Oil & Energy

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For now, however, the US-led surge in supply and weak demand have seen traders start to store additional barrels as they wait for prices to recover.
September 14, 2014 - 04:55 GMT
The drop in oil prices to their lowest in two years has caught many observers off guard, coming against a backdrop of the worst violence in Iraq this decade, heightened tensions between the West and Russia, and sanctions against Iran.

December 10, 2012

China and other countries in Asia, including South Korea continue to buy Iran’s oil
16:23 GMT

Western pressure that forced foreign ship classifiers out of Iran has increased safety risks including the danger of an Iranian vessel spilling oil on another country’s coast, the chief executive of Lloyd’s Register said.

December 9, 2012

OPEC survived the day, despite penalties imposed on Iraq in terms of cutting off its oil flow to the market
13:10 GMT

This week may not be a good one for the Organization of Petroleum Exporting Countries (OPEC). It should decide on a new secretary general to succeed Abdalla Badri.

Saudi total oil exports in the current year are predicted to yield SR 1.089 trillion in revenues
12:51 GMT

Saudi Arabia exported nearly 2.68 billion barrels of crude oil in the past 11 months of the current year that has yielded SR 1.005 trillion, an economic expert said.

The participants in the training program
06:26 GMT
(press release)

Oman Oil Marketing Company in collaboration with British Petroleum’s specialized aviation division, Air BP, delivered a highly engaging two-day training program in airfield operations to 25 personnel.

December 6, 2012

GCC states are planning a big spend on oil infrastructure projecta
09:51 GMT

A projected $700 billion will be spent on refining infrastructure projects in the GCC region over the next few years, said an expert, adding that it was vital to design new projects to minimise maintenance costs and maximise reliability.

Turkey should avoid any sanctions slapped on Iran
09:43 GMT

The United States should exempt Turkey from new sanctions it is contemplating against Iran over its disputed nuclear programme, the Turkish energy minister was quoted as saying by the local media yesterday.

December 5, 2012

OPec boss Abdullah Al-Badri has said that oil supply remains at comfortable levels
10:33 GMT

Global oil supplies are comfortable, OPEC secretary general Abdullah Al-Badri said ahead of the oil exporting group’s meeting in Vienna next week.

Ibrahim Al Tamimi with the members of the Kuwaiti delegation in the presence of Abdul Rahman Qassim Al Ali and Mohamed Ibrahim
09:07 GMT

Mr. Ibrahim Yacoob Al Tamimi, Terminals & Logistics Manager at Emarat, during a meeting held with a delegation from the Kuwait Petroleum Corporation discussed the ways to enhance cooperation ties between the two companies.

December 4, 2012

Lebanon's economic maritime borders are 'non negotiable' according to a Lebanese MP
12:49 GMT

A Lebanese Member of Parliament, Mohammad Kabbani has said that economic maritime borders are not up for negotiation. The issue is contentious as the zone is reported to have large supplie of lucrative natural gas.

Oman is set to hit new highs in oil output
12:13 GMT

Petroleum Development Oman (PDO) will this year post its highest ever annual production of oil and gas, at 1.25mn barrels of oil equivalent (BOE).

Turkey will continue to import gas from Iran
10:38 GMT

Turkey's Prime Minister has been quoted as saying that it will continue to import gas from Iran, despite sanctions against the Islamic Republic.

Oil output in the UAE dropped slightly in October, according to the International Energy Agency
07:22 GMT

The UAE, on average, produced 2.67 million barrels per day (bpd) in October, 0.74 per cent lower than its output in September, latest data from the Paris-based International Energy Agency (IEA) showed.

During the celebration
06:13 GMT

The headquarters of Emirates General Petroleum Corporation "Emarat" has been adorned with beautiful decorations, colorful lighting and flags in celebration of the UAE's 41th national day.

December 3, 2012

Political instability and protests are putting of investors in the Libyan oil game
09:15 GMT

A year after oil firms jockeyed to secure the first deals in post-war Libya, political disorder and a large surplus of oil in Europe have sapped enthusiasm ahead of talks for 2013 contracts worth around $50 billion.

Iran needs to increase oil production in the Gulf in response to sanctions
09:02 GMT

Iran is having to dramatically increase oil production facilities in the Gulf in response to international sanctions on its exports, Iran’s Press TV reported.