Oil & Energy

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Iraqi crude production is climbing from a 35-year high.
January 30, 2015 - 22:18 GMT
“This price war is not just between Saudi Arabia and the U.S., it’s also intra-OPEC,” said Seth Kleinman,

January 14, 2015

Brent crude traded below $49 after analysts at Goldman Sachs cut their average forecast for the benchmark in 2015 to $50.40 a barrel from $83.75.
04:55 GMT

Gulf stock markets ran out of steam on Monday after several strong sessions as oil prices fell by more than $1 a barrel.

He, however, did not explain how the laws would work but said details would be released soon.
04:55 GMT

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

US crude for February was down $1.23 at $44.84 a barrel, off an intraday low of $44.20.
23:53 GMT

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.

Iranian President Hassan Rouhani said Tuesday that countries behind the fall in global oil prices would regret their decision.
19:56 GMT

"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 has witnessed a sharp decrease in fuel prices over the past month as Brent crude hit a five-and-a-half-year low of less than $50 a barrel.
19:49 GMT

Lebanon will likely reduce land transportation fees after a dramatic drop in the price of gasoline and diesel.

Saeed Khoory, Chief Executive Officer of ENOC
11:49 GMT
(press release)

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

The weakness across oil markets became evident last week when for the first time since 2009, the entire oil complex slipped into contango.
16:44 GMT

Analysts at Goldman Sachs lowered their three-month price forecast for Brent to $42 a barrel from $80.

Saudi Oil Minister Ali al-Naimi has said he convinced his fellow OPEC ministers that it is not in the group’s interest to cut oil output however far prices may fall.
15:50 GMT

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.

HE Saeed Mohammed Al Tayer, MD and CEO of DEWA
09:01 GMT
(press release)

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.

Iran's President Hassan Rouhani, his oil minister and other top officials have criticised Saudi Arabia for not backing steps to bolster prices.
04:55 GMT

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 been struggling with soaring energy bills caused by the high subsidies it provides on fuel for its population of 87 million.
00:55 GMT

Egypt has signed six new oil and gas exploration contracts worth hundreds of millions of dollars with foreign and Egyptian companies.

January 11, 2015

Miller had previously ruled he had no authority to hear Iraq’s dispute because the alleged misappropriation of the oil took place in Kurdistan.
11:46 GMT

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.

"Without doubt, cooperation of countries that are on the same line in OPEC can neutralise the plans of some powers who are against OPEC, stabilising a reasonable price for oil in 2015," Rouhani said. (Photo: Your Middle East.)
11:40 GMT

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

During EQUATE Polyethylene Technical Seminar for Kuwait plastic manufacturers
11:27 GMT
(press release)

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.

Abdulla Hassan Al Noman
08:48 GMT

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.