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.

December 17, 2013

Palestinian border official Raed Fattouh said Sunday's fuel shipment was paid for by Qatar.
03:55 GMT

A lack of fuel has hampered the rescue efforts in Gaza, where flooding from heavy rains has forced about 40,000 residents from their homes.

December 16, 2013

Hesham Ali Mustafa, Senior Director, ENOC Gas Marketing & International Business Development and General Manager of Emirates Gas
10:36 GMT
(press release)

Emirates Gas, a subsidiary of the Emirates National Oil Company (ENOC), marked a milestone on November 27, the day that the nation won the bid to host the World Expo 2020.

  
The Iranian official complained that Pakistan has done little to construct its own section of the project.
 Majedi said Iran has proposed Islamabad seek assistance from European firms to complete the Pakistani part of the pipeline project between the two neighbors.
03:55 GMT

Iran has suspended a USD 250 million loan to Pakistan to build part of a pipeline project for importing natural gas from the Islamic Republic.

HE Saeed Mohammed Al Tayer, MD and CEO of DEWA
03:55 GMT
(press release)

HE Saeed Mohammed Al Tayer, MD and CEO of DEWA launched DEWA’s Health and Safety Week as part of DEWA’s strategy to enhance health, safety, and sustainability standards amongst all segments of society.

December 15, 2013

The exploration programme for block 41 is expected to begin with seabed coring in 2014.
16:08 GMT

As per the agreement, both companies will conduct geological and geophysical studies upon which exploration wells will be proposed for drilling during the exploration period.

December 11, 2013

KSA is expanding its electrical supply to meet the needs of a rising population, a growing industrial sector, and increased demand for air conditioning (File Archive/Shutterstock)
10:00 GMT

With rising demand for power in KSA, the Gulf country is building the largest electrical supply expansion in the Middle East.

Increase in global supply will result in a drop in oil prices. (Image credit: Shutterstock)
06:55 GMT

Deutsche Bank AG reduced its crude price forecasts for 2014 by about $10 a barrel from this year on booming US production and the prospect of an easing in supply disruptions in the Middle East and North Africa.

December 10, 2013

ENOC receiving the award
09:52 GMT
(press release)

ENOC won the ‘Best Supporting Entity to the Government Procurement Programme in the UAE’ by a semi-government entity at the eighth Mohammed Bin Rashid Award for Young Business Leaders.

The emirate of 2.2 million people, with its economy rebounding as local hospitality and property industries flourish, expects to attract 25 million visitors during the six-month show starting October 20, 2020
03:55 GMT

The new capacity will help meet Dubai’s own target of generating half the additional power needed to run the Expo from renewable resources

December 8, 2013

Iranian Oil Minister Bijan Zanganeh named the seven in order: Total of France, Royal Dutch Shell, Italy's ENI, Norway's Statoil, Britain's BP and US companies Exxon Mobil and ConocoPhillips .
03:55 GMT

Iran has named seven Western oil companies it wants back in its vast oil and gas fields if international sanctions are lifted and said it would outline investment terms in April next year.

December 5, 2013

Energy ministers from Opec countries agreed yesterday to keep the group’s target for crude output unchanged at 30mn bpd.
14:56 GMT

“We have rolled it over,” Saudi Arabia’s Ali al-Naimi told reporters after three hours of closed-door talks finished in Vienna. “We are all satisfied.”

UAE wants 1% of its total energy production to come from solar power by 2020 (Courtesy of the Arabian Gazette)
12:49 GMT

A senior official from Dubai Electricity and Water Authority (DEWA) told reporters Thursday that electricity and water consumption in the country's largest city is expected to increase by 20% as the Emirate begins to prepare for the 2020 World Expo.

Libya hopes to reopen all its oil ports on Dec. 10 and resume full production about a week later after the Libyan army threatened to use force against armed protesters.
03:55 GMT

Asked how soon after Dec. 10 Libya could get production back to normal, the minister said: "From one week to 10 days."

December 4, 2013

Iran's Oil Minister Bijan Zanganeh said that Tehran has "no technical difficulties to expand our exports and to return to four millions barrels a day" once political obstacles, referring to sanctions, are lifted (Courtesy of Press TV)
06:59 GMT

Iran's Oil Minister Bijan Zanganeh announced Tuesday that it will "immediately" export more crude oil once sanctions are lifted.

December 3, 2013

Previously, Iran has dealt with foreign companies through “buybacks”. According to sources, the meetings in London will allow Iran to present the findings of a review of these contractual terms.
10:53 GMT

The roadshow will involve discussions over the nature of contracts that the Islamic Republic is willing to offer in return for investment to drill new wells.