Oil & Energy
November 15, 2012
Crude oil prices have started bouncing back from lows due to geo political tensions in the Middle East even as increasing US inventory weaker demand for oil growth estimated by OPEC may curb upside gains in prices.
Public transport fares are to rise in Jordan after the government increased the cost of fuel and gas on Tuesday. Prices will go up by as much as 11 per cent although the taxi drivers union has urged increase of up to 20 per cent.
November 14, 2012
The International Energy Agency (IEA) lowered its world oil-demand forecast for this quarter for a second time, citing weakness in Europe's economy and disruption to US fuel delivery and travel by Hurricane Sandy.
Emirates National Oil Company has won two prestigious awards for its outstanding achievement in branding at the Asian Leadership Awards, which honours distinguished leaders and businesses in Asia.
Jordan's Cabinet finally confirmed on Tuesday that it will reduce subsidies on fuel products, as it seeks to reduce its deficit. The biggest increase will be on the cost of cooking gas, which will rise to JD10 from JD6.5.
November 13, 2012
The global thirst for oil will grow in the next two decades driven by demand from so-called 'emerging nations' and the rise of the US as the top producer, the International Energy Agency said yesterday.
Jordan's government is set to increase the price of electricity by 18 per cent over a two-year period, as the country seeks to deal with its growing budget deficit.
Castrol Energy recently recognized Oman Oil Marketing Company (omanoil) for excellent performance and commitment to safety when supplying Castrol lubricants to Oman’s land rigs.
Abu Dhabi’s Supreme Petroleum Council, the country’s highest oil authority, has instructed operating companies to seek ways of raising production, Abu Dhabi International Petroleum Exhibition and Conference (Adipec) said in a statement.
HE Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority, said that DEWA remains focused on the sustainability of its resources.
November 12, 2012
Jordan is looking set to cancel its planned foray into nuclear power. The Kingdom, which imports 96 per cent of its energy, has been looking at ways to become self-sufficient, but the cost of the nuclear option in prohibitive for the relatively poor nation.
Saudi Arabia and oil-producing Gulf states are ready should there be any drop in the oil supply in world markets, with Saudi's oil minister saying the Kingdom "its output on demand, not prices'.
Yemen's Aden Refinery Company and the UKs Department for International Development (DFID) have held meetings to discuss the redevelopment of Aden refinery in the coming months.
Iran’s exports of gas condensates amounted to more than $1 billion in the last month, a customs official was quoted as saying, easing the impact of Western sanctions that are gripping the country.
The Egyptian government will cut subsidies on 95-octane gasoline in a few days, in part of a plan to reduce subsidies, as the country prepares for a new round of talks with the International Monetary Fund.