Oil & Energy

Featured Story:

Oil prices have been falling – and plummeting, spiraling, nose-diving and just generally heading downwards – over the past few months.
December 17, 2014 - 04:55 GMT
Here is a look at three of the Middle East’s most affected economies – some of which are already on the brink of a serious crisis.

Today

No details were given in the report on how much gas Bahrain could potentially import.
00:29 GMT

Bahrain could start importing gas from Russia in 2017, Russia’s ambassador to the Gulf Arab kingdom told a local newspaper.

December 18, 2014


Kuwait Energy holds a 49.5 per cent revenue interest in the East Ras Qattara development lease
23:58 GMT

This is a very important discovery as this is the first time that the Jurassic formation is proven to be a hydrocarbon producer in the East

The kingdom is the largest economy in the Arab world, and OPEC’s biggest crude producer.
04:55 GMT

Saudi Arabia will continue massive public spending despite a 50 percent drop in the price of oil which provides the bulk of the kingdom’s revenue.

December 17, 2014

He also said OPEC would need to see how badly the market was oversupplied and for signs of demand picking up.
18:18 GMT

Core Gulf OPEC oil producers signalled this week they are prepared to wait as long as six months to a year to see the market stabilise,

Last week, both 95-octane and 98-octane gasoline fell by LL800 and are now priced at LL26,400 and LL27,100 (17 USD and 18 USD).
14:26 GMT

The decline in fuel prices comes against the background of Brent oil falling to a new five-year low.

Saeed Khoory, Chief Executive Officer of ENOC and Abdulla Salem Al Dhaheri, Chief Executive Officer of ADNOC Distribution sign the agreement to transfer ENOC’s non-functional sites to ADNOC Distribution
11:29 GMT
(press release)

Emirates National Oil Company (ENOC), has signed an agreement with ADNOC Distribution for the strategic transfer of 25 non-operational service station facilities in Sharjah to ADNOC Distribution’s network.

During the event
09:13 GMT
(press release)

As the State of Qatar prepares to celebrate its national day RasGas Company Limited (RasGas) held its second annual Qatarization celebration.

During the event
09:04 GMT
(press release)

EQUATE Petrochemical Company, Kuwait’s first international petrochemical joint-venture, sponsored a project by Kuwait Dive Team to protect coral reefs in a number of Kuwaiti islands by installing bowing marines.

Mr.Hussain Kazim, Senior Manager Corporate Communications at Emarat
06:41 GMT

Emirates General Petroleum Corporation "Emarat" have lowered diesel prices by 20 fils a liter across all their service stations effective from, 18 December 2014.

December 16, 2014

Oil prices have been going down since June due to weak demand and oversupply benefiting the airline industry in procuring cheaper jet fuel.
23:12 GMT

“It will be a positive effect starting from next year. We will see a drop in ticket prices,”

Dana warned the KRG could face sanctions if the autonomous region failed to pay the money to its consortium,
15:29 GMT

Kurdistan’s Regional Government (KRG) has failed to pay $100 million to a Dana Gas consortium as instructed by a London arbitration court

During the event
09:12 GMT
(press release)

Emirates National Oil Company (ENOC) hosted a delegation of students and faculty members from Sam Houston State University in Texas, who were in Dubai as part of an educational programme.

December 15, 2014

OPEC’s 12 members pumped 30.56 million barrels a day in November, exceeding their collective target.
06:55 GMT

OPEC will stand by its decision not to cut crude output even if oil prices fall as low as $40 a barrel.

The company had been producing around 200,000 barrels a day.
03:26 GMT

Libya's eastern Es Sider oil export port, the country's biggest, has been shut due to fighting nearby between forces representing the country's competing governments.

December 14, 2014

"We're putting $550 billion into fossil fuel subsidies," per year, she said. "Use this opportunity to phase them out!", she added.
18:28 GMT

World leaders have a "golden opportunity" with plunging oil prices to put a price on carbon emissions since cheaper fuel makes the move less risky politically, said the International Energy Agency (IEA).