Oil & Energy
January 14, 2015
Gulf stock markets ran out of steam on Monday after several strong sessions as oil prices fell by more than $1 a barrel.
The UAE, last week targeted illegal fuel agents in the country and, Kuwait has also moved swifly against those involved in these operations.
January 13, 2015
Oil tumbled to six-year lows Tuesday on global oversupply and after Saudi Arabia, kingpin of the Organisation of Petroleum Exporting Countries (OPEC) said the era of $100 crude was over.
"If Iran suffers from the drop in oil prices, know that other oil-producing countries such as Saudi Arabia and Kuwait will suffer more than Iran," he added.
Lebanon will likely reduce land transportation fees after a dramatic drop in the price of gasoline and diesel.
Emirates National Oil Company (ENOC) donated AED 1 million towards the Tarahamu (Show Compassion) campaign to provide relief to refugees and victims of severe cold weather in the region.
January 12, 2015
Analysts at Goldman Sachs lowered their three-month price forecast for Brent to $42 a barrel from $80.
A diplomatic push by Venezuela and Iran for an OPEC oil output cut has failed to soften the refusal of the group’s Gulf members to do so for now.
Dubai Electricity and Water Authority (DEWA) has installed donation boxes in all its branches for its staff to participate in the campaign to help people in the Levant.
Saudi Arabia is the world's largest crude exporter and the biggest producer in the 12-member Organization of the Petroleum Exporting Countries (OPEC).
Egypt has signed six new oil and gas exploration contracts worth hundreds of millions of dollars with foreign and Egyptian companies.
January 11, 2015
Iraq’s Oil Ministry can sue the Kurdistan regional government for possession of 1 million barrels of crude that have waited in a tanker circling off the Texas coast for more than five months, a U.S. judge said.
OPEC members Iran and Venezuela are reeling from a slide in the cost of crude to around $50 per barrel from $100 just six months ago
EQUATE Petrochemical Company, Kuwait’s first international petrochemical joint-venture, said that its partnership with local plastic manufacturers has resulted in increasing its sales in Kuwait by over 400% since 1998.
Emirates General Petroleum Corporation "Emarat" retail’s management has always been giving priority to training programs for its front-line staff, believing that the nature of their work requires direct and constant contact with customers.