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.

November 1, 2012

Mixed news for Iraqi oil industry
04:00 GMT

A U.S. inspector general report takes note of progress made in Iraq in terms of internal oil disputes, but said rivalries among various factions remain tense.

October 31, 2012

Gas prices in Lebanon are continuing to drop
07:56 GMT

In a welcome relief for consumers in Lebanon, gasoline prices have dropped.

October 29, 2012

will Iran block the Straight of Hormuz in the event of military action?
11:28 GMT

Closing the Strait of Hormuz and sanctions imposed on the Iranian energy sector are independent issues, an Iranian military commander said, in a telling sign that it may be kept open in the event of a strike on the Islamic Republic.

Oil industry looking good in the UAE
11:21 GMT

The UAE produced on average 2.69 million barrels per day in September, similar to the production levels in a month earlier, latest data from the Paris-based International Energy Agency (IEA) showed, with expectations that the Emirate is going to boost production.

Egypt is set to trial a new ration card system for gas canisters
10:46 GMT

From next month, citizens in Giza will use ration cards when they buy subsidised gas canisters; if successful scheme may be rolled out countrywide.

October 28, 2012

Dubai want to cut its energy use by 30 per cent by 2030
10:28 GMT

Dubai seeks to diversify its sources of energy and reduce energy consumption by 30 per cent by 2030, according to a senior official speaking at the World Energy Forum.

October 24, 2012

Contracts on oil fields in Iraq are being extended
14:14 GMT

WorleyParsons has been awarded a USD 90m contract extension by BP Iraq to continue providing Engineering, Procurement and Management services to boost production from the super-giant Rumaila oilfield in Southern Iraq.

Jordan is planning to launch he government’s controversial proposal to lift fuel subsidies
13:08 GMT

Jordan is planning to launch he government’s controversial proposal to lift fuel subsidies, according to an official, as the new Prime Minister desperately seeks to allay the fears of the IMF.

Protests banned as oil prices slip up in Kuwait
12:42 GMT

As Kuwait witnessed its largest ever protest against the government, and the subsequent banning for groups of more than ten people congregating, crude oil price slips in a worrying sign for the government.

Morsi is trying to stamp out smuggling in Egypt
10:26 GMT

Misr Petroleum faces a second smuggling scandal in a week following the arrest of seven employees allegedly involved in a petroleum smuggling operation in Sinai.

October 23, 2012

Iran could suspend oil exports to the US
14:36 GMT

Iran will suspend all oil exports if the U.S. tightens sanctions, Oil Minister Rostam Qasemi warned at a news conference in Dubai on Tuesday.

Non-OPEC member Oman is increasing its oil output
12:46 GMT

Oman, the biggest Arab oil producer that isn't a member of the Organisation of Petroleum Exporting Countries (Opec), is pumping an average of 915,000 barrels a day of crude in 2012, the Oil Minister has confirmed.

Oman Oil
11:28 GMT
(press release)

The country’s fuel and lubricants provider of choice, Oman Oil Marketing Company, has won the Phoenix Power Company’s tender to supply fuel to Oman’s first independent power project in Sur.

Iraq is planning to increase oil out put and move to renewable energy supplies for domestic needs
10:40 GMT

Iraq plans to spend up to $1.6 billion on solar and wind power stations over the next three years to add 400 megawatts (MW) to the national grid to help curb daily blackouts, an official from the ministry of electricity said.

OPEC is choosing its new boss in a meeting in Vienna
09:32 GMT

The governors of Organisation of Petroleum Exporting Countries (Opec) have gathered in Vienna to select a new secretary-general for the first time in six years, with four countries vying for the position.