Oil & Energy

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“The region between Iraq and Syria has emerged as the ideal black market to sell the oil as the territory is under their control,” he said.
August 24, 2014 - 20:52 GMT
The oil being sold by Isil ranges between $25 (Dh91.75) per barrel to $60 per barrel compared to the current market prices, which on Friday traded for about $102 for Brent crude.

July 17, 2012

Sara Akbar, Kuwait Energy CEO
05:57 GMT
(press release)

The Iraqi Ministry of Oil and Tender Committee and the Kuwait Energy-led consortium today initialed the exploration, development and production service contract for “block 9” located in the Basra province.

July 16, 2012

Saudi output bounces back in June
13:40 GMT

Top oil exporter Saudi Arabia showed no sign of cutting back supply in June following last month’s Opec agreement to rein in production, instead raising output by 300,000 barrels per day (bpd) from May to 10.1 million bpd (mbpd).

Oil Pipelines
11:03 GMT

The United Arab Emirates yesterday inaugurated a pipeline to pump oil from east coast terminals, bypassing the strategic Strait of Hormuz which Iran has threatened to shut down, state-run WAM news agency reported.

Mr Lineesh, 3rd Week Nissan Micra Winner
10:51 GMT
(press release)

Emirates National Oil Company presented a Nissan Micra to the third winner of its DSS promotion, Lineesh Parambath, an Indian expatriate from Kerala.

Electricite Du Liban (EDL)
08:30 GMT

Electricite Du Liban (EDL) announced over the weekend that it would pay the salaries of bill collectors but warned it would take legal steps against those withholding money from collected electricity bills.

July 15, 2012

Iran says the programme is for peaceful energy purposes
17:00 GMT

Iran could prevent even a single drop of oil passing through the Strait of Hormuz if its security is threatened.

Iran, which sits on the world's second largest reserves of both oil and gas, is facing western sanctions over its civilian nuclear program
15:34 GMT

Some European states have voiced interest in investment in Iran's energy sector after a gas deal was signed between Iran and Switzerland four years ago regardless of the US sanctions.

July 12, 2012

IEA
13:39 GMT

The IEA said in its monthly report released on Thursday demand on oil next year is likely to face a slowdown due to the weak economic recovery.

Saudi Arabia wins oil battle against Iran
12:25 GMT

We may not have noticed that we are actually in the heart of an international battle whose political, security and military implications cannot be predicted.

During the event
10:47 GMT
(press release)

Emirates National Oil Company (ENOC) presented Nissan Micra cars to the first two winners of its Dubai Summer Surprises (DSS) promotion.

July 11, 2012

OPEC
13:50 GMT

The Organization of the Petroleum Exporting Countries' (Opec) crude output dipped by 30,000 bpd to 31.72 million bpd in June from 31.75 million bpd in May, reversing most of the 40,000 bpd increment of previous month, according to a new survey.

Solar Cells
09:23 GMT

Bahrain will implement a $25 million solar energy project on an experimental basis to produce up to 5MW of power, said a senior government official.

Iran Oil
08:11 GMT

Iran's foreign minister said Tehran does not plan to block the Strait of Hormuz, the slender oil shipping channel out of the Persian Gulf, for now, but meantime warned that it would choke off the world oil lifeline if it is denied access to the Persian Gulf.

July 9, 2012

Turkey cuts Iran oil imports by 35%
14:39 GMT

Turkey’s crude oil imports from Iran dropped by more than 35 per cent in May from April as it steps up efforts to ensure the US waives sanctions on its imports of Iranian oil for the remainder of this year.

Oil Lines
11:54 GMT

Saudi Arabia has reopened an old oil pipeline built by Iraq to bypass Gulf shipping lanes, giving Riyadh scope to export more of its crude from Red Sea terminals should Iran try to block the Strait of Hormuz.