Oil & Energy

Featured Story:

Oil prices have been falling – and plummeting, spiraling, nose-diving and just generally heading downwards – over the past few months.
Here is a look at three of the Middle East’s most affected economies – some of which are already on the brink of a serious crisis.

January 21, 2014

Denmark is increasingly recognized as the world leader in sustainability, generating nearly 100 percent of its energy from renewable sources (Courtesy of the BBC)
13:19 GMT

The UAE recently signed a Memorandum of Understanding (MoU) with Denmark to develop nine initiatives to advance renewable energy and global sustainability.

During the event
11:40 GMT
(press release)

A high-profile delegation from the Federal Democratic Republic of Ethiopia visited Dubai Electricity and Water Authority’s (DEWA) stand at the World Future Energy Summit (WFES) 2014.

The 17-member Gas Exporting Countries Forum (GECF) may see more countries joining it with many Asian, Latin American and African countries expressing interest.
03:55 GMT

Asserting that gas is going to be the basic source of energy for this century, Adeli, an eminent economist, said there was no reason why countries should decrease investments in conventional energy sources.

January 20, 2014

Abdulraoof Abdul Aziz during honoring Ibrahim Al Bloushi
05:56 GMT

Emirates General Petroleum Corporation “Emarat” honored Shamil Muhaisnah Center for Vehicles Testing and Registration Services.

During the event
05:42 GMT
(press release)

DEWA organised a brainstorming session at its headquarters attended by managers and employees across DEWA’s various departments.

The debts of BP to Iran has not published officially yet, but Shell said in March 2013 that it has $2.3 billion debts to Tehran.
03:55 GMT

The British companies say they will return to Iranian projects once the sanctions imposed on the country's oil and gas sector are completely lifted.

But the subsidy reductions could hurt the fragile economy, which is heavily reliant on tourism, agriculture and remittances from Moroccans living abroad.
03:55 GMT

The cash-strapped North African kingdom is under pressure from the International Monetary Fund (IMF) and the World Bank to cut spending and reform subsidies

January 19, 2014

Meanwhile, diplomats said that providing the amount would not be an issue, because many IAEA member states have already expressed their willingness to help.
03:55 GMT

The International Atomic Energy Agency (IAEA) says it needs an additional amount of about six million euros for activities related to the implementation of a recent deal on Iran’s nuclear energy program

he EU also will suspend bans on trade in gold, precious metals and petrochemical products while increasing a ceiling on financial transfers not related to remaining sanctions
03:55 GMT

The EU foreign ministers will announce the move in Brussels as soon as inspectors from the UN's nuclear watchdog, the international Atomic Energy Agency (IAEA), confirm that the agreement started to be carried out,

The Gulf Arab states have conditioned normalisation of relations with Israel on its acceptance of the 2002 plan drafted by Saudi Arabia for peace with the Palestinians
03:55 GMT

Israeli Energy Minister Silvan Shalom attended a meeting Saturday of the International Renewable Energy Agency in the United Arab Emirates, which has no diplomatic relations with the Jewish state.

January 15, 2014

Adnoc said last week it wouldn’t renew its concession agreement with BP, Exxon Mobil, Royal Dutch Shell, Total and Partex to run the fields
20:05 GMT

Abu Dhabi plans to sell crude from its main onshore oil fields to major oil companies at a premium after a 75-year production agreement ended Saturday.

During the event
10:06 GMT
(press release)

Oman Oil Marketing Company (omanoil) has launched a Corporate Code of Ethics to further instill its values of integrity and transparency amongst its employees.

January 14, 2014

Cutting subsidies is politically difficult because of longstanding tensions between the cabinet and parliament, where many lawmakers campaign to raise social benefits.
22:15 GMT

Kuwait’s government will continue a review of its heavy spending on subsidies under a new cabinet appointed this month, the new finance minister said.

China's top crude supplier Saudi Arabia is set to ship about the same volumes to Chinese buyers in 2014 as it did last year, as the world's second-largest oil consumer takes more from Iraq and Central Asia, traders said.
22:03 GMT

Iraq, for example, has been offering cheaper prices and better payment terms to Asian buyers this year as it increases its output,

The sudden availability of Iranian oil is one of the many factors driving uncertainty in the oil market. (Image credit: Shutterstock)
09:35 GMT

Oman’s Ministry of Oil and Gas said Monday the amount of crude oil produced in December was off from the same month in 2012.