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.

August 24, 2014

The KRG has repeatedly declined to identify buyers of its oil or say who is helping to coordinate the sales.
12:24 GMT

In June, a tanker carrying 1 million barrels of Kurdish oil sailed from Ceyhan that was delivered into Israel's Ashkelon port after first being transferred at sea to another vessel.

OCTAL PET Complex - Salalah
10:49 GMT
(press release)

OCTAL has taken another significant step towards its goal of increasing visibility and sustainability within the PET packaging industry through its recent membership in North America’s National Association for PET Container Resources.

Baghdad has tried to block the KRG from exporting oil on its own, citing a constitutional clause making the central government responsible for oil shipments and revenues.
04:55 GMT

“The Kurds are becoming more confident of their ability to export crude independently of Baghdad.”

August 21, 2014

The ministry cancelled the projects due to the grid’s constraints at present and inability to absorb more loads, Hamed said in a phone interview this week.
14:34 GMT

The ministry cancelled the projects after failing to secure funds from Arab Gulf states to finance the expansion of the national grid’s capacity.

August 20, 2014

 Libya's return to the market has hit oil prices, which slumped to a four-month low in London on Monday before recovering in Asian trade on Tuesday.
20:41 GMT

Libya may be on the brink of chaos but it is gradually boosting output in the vital oil sector after a crisis blocked export terminals for a year.

The deficit for fuel supplied to stations this month increased to approximately 8m cubic metres of gas and equivalent daily compared to 7m last month.
13:45 GMT

Electricity deficit increases to approximately 6,180MW, no solution in sight

August 19, 2014

Qatargas and CNOOC have an existing sales agreement signed in 2008 to supply a total of 2 million tonnes per annum (MTA) of LNG.
00:56 GMT

Qatargas is the world's largest LNG producing company with a production capacity of 42 MTA.

“This is urgent: ISIS is now selling its oil, but the Kurds are not allowed to sell their oil,” an unnamed Turkish official told the Financial Times.
00:51 GMT

Turkey has requested that the United States remove barriers regarding the purchase of oil coming from Iraqi Kurdistan

August 17, 2014

Jordan consumes about 500 million cubic feet of natural gas per day for production of electricity, the minister said.
11:02 GMT

Natural gas will be supplied to Jordan through the Arab Gas Pipeline, which is a natural gas pipeline that stretches from Egypt into Jordan and other neighbouring countries.

Egyptian exports of natural gas and derivatives declined by approximately 75% during June to $19m,
04:55 GMT

Egypt has ceased exporting gas to Jordan several times this year due to the tense situation in Sinai and multiple explosions on the export pipeline.

August 14, 2014

 
An energy powerhouse, Iran has the second-largest reserves of natural gas in the world after Russia,
12:06 GMT

Condensates represent a gray area in the oil and gas world, and even OPEC is challenged about how to define the product.

August 12, 2014

During the event
09:30 GMT
(press release)

The Corporate Social Responsibility (CSR) initiatives rolled out by Emirates National Oil Company (ENOC) during the Holy Month of Ramadan have positively influenced thousands of people, with the ongoing ‘Human Fuel’ campaign continuing to raise funds to address global poverty.

Rashid Al Ameeri, Sr. Manager of EPPCO Lubricants, signs an exclusive five-year supply agreement for lubricants and oils with Kulwant Singh, CEO/MD of BK Group Holdings, the joint venture company of Lama Group and Car Fare
05:25 GMT
(press release)

EPPCO Lubricants, a business division of Emirates National Oil Company (ENOC), today signed an exclusive five-year supply agreement with BK Group Holdings, the joint venture of Lama Group.

To counter supply outages in Iraq and among other OPEC producers, Saudi Arabia has maintained a high level of oil output
04:55 GMT

"The more the Kingdom produces, the lower its spare production capacity becomes, meaning the smaller the cushion to cope with new supply disruptions."

August 11, 2014

“The market has become more complacent about supply again. But complacency is dangerous. Given the geopolitical tensions, a spike in oil prices cannot and should not be ruled out.”
23:35 GMT

“There’s talk of changes in Baghdad. The oil market is sort of waiting to see what happens,” Wardell said.