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.

December 10, 2014

"I can't accept having my history stigmatised with approving a deal that might harm Jordan and Jordanians. The government is here to serve the country and its interests," the premier said.
21:32 GMT

Lawmakers on Wednesday recommended that the government shelve a planned natural gas deal with Israel following two long sessions dedicated to discussing the controversial issue.

Jordan currently imports 97% of its energy, paying at least double what it would pay for Israeli gas.
18:01 GMT

Buying Israeli gas will save the Jordanian economy $1.5 billion a year.

Oil prices will stay at about $65 a barrel for at least half a year until OPEC changes its collective production
17:36 GMT

A breakdown in OPEC solidarity or a price war among producers for market share will lead to an “enormous price-dive shock.”

BP is one of the largest foreign investors in Egypt, which wants foreign companies to help ease one of its worst energy crises in decades.
15:53 GMT

British oil major BP plans to invest more than $12 billion in Egypt over the next five years.

December 9, 2014

Egypt will be the second – after Kuwait – to sign a nuclear memorandum with Jordan.
14:33 GMT

Egypt will be the second – after Kuwait – to sign a nuclear memorandum with Jordan

TGI and Equate
09:28 GMT
(press release)

EQUATE Petrochemical Company sponsored Kuwait’s fifth annual convention on the occasion of “The International Day of Persons with Disabilities” organized by Training Gate International.

December 8, 2014

At a meeting last month, top oil exporter Saudi Arabia resisted calls from poorer members of the Organization of the Petroleum Exporting Countries to reduce production
17:27 GMT

Brent crude oil fell more than $2 a barrel on Monday to a new five-year low on predictions that oversupply would keep building until next year after OPEC decided not to cut output.

The resurgence in US hiring accelerated in November and put 2014 on track to be the healthiest year for job growth since 1999.
14:33 GMT

With one month to go, 2014 is already the best year for hiring in 15 years.

Soaring energy use and inadequate gas supplies have spurred the UAE to look to nuclear power to diversify its energy sources beyond
13:13 GMT

The UAE is the first Gulf Arab state to start building a nuclear power plant to generate energy.

Rouhani admitted the budget for the fiscal year starting in March 2015 "would be under pressure" given the big fall in oil prices in recent months
12:40 GMT

"Such a drop is unprecedented," he said in a speech to parliament carried live on state television, noting that the government had been cautious in its forecasts.

During the event
07:28 GMT

Mr. Abdulla Hassan Al Noman, Senior Manager Retail Operations at Emirates General Petroleum Corporation "Emarat", praised the corporation’s employees at various stations in Dubai and the Northern Emirates, for their honesty and civilized behavior and dedication to their assigned duties.

December 7, 2014

Adel Khalifa Al Shaer with officials in Aramco in the presence of Abdulrahman Qassim Al Ali and Engineer Ibrahim Yacoob Al Tamimi
06:51 GMT

His Excellency Adel Khalifa Al Shaer, General Manager at “Emarat, paid a visit with a delegation from Corporation to Aramco in the Kingdom of Saudi Arabia.

Group photo of KFSD staff with EQUATE employees
05:41 GMT
(press release)

Kuwait Fire Safety Directorate (KFSD) and EQUATE Petrochemical Company, announced continuing their sustainable partnership in all relevant fields through joint international training courses for KFSD’s staff and company employees.

Oversupply could rise next year when Iraq starts to export more oil because of an agreement between Baghdad and the Kurdish regional government.
04:55 GMT

Global oil prices slid further on Friday, with Brent on track for the first weekly close below $70 a barrel since 2010.

December 4, 2014

Brent crude oil steadied around $70 a barrel on Thursday as investors searched for a stable price range after a near 40 per cent fall since June.
23:44 GMT

Some analysts expect prices to fall further after bearish comments from key OPEC members.