Oil & Energy

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Oil prices have been falling – and plummeting, spiraling, nose-diving and just generally heading downwards – over the past few months.
December 17, 2014 - 04:55 GMT
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.

November 2, 2014

During the event
08:37 GMT
(press release)

Dubai Electricity and Water Authority (DEWA) has launched the Best Consumer Award, for the 11th consecutive year, to encourage residents of Dubai to be effective participants in the sustainable development of the Emirate.

During the experience
07:07 GMT

Emirates General Petroleum Corporation “Emarat” has successfully carried out, in conjunction with Dubai Civil Defense, a successful fire drill in in one of the sites in the central workshop in Al Qusais.

October 31, 2014

Cyprus, a member of the European Union, is anxious to develop the gas reserves in its so-called exclusive economic zone -- an offshore region lying south of the island.
12:01 GMT

The governments of Egypt, Greece and Cyprus urged Turkey on Wednesday to stop trying to chart gas deposits in areas of the east Mediterranean claimed by Cyprus, saying the work was illegal.

October 30, 2014

ENOC Lubricants Marketing at the 11th ME Base Oils & Lubricants Conference
09:43 GMT
(press release)

ENOC Lubricants Marketing highlighted the capabilities of ENOC Lubricants & Grease Manufacturing Plant in Fujairah to produce a wide range of lubricants products and solutions at the 11th Middle East Base Oils & Lubricants Conference held in Dubai.

October 29, 2014

The price of benchmark North Sea Brent crude has dropped more than a quarter from a high above $115 per barrel
19:29 GMT

There is no need to panic at the recent collapse in oil prices, the secretary general of OPEC said on Wednesday.

During the event
09:25 GMT
(press release)

Emirates National Oil Company (ENOC) organised a breast cancer awareness day on the 29th of October in partnership with Pink Caravan.

October 28, 2014

Brent is set to average $85 a barrel in the first quarter, down from a previous forecast of $100.
17:56 GMT

US oil prices tumbled to a 28-month low below $80 per barrel on Monday after Goldman Sachs slashed its price forecasts.

During the event
10:29 GMT
(press release)

Cylingas, a subsidiary of Emirates National Oil Company (ENOC), records 1.2 Million Safe Man Hours without Lost Time Incident, on various phases of ENOC Lubricants and Grease Manufacturing Plant (ELOMP) in Fujairah.

RAK Petroleum
07:34 GMT

RAK Petroleum PCL, the UAE oil and gas investment company, today announced that it is proceeding with plans for an initial public offering and application for listing in Norway.

October 27, 2014

Iraq's oil supplies were held back by decades of war and sanction
19:42 GMT

Iraq's oil exports from its southern terminals are holding close to a record high in October and Kurdish shipments are climbing,

Oil prices have fallen by a quarter since June as excess supply and weaker demand create a glut on world markets.
17:51 GMT

Gulf states, which have based their budgets on an oil price of $80 a barrel or less, are likely to remain relatively sanguine about current oil market conditions.

October 26, 2014

Oil prices had an impact on SABIC’s earnings through the prices of raw materials and final products
13:38 GMT

The recent decline in global oil prices will prove temporary even if it lasts a year or so,the chief executive of Saudi Basic Industries Corp said on Sunday.

Supply to the market – both domestically and for exports – may differ from production depending on the movement of barrels in and out of storage.
04:55 GMT

The dip in supply comes when some in OPEC have called on its biggest producer to cut back output to support oil prices.

October 23, 2014

Iran is normally among the first members of the oil producers’ group to call for supply cuts to support prices.
04:55 GMT

Iran’s dependence on oil revenue is putting the Islamic Republic’s economy at the mercy of major powers,

October 22, 2014

Sara Akbar, CEO of Kuwait Energy
12:45 GMT
(press release)

Kuwait Energy and their main partner, the Egyptian General Petroleum Corporation,announces that the operated exploration well ASA-1 st3 on the Abu Sennan license, onshore Egypt discovered hydrocarbons in the Abu Roash” E” and Abu Roash “ C” formations.