Oil & Energy

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For now, however, the US-led surge in supply and weak demand have seen traders start to store additional barrels as they wait for prices to recover.
September 14, 2014 - 04:55 GMT
The drop in oil prices to their lowest in two years has caught many observers off guard, coming against a backdrop of the worst violence in Iraq this decade, heightened tensions between the West and Russia, and sanctions against Iran.

April 29, 2014

The festival has been attended by the Greek Ambassador, among others (Image: FSR Magazine)
14:54 GMT

Saudi Arabia is hosting a Greek inspired food fest in the Riyadh Marriott Hotel, with different authentic Greek dishes being served every night.

April 28, 2014

Construction of a dam on the Karun River in Iran. (Image: Foros.embalses.net)
07:30 GMT

Iran's Energy Minister is warning of the serious water-shortage crisis his country is going through.

Brigadier General Ahmad Ghanem Al Kaabi honors Abdulraoof Abdul Aziz
06:30 GMT

Brigadier General Ahmad Ghanem Al Kaabi, Director General of Fujairah Police G.H.Q, recently honored Emirates General Petroleum Corporation "Emarat" represented by Shamil Vehicles Testing and Registration Service.

Iran-Russia trade currently totals $5 billion a year, but economists say the two countries can at least quadruple the volume of their trade exchanges.
01:50 GMT

Iran and Russia are negotiating to sign a deal, worth about $10 billion, to boost bilateral ties in the power sector.

April 27, 2014

ENOC at Careers UAE 2014
11:20 GMT
(press release)

Emirates National Oil Company (ENOC) showcased over 150 career opportunities for Emirati professionals at Careers UAE 2014, the leading recruitment, training and education exhibition for UAE Nationals.

Rouhani's first attempt at implementing subsidy reform was a disaster.
03:55 GMT

"Of course I don't want prices to go up, but the reality is that the prices have to become real," said a 30-year-old communication specialist in Tehran. "But I expect more services from the government in return, such as health and transportation."

April 26, 2014

The dispute is delaying publication of an oil and gas exploration tender for Lebanon's Block 9, which could have more than seven trillion cubic feet of natural gas.
02:17 GMT

Talks on solving the dispute between Israel and Lebanon over the border of their exclusive economic zones (EEZ) are on the rocks

April 24, 2014

The investment will boost Saudi's economy and generate 15,000 jobs (File/AFP)
16:50 GMT

The Kingdom has begun the first phase of the $7.2 billion project, which will create 15,000 jobs.

India's government has requested for all payments to be made by mid-May to Tehran (File/AFP)
14:59 GMT

India is due to pay $1.65 billion to Iran within the next three months as part of a nuclear agreement with the world's six powers and Tehran to release an outstanding balance of frozen Iranian funds, thought to be over $4 billion.

April 23, 2014

Occidental Petroleum Corporation expects its capital program to increase by $10.2 billion (Fabio Bucciarelli/AFP)
13:11 GMT

Occidental Petroleum Corporation (Oxy) will invest further in Oman to help boost production in 2014.

April 22, 2014

The Kingdom generates over 15 million tons of solid waste each year, requiring a greater investment in recycling and waste management (File/AFP)
13:15 GMT

Saudi Arabia will host a two-day waste management summit starting on Wednesday to push for a "green era" in the Kingdom.

Meanwhile, in March, Dimian described the energy subsidies system as “high and unreasonable”, adding that it would not continue “in the current form”
03:55 GMT

Mehleb pointed out that the government would not suspend its commodities and services subsidies; instead it is working on “redistributing and offering it to those who deserve help”.

April 21, 2014

“At the forefront of these projects came the multi-billion dollar clean fuel project, the new Al Zour refinery, the fifth natural gas plant and the construction of new liquefied natural gas import facilities,”
22:38 GMT

The new multi-billion dollar Al Zour refinery will be one of the largest oil refining plants worldwide.

Saudi Arabia plans to invest $109 billion to produce 41 gigawatts (GW) of solar energy by 2032, which is almost 30 percent of its total energy requirement by that time
20:53 GMT

These initiatives aims to boost the Kingdom’s potential for becoming the largest producer of solar energy in the world

 
By holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world’s fourth largest reserves of crude oil.
03:55 GMT

On April 12, Iranian MP Ali Marvi quoted Oil Minister Bijan Namdar Zanganeh as saying that Iran will increase its crude oil output to 5.7 million barrels per day by the end of Iranian calendar year 1397 (March 2019).