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.

September 17, 2012

Jordan signs agreement to explore the viability of an oil shale project
12:29 GMT

The Jordanian Ministry of Energy and Mineral Resources has signed an agreement with a Canadian firm to study the viability of an oil shale project in three areas of the Kingdom

Iran and Turkey hold key nuclear talks
12:17 GMT

Iran's chief nuclear negotiator Saeed Jalili met on Monday with Turkey's Foreign Minister Ahmet Davutoglu to discuss the resumption of international talks over Tehran's atomic program

Egypt's fuel debt has increased to $3 billion
10:00 GMT

Egypt’s cash-strapped government owes foreign energy producers at least $3 billion, as cancelled oil import tenders and lengthening queues at petrol stations point to fresh strains on fuel supplies.

September 16, 2012

Oil exports are drying up for Iran as sanctions begin to bite
11:27 GMT

As sanctions begin to bite in Iran, over it's alleged nuclear programme, South Korea becomes the latest country to cease trading as its ships can no longer gain the required insurance after the implementation of a EU ban.

Iraq's has ambitious plans to increase oil production
08:41 GMT

Iraq has ambitious plans to increase oil production, to six million barrels a day, up from the current level of 2.6 million barrels a day.

September 13, 2012

King accuses Israel of disrupting Jordanian nuclear energy plans
11:16 GMT

Jordanian King Abdullah II has accused Israel of disrupting the country’s nuclear program to meet its dire energy needs.

Iran's nuclear ambitions are fuelling tension in the region causing the increase in the price of crude oil
10:44 GMT

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 is confident over the supply of crude oil, but predicts a slowdown in 2013
11:05 GMT

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.

The fuel crisis that has rocked South Sudan could soon be over
09:16 GMT

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
10:37 GMT
(press release)

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.

Saudi Arabia's oil minister says the supply and demand of the global economy doesn't justify current oil prices
08:50 GMT

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

Record breaking August for Iraqi oil product
12:40 GMT

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.

South Sudan is facing a severe fuel shortage.
08:53 GMT

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

Sheikh Saad Suhail Bahwan, OCTAL Chairman
06:07 GMT
(press release)

OCTAL has tripled its annual production capacity of PET resin used for water, juice and soft drink bottles this month.

September 6, 2012

Iraq is now the second largest oil producing country within the Organization of the Petroleum Exporting Countries and third in oil reserves.
14:08 GMT

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.