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.

February 25, 2013

Part-Abu Dhabi owned oil and gas company OMV posted a 25 per cent jump in revenues after revising production in Libya
08:41 GMT

The Austrian oil and gas company OMV, which is part-owned by Abu Dhabi, posted a 25 per cent jump in revenues after reviving production in Libya that had been wiped out during the 2011 uprising that ousted the Gaddafi regime from power.

Dr. Rahma honors a staff member in the presence of Abdulla Al Noman, and Darren Smith
05:52 GMT
(press release)

Emirates General Petroleum Corporation "Emarat" honored 34 employees at its stations in Dubai and the Northern Emirates who have been working for 10 years or more.

Jordan and Iraq are set to seal the deal on a new oil pipeline
03:07 GMT

Jordan and Iraq are expected to sign commercial and legal agreements this month to build a double pipeline to supply the Kingdom with crude oil and natural gas. The oil deal promise to be the biggest inter-Arab business deal in 50 years.

February 24, 2013

Iranian President Mahmoud Ahmadinejad
11:30 GMT

Coming out of denial, Iran's President admits to facing economic difficulties in a rare televised acknowledgement.

Political instability hurts the Egyptian gas industry
04:00 GMT

Russia's largest independent natural gas producer, Novatek, decided to exit the Egyptian market and end its production activities due to the country's political instability and the deteriorating security conditions, says Anatoliy Chomachka, a diplomatic representative at the Russian embassy in Cairo.

February 21, 2013

Israel has awarded its first license to drill for oil in the occupied Golan Heights
11:14 GMT

Israel has awarded its first license to drill for oil on the occupied Golan Heights to a US energy company, industry sources said on Thursday.

New electricity meter are being installed across Yemen
10:53 GMT

Yemen’s Ministry of Electricity started installing new prepaid electricity meters for residents last week, as well as government institutions, as an alternative for old meters where customers were billed later.

Jordan plans to launch its first private sector renewable energy initiative
09:05 GMT

Jordan's Energy Minister on Wednesday unveiled plans for the country’s first private sector renewable energy projects as part of efforts to ease the Kingdom’s ongoing energy crunch.

Jordan's sole producer of postash denies reports that it is considering importing Israeli gas
08:06 GMT

Jordan’s sole potash producer on Wednesday denied that the company was in talks with Israeli firms on importing natural gas.

Dubai has no plans to privatise key utilities, according to the head of DEWA
04:00 GMT

The Dubai government has no intention to privatise the electricity and water sector, Shaikh Hamdan Bin Rashid Al Maktoum, President of Dubai Electricity and Water Authority (Dewa), told the media on Tuesday.

February 20, 2013

Emirates National Oil Company
10:58 GMT
(press release)

Emirates National Oil Company is exploring the option of introducing self-service for fuel refilling across the ENOC network of stations, by initially providing the service during late-night operating hours from 12 midnight to 6am.

Jordan's decision to cancel winter time saved the Kingdom $7 million, according to the country's Energy Minister
10:34 GMT

The last-minute decision by Jordan's government to cancel winter time resulted in saving the Kingdom $7 million over the course of darker months, Energy Minister Alaa Batayneh said on Tuesday.

The gas facility at the centre of the Algeria hostage crisis is set to restart production on February 24
07:49 GMT

The gas facility at the centre of the Algerian hostage crisis in January will resume production by February 24, state media reported on Monday.

Sara Akbar, Kuwait Energy Chief Executive Office
07:43 GMT
(press release)

Kuwait Energy announced an update on its financial and corporate activities during its fourth quarter.

February 19, 2013

Egypt will begin to reduce fuel subsidies in April, the country's minister of petroleum and mineral resources said on Monday.
11:53 GMT

Egypt will begin to reduce fuel subsidies in April, the country's minister of petroleum and mineral resources said on Monday.