Oil & Energy

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It's all doom and gloom for the Gulfi dream as the GCC are bracing for tough times with vital oil revenues falling rapidly. (Image: Gulf man expreses grief via Shutterstock)
December 24, 2014 - 10:38 GMT
Gulf countries are bracing for tough times as vital oil revenues fall and after they missed a golden opportunity to diversify their economies in a decade of unprecedented windfalls, analysts say.

November 14, 2012

The IEA has said that oil demand will drop of this quarter due to the European economy and Hurricane Sandy
10:44 GMT

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.

ENOC receives Asian Leadership Awards
07:35 GMT
(press release)

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 Prime Minister had previously tried to calm fears over price rises
01:00 GMT

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

Demand for oil is set to increase, the International Energy Agency has stated
12:47 GMT

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 is looking set to increase the cost of electricity in the Kingdom
11:23 GMT

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 Award OOMCO
10:53 GMT
(press release)

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 is seeking to increase oil production
06:43 GMT

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.

Dubai Electricity and Water Authority
04:44 GMT
(press release)

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

No nuclear power for Jordan as costs make it prohibitive and could make the country's energy crisis worse
11:47 GMT

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 gulf states have said that they will increase oil supply should there be a decrease if, for example, Iran close the Straight of Hormuz
10:39 GMT

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 and the UK have held talks on the future of the Aden refinery
08:07 GMT

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.

Iranian gas condensate exports have topped $1 billion
07:01 GMT

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 government in Egypt  is set to reduce subsidies on gasoline in the coming days
06:41 GMT

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.

November 11, 2012

Saudi oil exports have been valued $245 million as domestic consumption also increases
10:29 GMT

Saudi Arabia exported nearly 2.25 billion barrels of crude oil in the past 10 months of the current year valued at SR 921 billion ( $245 million), as domestic consumption also increases.

November 7, 2012

A fire burns on a gas pipeline in the town of Al Arish, North of Sinai. The pipeline, which supplies gas to Jordan and Israel, has come under attack at least 15 times since Egyptian resident Hosni Mubarak was toppled in 2011
12:12 GMT

Egypt has agreed to boost Jordan’s gas supplies, Minister of Energy and Mineral Resources Alaa Batayneh announced on Tuesday, ending a months-long dispute over the country’s former primary energy source.