Oil & Energy

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“There is one major resource base in the world which could meet the growth in the global oil demand, which is the Middle East,” he said.
July 27, 2014 - 18:24 GMT
While euphoria over the ongoing shale revolution and the energy independence of the Americas continue, yet, there are people - cautioning and asserting - the phenomenon is short-lived and the world would continue to be dependent on the Middle East.

Today

Stover added that the current Tamar pipeline has on several occasion reached its full capacity due to high demand in Israel.
04:13 GMT

"The third quarter estimate also included a reduced assumption for natural gas sales in Israel as a result of the ongoing conflict."

July 27, 2014

US oil production has embarked on an unprecedented 50 percent rise over the past four years as new drilling techniques allowed oil to flow from vast shale reserves
04:54 GMT

If Exxon presses ahead, the investment would be a further indication that the American oil giant is breaking ranks with many of its big global rivals.

July 23, 2014

The profit gains add to RAK Petroleum's fifth consecutive year of profitability (File/AFP)
10:48 GMT

Leading energy investment company, RAK Petroleum Public Company, posted $15.81 million net profit since December 2013, marking a fifth year of increased gains.

During the event
08:37 GMT
(press release)

Oman Oil Marketing Company (omanoil) welcomed colleagues and their families to its annual Iftar to share the spirit and many blessings of the Holy Month of Ramadan.

July 20, 2014

He added that Africa was a very promising market for Sabic and the company was focusing on opening distribution centres in a number of African countries.
14:55 GMT

Sabic, which is 70 per cent state-owned, attributed the rise in profits to higher production and sales volumes as well as higher prices for products.

July 17, 2014

During the event
14:02 GMT
(press release)

EQUATE Petrochemical Company, Kuwait’s first private sector petrochemical company, has hosted Ramadan iftar meals in partnership with Zakat House.

July 16, 2014

Basma Essa, Senior Manager – Brand & Corporate Communications Management of ENOC, receives the Superbrands citation for the ninth consecutive year from the UAE Superbrands Council
12:55 GMT
(press release)

Emirates National Oil Company (ENOC) has underlined its credentials in its world-class brand identity, values and proven success in customer engagement by winning the Superbrand laurel for the ninth consecutive year.

Mr. Hussain Kazim, Manager Corporate Communications at Emarat
12:27 GMT

Emirates General Petroleum Corporation “Emarat” announced several charity initiatives during the Holy month of Ramadan in participation in Zayed Humanitarian Work Day

July 15, 2014

Mr. Abdulla Hassan Al Noman, Manager, Retail Sales Operations at Emarat
07:15 GMT

Bakeria stores owned by Emirates General Petroleum Corporation “Emarat” in Dubai, have started offering unique Iftar means during the Holy month of Ramadan, for very reasonable prices.

July 13, 2014

Iran’s Targeted Subsidy Reform remains one of the most ambitious attempts to reform subsidies in an energy-exporting country.
14:11 GMT

A new IMF paper shows how subsidy reform has recently gained momentum in the Middle East and North Africa and outlines the elements of successful subsidy reform.

Saeed Khoory, Chief Executive Officer of ENOC, presents the cheque for AED 3 million to Yahia Abdullah AlMuaimi, Local Aid Section Head of Red Crescent towards the UAE Water Aid initiative
11:35 GMT
(press release)

Emirates National Oil Company (ENOC) today pledged AED 3 million towards the UAE Water Aid initiative (UAE Suqia), launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum.

Historically, Iran’s economy has been heavily dependent on oil, and the fluctuations of oil prices and exports over the years have directly influenced the government’s budgets and actions.
04:55 GMT

Finance and Economic Affairs Minister Ali Tayyebnia says Iran will no longer promote an oil-based economy even if the economic sanctions which have been imposed against the country are totally lifted.

Efforts to reach agreement on a new government in Baghdad to confront the insurgents have been complicated by the tensions between Maliki and the Kurds.
04:55 GMT

An oil ministry spokesman in Baghdad described the takeover as dangerous and irresponsible and called for the Kurdish forces to withdraw immediately.

A number of foreign partners have reduced investments in the sector for the upcoming period, which will cause average natural gas production to stabilise.
03:14 GMT

Dues owed to foreign oil companies reached a total of $6.3bn this July, compared to $6bn at the end of April.

July 10, 2014

The price spread between the two benchmarks touched the narrowest point in almost a month at $5.20 on Wednesday, driven by speculators dumping Brent.
03:40 GMT

Brent crude oil traded at a one-month low below $109 a barrel on Wednesday after a Libyan oilfield restarted and supply worries faded