Oil & Energy

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It's all doom and gloom for the Gulfi dream as the GCC are bracing for tough times with vital oil revenues falling rapidly. (Image: Gulf man expreses grief via Shutterstock)
December 24, 2014 - 10:38 GMT
Gulf countries are bracing for tough times as vital oil revenues fall and after they missed a golden opportunity to diversify their economies in a decade of unprecedented windfalls, analysts say.

June 8, 2014

The report gave no indication of whether any change in investment strategy was envisioned.
12:15 GMT

The central bank has managed investment of the kingdom's foreign currency reserves until now, much of it in US Treasury bonds.

Alkari said Libya was currently earning around $1 billion each month in oil revenues, having brought in between $4 billion and $5 billion a month before the oil protests started.
12:07 GMT

A wave of protests at oil facilities has reduced the North African country’s oil output to less than 200,000 barrels a day down from 1.4 million bpd in July before the strikes started.

June 4, 2014

His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council presents the Dubai Human Development Appreciation Award to Saeed Khoory, Chief Executive Officer of ENOC at the Business Excellence Awards 2014
12:59 GMT
(press release)

Emirates National Oil Company (ENOC) has won the Dubai Human Development Appreciation Award at the 2013 cycle of the Dubai Human Development Award (DHDA).

June 3, 2014

South Sudan's oil is exported through Sudanese pipelines and this generates revenues
11:21 GMT

A total of $3.5 billion was realised by South Sudan from its crude oil sales between June 2013 and May this year, the country's petroleum and mining ministry announced.

ENOC at Automechanika Dubai
10:46 GMT
(press release)

ENOC Lubricants Marketing (ELM), the lubricants business division of ENOC Marketing, will highlight its range of premium solutions at Automechanika Dubai 2014.

June 2, 2014

OCTAL stand at Interpack exhibition
09:43 GMT
(press release)

Oman based OCTAL showcased its low-waste, high-performing, cost-effective and environmentally-conscious PET packaging material to over 175,000 high ranking visitors from 120 nations at Interpack, Europe’s leading packaging trade fair.

Exports in Iraq have been hit by persistent militant attacks on a pipeline connecting the northern province of Kirkuk to the Turkish Mediterranean port of Ceyhan.
03:55 GMT

Oil revenues account for the lion's share of government income, and the authorities are seeking to dramatically ramp them up to fund much-needed reconstruction of Iraq's conflict-battered economy and infrastructure

May 29, 2014

Falih said Aramco’s refining capacity would be between 8 million to 10 million barrels a day (bpd) in the coming years, a figure exceeding the goal cited by Aramco in 2012 of 8 million bpd.
12:35 GMT

Saudi Aramco said its downstream investments would exceed $100 billion over the next decade, as global demand for oil rises by a quarter in the next 25 years.

Mr. Hussain Kazim, Manager Corporate Communications at Emarat
07:56 GMT

Emirates General Petroleum Corporation will participate in the Global No Smoking Day, on May 31st, 2014.

May 28, 2014

The price of oil inched higher above $104 a barrel Wednesday as the conflicts in Ukraine and Libya posed renewed risks to crude supplies.
19:15 GMT

Brent crude, a benchmark for international oils, was up 13 cents to $110.15 on the ICE exchange in London.

After the signing the quality certification
10:17 GMT

The vehicles lube oils products manufactured by Emirates General Petroleum Corporation “Emarat” have been granted the Emirates quality certificate by the Emirates Authority for Standardization and Metrology.

May 27, 2014

ENOC launches new App
08:43 GMT
(press release)

Emirates National Oil Company (ENOC) has launched its dedicated App to support the Smart Dubai vision.

May 26, 2014

Construction contracts for a new crude oil pipeline between Saudi Arabia and Bahrain are expected to be tendered by the end of the year.
21:57 GMT

The 115km-long pipeline would run overland for 74km, with the remaining 31km being sub-sea.

Iran possesses the world’s second largest reserves of natural gas and the world’s fourth largest reserves of crude oil.
01:37 GMT

The country is currently exporting about 1.2 million barrels per day and has projected 1.5 million barrels of daily sales in the national budget for the year.

May 25, 2014

Despite the steady increase in oil exports, many Iraqis complain that much of the windfall is lost to state corruption and that the proceeds have not markedly improved daily life.
11:18 GMT

Iraqi engineers began repairs Saturday to a northern oil pipeline that has been disabled for months by militant attacks, costing the country millions of dollars in lost revenues, officials said.