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Middle East Oil and Gas

Oil prices up $5
Crude oil rose more than $5 a barrel in New York on Wednesday following a US report that showed inventories fell for a fourth week. Crude oil for July delivery climbed $5.07, or 3.9%, to settle at $136.38 a barrel on the New York Mercantile Exchange.
Middle East: Thursday, June 12 - 2008 at 07:09

IEA trims oil demand forecast
The International Energy Agency has cut its forecast for global oil demand for a fifth month as high prices continue to curb consumption, reported Bloomberg. The IEA reduced its 2008 forecast by about 70,000 barrels a day to 86.77 million barrels a day from 86.84 million last month. Demand growth for this year is now at 0.9%.
Wednesday, June 11 - 2008 at 11:34

Adnoc to sign sour gas contract within 2 months
Abu Dhabi National Oil Company (Adnoc) is to announce the winner of the final $10bn contract for the treatment of sour gas at the Shah field within two months, reported Gulf News. Abu Dhabi, which holds the fifth-largest gas reserves in the world, is offering a 40% stake in the venture, which has a price tag of $10bn. Companies bidding for the project include ConocoPhillips, Exxon Mobil, and Royal Dutch Shell.
United Arab Emirates: Wednesday, June 11 - 2008 at 07:18

Petronas shelves Sudan refinery plan
Malaysia's state oil company Petronas said rising costs have forced it to defer its plans to build a 100,000 barrel-per-day refinery in Sudan, reported Reuters. Petronas has been in discussions with Sudan to build a refinery there for three years.
Tuesday, June 10 - 2008 at 12:45

Gulf refining capacity to hit 10m bpd by 2015
A senior executive of Saudi Aramco said the Gulf's refining capacity will grow by about 3 million barrels per day to about 10 million bpd by 2015 to help meet the region's soaring demand for oil, reported Gulf News. Aramco executive vice-president of operations Khalid A. Al Falih also said the Gulf will add more than 20 million tonnes per year of chemicals to its production base in 2008 and 2009.
Tuesday, June 10 - 2008 at 12:32

Taqa to sell $1.13bn in bonds
State-controlled Abu Dhabi National Energy Co (Taqa) plans to sell Dhs4.15bn ($1.13bn) worth of bonds convertible to shares, reported Reuters. The bonds would be offered 'primarily to the shareholders of Taqa registered as on June 16', the company said in a statement. The subscription period for the bonds will be 10 days starting July 1 and the conversion will take place on September 1.
United Arab Emirates: Tuesday, June 10 - 2008 at 11:30

Saudi Arabia plans oil summit
Saudi Arabia's Information and Culture Minister Iyad Madani said the kingdom plans to call for a meeting of oil producing countries and consumers to explore ways of dealing with soaring energy prices and work to prevent unwarranted increases, reported AP. The kingdom will also work with OPEC to 'guarantee the availability of oil supplies now and in the future,' the minister said following the weekly Cabinet meeting.
Saudi Arabia: Tuesday, June 10 - 2008 at 10:04 |

Oil prices fall $4 on Monday
Oil prices dropped Monday on a stronger dollar and a call from Saudi Arabia for a meeting to talk about prices it called unjustifiably high. July futures for light, sweet crude fell $4.19 to settle at $134.35 a barrel in volatile trading on the New York Mercantile Exchange. On Friday, oil jumped nearly $11, a single-day record.
Tuesday, June 10 - 2008 at 07:21