president’s visit in December 2024. (SPA)
Saudi Arabia and France strengthened cultural cooperation through nine executive programs during the French president’s visit in December 2024. (SPA)
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Saudi Economic Growth Draws Foreign Investment

Saudi Arabia and France strengthened cultural cooperation through nine executive programs during the French president’s visit in December 2024. (SPA)
Saudi Arabia and France strengthened cultural cooperation through nine executive programs during the French president’s visit in December 2024. (SPA)

French President Emmanuel Macron described the visit of Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, to France as an important milestone in bilateral relations.

“The Saudi Crown Prince’s visit to France marks an important stage,” Macron wrote on X ahead of his meeting with the Crown Prince. “Faced with the challenges in the region, France and Saudi Arabia have always worked together to promote peace and stability and will continue their consultations to this end.”

Macron said the partnership was rooted in action, spanning major projects, advanced technologies, investment and international events, including the Esports World Cup held in France this summer. “We have achieved a great deal together, and we want to go further,” he added.

In a second post, Macron said France was proud to have hosted the Esports World Cup “at Saudi Arabia’s request,” describing its success as the product of a shared ambition to develop talent and bring the two countries closer.

Shared economic ambitions

Macron’s remarks reflect not only the state of Saudi-French relations, but also their ambitions. Data from both countries show that economic ties, broadly encompassing trade, investment and other commercial activities, are expanding, with both sides seeking further growth.

One aim of the Crown Prince’s visit is to accelerate those ambitions. The Crown Prince and Macron chaired the first meeting of the Saudi-French Strategic Partnership Council, established in late 2024, at the Élysée Palace on Monday.

Saudi Arabia, which is moving rapidly into new strategic sectors, is seeking partnerships that build on decades of cooperation. Artificial intelligence, digital technologies, innovative and low-carbon industries and environmental sustainability are among the areas at the heart of Vision 2030.

France, meanwhile, is seeking to align its economic agenda with Saudi Arabia’s and participate in the Kingdom’s major development projects.

The ‘new economy’

A briefing by the Saudi Ministry of Investment highlighted the Kingdom’s economic strengths and the incentives it offers investors seeking access to the region’s largest economy.

Bilateral trade reached €10.1 billion last year, up 7.2% from the previous year. French direct investment in Saudi Arabia exceeded €16 billion in 2024, spread across 18 sectors and 651 licenses.

Macron has repeatedly encouraged Saudi investment in France while urging French companies to pursue opportunities in the Kingdom.

French presidential sources said the planned opening of a Saudi Public Investment Fund (PIF) office in Paris could help increase the Kingdom’s still relatively modest investment in France.

Paris, for its part, pointed to France’s record in attracting foreign investment. EY’s 2026 European Attractiveness Survey ranked France first in Europe for international investment projects for a seventh consecutive year, with 852 projects last year, ahead of the United Kingdom with 730 and Germany with 548. Europe’s 47 countries attracted a combined 5,026 projects.

Growth attracts investment

The French-Saudi Investment Roundtable held in Paris on Monday focused on investment and new opportunities, bringing together executives from major companies in both countries.

French businesses have traditionally concentrated on energy, water, transport, logistics, construction, hospitality and health care in Saudi Arabia. That footprint is now expanding into AI, digital infrastructure, culture, creative industries and mining.

Available figures show that the PIF invested about €7.36 billion in France between 2017 and 2024, supporting some 29,000 jobs. A financing memorandum between the PIF and state-backed Bpifrance also established a framework for €8.56 billion in new investment.

Laurent Germain, CEO of engineering and infrastructure consultancy at Egis, said he attended the forum to meet clients who had traveled to Paris for the occasion and to explore opportunities for new projects.

Egis has generated €300 million from its Saudi operations and employs 1,700 people there, most of them Saudis, in line with the government’s Saudization drive.

Germain described the Saudi economy as highly attractive, citing growth of around 4%, above global rates.

Egis intends to expand its investment in the Kingdom and continue supporting Saudi Vision 2030, launched a decade ago, he revealed.

The company has worked on projects, including Qiddiya, Diriyah, AlUla and the Riyadh Metro.

Florence Verzelen, executive vice president at Dassault Systèmes, similarly highlighted Saudi Arabia’s economic growth as a key attraction, saying it was among the highest in the Gulf region and globally.

The €5 billion company focuses on digitalization and AI, using virtual modeling to help accelerate the transition to real-world production. Its technologies are used in aircraft and electric vehicle manufacturing, infrastructure and nuclear projects, as well as pharmaceuticals.

Its Saudi clients include Aramco, railway operators, NEOM, AlUla and food producers, while it also has activities in the defense sector.

Verzelen highlighted Saudi Arabia’s recognition of the importance of the digital economy and its potential for practical applications.


Trump’s Plan to Target Iran’s Economy Threatens its Trading Partners

Motorcyclists pass a billboard depicting US President Donald Trump underwater amid explosions, with the words “Great Victory! Strait of Hormuz,” in Tehran, Iran (EPA)
Motorcyclists pass a billboard depicting US President Donald Trump underwater amid explosions, with the words “Great Victory! Strait of Hormuz,” in Tehran, Iran (EPA)
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Trump’s Plan to Target Iran’s Economy Threatens its Trading Partners

Motorcyclists pass a billboard depicting US President Donald Trump underwater amid explosions, with the words “Great Victory! Strait of Hormuz,” in Tehran, Iran (EPA)
Motorcyclists pass a billboard depicting US President Donald Trump underwater amid explosions, with the words “Great Victory! Strait of Hormuz,” in Tehran, Iran (EPA)

The administration of US President Donald Trump has threatened “tremendous economic consequences” on any country that does business with Iran, as Treasury Secretary Scott Bessent unveiled a new package of sanctions on Monday aimed at isolating Tehran further from the global economy.

The New York Times listed some of the countries that could be most affected by new Trump administration measures, including China, India, Türkiye and Iraq.

China

China is Iran’s largest trading partner and the primary consumer of its oil, according to recent analysis by the US-China Economic and Security Review Commission, a group founded by Congress to examine America’s bilateral ties to China.

For years, China has been practically alone in its willingness to defy Western sanctions on Iranian oil, buying up to as much as 90% of Tehran’s oil exports. In recent months, however, Iran’s ability to ship oil by sea has been all but cut off by a US naval blockade.

But from a Chinese perspective, that is a drop in the ocean compared to the size of its overall economy, said William Figueroa, an expert in Chinese-Iranian relations at the University of Groningen in the Netherlands.

“It wouldn’t be catastrophic for China if it was to have its trade or its ability to import Iranian oil impacted,” he said.

The biggest advantage Beijing draws from that trade relationship is geopolitical, said Andrea Ghiselli, a political scientist who specializes in China at the University of Exeter in England. Beijing has some interest in preserving the Iranian regime as a thorn in the side of the United States, he said.

Ghiselli described the share of oil that China imports from Iran as marginal, and said that “it can easily be swapped out” for other sources on the global market.

India

According to NYT, Iran was once India’s most important energy supplier. But US sanctions have pushed New Delhi to reduce ties, and the value of trade between the two countries has shrunk dramatically in recent years, according to official data from the Indian embassy in Iran.
The data estimates that in the 2025-26 financial year, total bilateral trade was $1.63 billion, down sharply from over $17 billion in 2018-19.

In 2019, India stopped buying Iranian oil altogether, under pressure from Trump. In the last financial year, Indian officials said the country mainly imported apples, pistachios, dates and kiwis from Iran.

But in April, after the US Treasury issued a 60-day waiver authorizing countries like India to purchase Iranian oil to alleviate war-driven supply disruptions and soaring energy prices, crude from Iran officially returned to India for the first time in seven years.

United Arab Emirates

The UAE also appear vulnerable to Trump’s threat, said Esfandyar Batmanghelidj, chief executive of the Bourse & Bazaar Foundation, a London-based think tank focused on Iran’s economy.

On Wednesday, the UAE appeared to pre-empt Trump’s comments by announcing a halt to all trade and financial transactions with Iran.

According to data from the World Trade Organization, Iranian-Emirati trade was worth roughly $28 billion in 2024.

The Emirati decision could affect the ability of Iranian importers to pay for goods, as a lot of those financial services are provided through the UAE, Batmanghelidj told the NYT.

Iraq, Türkiye and Pakistan

Pakistan and Türkiye have so far been relatively shielded from US economic measures against Tehran, even as they have continued significant overland trade with Iran, Batmanghelidj said.
In 2022, the latest year for which World Trade Organization data was available, Iran imported more than $11 billion worth of goods from Türkiye, its third largest source of imports that year.

For both Pakistan and Türkiye, “it is politically and geopolitically very important that both these countries maintain a good relationship with Iran,” said Batmanghelidj. “And I think this is where the Trump administration is really going to struggle.”

Burcu Ozcelik, a researcher at the Royal United Services Institute research group in London, said Iraq was also vulnerable to US economic pressure because of its continued trade with Iran. American sanctions have already targeted Iranian-linked groups in Iraq.

But Ozcelik said that broader sanctions on Iran’s trading partners would be far more complicated to impose, and that implementing them “will be slow, uneven and difficult to monitor.” It was far from clear, she added, that “greater pressure would produce the political behavior Trump is seeking.”

The NYT wrote that the Trump administration is not wrong to think that Iran’s economic situation is dire. But it’s counting on Iranian authorities responding to more pressure by negotiating; they might well respond by escalating the conflict.