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.

February 3, 2014

Mulham Al Jarf, Deputy CEO of OOC speaking during the launch of launch of Oman oil Company's Hyperion Oracle System
10:12 GMT
(press release)

Oman Oil Company (OOC) has deployed the Oracle Hyperion financial management portfolio to achieve flexible consolidation of financial and management data across its group of companies.

February 2, 2014

$4.2 billion of Iranian frozen assets would be released in eight stages and Tehran
12:55 GMT

Following the implementation of a nuclear deal between the Islamic Republic and the six world powers, Tehran has received the first installment of its $4.2-billion funds previously blocked overseas.

OPEC reported its lowest output in over two years in December 2013 (File Archive)
12:00 GMT

OPEC's oil output has risen since its December low due to a partial recovery in Libya's oil supply.

Of the 2.228 million bpd exported in January, 2.036 came from Basra and 192,000 from Kirkuk,
04:55 GMT

Crude exports from Iraq declined in January to an average of 2.228 million barrels per day (bpd) but should rise next month, Oil Minister Abdul Kareem Luaibi said.

January 30, 2014

Iraq is poised to triple its crude oil output from three million barrels per day to nine million by 2020.
20:03 GMT

The combined oil reserves of Iraq and Iran are greater than that of Saudi Arabia - the world’s second largest producer of crude after Russia.

January 29, 2014

During the last 10 days, Egyptians have reported regular electricity cuts, the second wave of its kind this winter.
22:42 GMT

Power cuts have become frequent in Egypt even in winter when consumption is considerably lower than in the summer.

Oman Oil Marketing Company launches Anti Smoking Campaign for employee wellbeing
05:52 GMT
(press release)

As part of its ‘I Promise’ health awareness program, Oman Oil Marketing Company (omanoil) has launched an internal anti-smoking campaign designed to encourage kicking the habit for a healthier life.

January 27, 2014

The delegation will be comprised of representatives from French automotive, oil, banking, and transportation sectors.
16:28 GMT

Former French ambassador to Iran Francois Nicoullaud told Reuters those French firms that operated in Iran before the sanctions wanted to return.

The draft budget projected a deficit of about 21 trillion Iraqi dinars
10:17 GMT

Iraq cannot finance its projected 2014 budget deficit unless the northern Kurdistan region pays its oil export revenue into the national treasury – or loses its share of state spending.

During the event
06:06 GMT
(press release)

HE Saeed Mohamed Al Tayer, MD and CEO of the Dubai Electricity and Water Authority (DEWA), received a delegation from PUB, Singapore’s National Water Agency.

The 270,000-barrels per day (bpd) Mina Abdullah refinery was running at about 60 percent of capacity on Sunday.
03:55 GMT

The Jan. 22 power outage shut down all three of Kuwait's refineries.

January 26, 2014

Utico has called for the pre-qualifications for a 40MW solar power development project, the first-of-its-kind in the country, to be built at Ras Al Khaimah (File Archive)
12:00 GMT

UAE will build its first 40MW solar power development in Ras Al Khaimah.

During the event
10:53 GMT
(press release)

Emirates Authority for Standardisation & Metrology has officially nominated Emirates Gas, a subsidiary of Emirates National Oil Company, as the executors of Compressed Natural Gas activities in the UAE.

January 22, 2014

Cheap energy in the region has also attracted energy-intensive industries such as aluminum smelters.
21:56 GMT

The United Arab Emirates is consuming far too much energy and may have to raise prices to encourage consumers to change, the energy minister said.

Baghdad is seeking to dramatically ramp up exports to fund desperately needed reconstruction of Iraq’s conflict-battered infrastructure and economy.
21:42 GMT

Iraq’s oil exports and revenues declined in 2013 compared to the previous year, official figures showed Wednesday