Oil & Energy
September 13, 2012
Jordanian King Abdullah II has accused Israel of disrupting the country’s nuclear program to meet its dire energy needs.
The price of crude oil rose this week, reaching the highest level for three and a half months. The cost increase has been put down to a potential strike on Iran by Israeli along with a global economic outlook that remains poor.
September 12, 2012
Opec have announced that crude oil is in abundant supply, but the current level of demand for crude oil will decrease in 2013, but Opec will still need to pump 29.5 million barrels a day next year.
South Sudan, the 13 month old nation which seceded from it's Northern neighbour and took most of the oil fields along with it, has suffered chronic fuel shortages for two weeks. The crisis could soon be over though, according to a media official.
September 11, 2012
Oman Oil Marketing Company is realizing its ambitious expansion plan with the opening of five new filling stations and nine ahlain convenience stores across the Sultanate in 2012.
The free market mantra claims the market sets fair prices for commodities. However, market failures are leading to the high cost of a barrel of Brent Crude and are not justified, according to Saudi Arabia's oil minister, Ali al-Naimi.
September 10, 2012
Iraq has reached record breaking levels of oil production in August, and is now OPECs second-largest producer of oil. Plans to double output illustrate Iraq is attempting to recover from decades of conflict.
Shortage of fuel has severely affected the government’s business in South Sudan as towns are facing blackouts while hundreds of vehicles line up at gas stations to try to get fuel.
September 9, 2012
OCTAL has tripled its annual production capacity of PET resin used for water, juice and soft drink bottles this month.
September 6, 2012
The political crisis between the central government in Baghdad and the Kurdistan regional government is causing Iraq to lose $200 each second due to repeated stopping of Iraqi oil exports through the Turkish Jihan Port.
September 4, 2012
Iranian Oil Minister Rostam Qassemi said the country would spend 18 percent of its stabilization fund for the development of the oil and gas sector.
September 3, 2012
The UAE is on track to expand its crude oil production capacity to 3 million barrels per day (mbpd) by the end of the year, two industry sources said.
The Syrian government is negotiating deals with firms in London, Singapore and the Middle East to sell crude oil in return for the fuel it needs to survive in the face of an increasingly bloody insurgency.
September 2, 2012
Hundreds of activists demonstrated near the Interior Ministry Circle, central Amman, demanding the government to reverse its decision to raise fuel prices.
Late Friday, authorities decided to raise the price of 90-octane gasoline from JD0.70 per litre to JD0.77, a 10 per cent rise, and the price of diesel from JD0.515 per litre to JD0.550. The price of 95-octane gas, which used to be sold at JD1 per litre, also went up by 1.5 per cent or 15 fils.