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Also with the new King continuing to back the veteran Oil Minister Ali Al-Naimi, any possibility of Naimi finally hanging his boots also disappeared
January 25, 2015 - 13:12 GMT
The passing of King Abdullah in the early hours of Friday led to speculation that a leadership transition could result in a change to the country’s oil policy and strategy.

December 3, 2014

It will buy about 2.5 million tonnes a year of high sulphur gasoil from state company KPC
19:54 GMT

Pakistan has finalised a gasoil supply deal for 2015 with Kuwait, which supplies 90 per cent of its demand for the fuel it uses for electricity generation and transport.

Brent Crude prices fell to their lowest levels since December 2010 at $69.7 for early transactions Sunday.
18:57 GMT

“We will not increase fuel imports because the financial resources are not available,” says EGPC chairman El Molla

In the GCC region, Saudi Arabia’s PMI index for October retreated (59.8) from its peak in September (61.8) on lower crude oil prices.
04:55 GMT

The sharp decline in the crude oil prices would put “some pressure” in equity markets in the region.

December 2, 2014

“The cabinet stressed that the Kingdom’s oil policy is emanating from economic fundamentals,
16:36 GMT

Saudi Arabia said on Monday that its oil policy was based on economic principles, as speculation continued to swirl after last week’s OPEC meeting of political motives aimed at other producers.

Omanoil’s Senior Management team
09:39 GMT
(press release)

Oman Oil Marketing Company’s Chief Executive Officer, Engr. Omar Ahmed Salim Qatan, and seven members of the senior management team swapped their roles to work as fillers at the Qurum Heights filling station.

Time is the most important but under-appreciated variable in analysis and forecasts of commodity markets.
05:55 GMT

Sluggish demand growth in response to the quadrupling of prices between 2002 and 2012 is at least as a big a challenge for the group.

December 1, 2014

Saudi Arabia’s bourse, where petrochemicals account for almost a third of total earnings, took the biggest hit among major markets,
15:59 GMT

Gulf stock markets plunged to milestone lows in a panic sell-off on Sunday after OPEC’s decision to keep crude output unchanged sent oil prices tumbling.

Both U.S. crude and Brent have fallen for five straight months, oil’s longest losing streak since the 2008 financial crisis.
11:43 GMT

Just when the market was thinking that a four-year low for crude oil was bad enough, we have hit a five-year low.

“The market will dictate the right sustainable and stable price. ... We need to allow enough time for market stability,” he added.
05:55 GMT

“But because of the unity and solidarity of OPEC, we decided not to protest against this decision.”

November 30, 2014

Mr. Hussain Kazim, Senior Manager Corporate Communications at Emarat
11:52 GMT

The headquarters of Emirates General Petroleum Corporation "Emarat" on Sheikh Zayed Road in Dubai has been adorned with beautiful decorations, colorful lighting and flags in celebration of the UAE's 43rd national day.

Oil analysts said the OPEC decision left the oil market vulnerable to much bigger falls as abundant supply of high quality,
05:55 GMT

Brent crude oil plunged as much as $6.50 a barrel on Thursday, and US crude fell by nearly as much.

Terminating the third tranche will save the Treasury around JD70 million as the government allocated JD210 million in direct cash compensation for fuel this year.
04:55 GMT

The government will not disburse the third tranche of cash payments to households in compensation for removing fuel subsidies, as international oil prices have been below $100 a barrel for more than two months.

November 27, 2014

"The power of convincing will prevail tomorrow... I am confident that OPEC is capable of taking a very unified position," Naimi said
12:30 GMT

While the statistics speak in favour of a cut, the buildup to the OPEC meeting has seen one of the most heated debates in years.

During the event
09:55 GMT
(press release)

Emirates National Oil Company (ENOC), a wholly-owned entity of the Government of Dubai, celebrated the 43rd UAE National Day with a colourful showcase of traditional activities that highlight the ‘Spirit of the Union’.

November 26, 2014

Venezuela, a noted price hawk, would try for an output agreement within OPEC on Thursday instead.
19:28 GMT

Impromptu talks between Saudi Arabia, fellow Organisation of Petroleum Exporting Countries (OPEC) member Venezuela and oil powers Russia and Mexico yielded no agreement on Tuesday.