Energy, Oil and Gas

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Middle East Oil and Gas

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

Oil prices fall ahead of trading
The price of oil fell in New York as analysts predicted that soaring rates could force a cut in demand, Bloomberg has reported. Crude oil for July delivery fell by $1.42 (1%), to $137.12 a barrel in after-hours electronic trading on the New York Mercantile Exchange.
Middle East: Monday, June 09 - 2008 at 08:13

Iraq to finalise oil negotiations
Baghdad expects to finalise six oilfield service contracts by the end of June that could see production rise by 200,000 bpd by the end of 2008. June exports are expected to reach 2.2 million bpd, the largest amount since the 2003 invasion.
Iraq: Sunday, June 08 - 2008 at 08:43

Morgan Stanley says oil could 'spike'
Morgan Stanley said the diversion of Middle East oil shipments away from the US to Asian markets could cause US crude to jump to $150 a barrel by July 4, reported Bloomberg. The report caused prices to jump yesterday and added to a string of upward price forecast revisions by analysts, with Goldman Sachs in May predicting prices could tip $200 a barrel within the next two years.
Saturday, June 07 - 2008 at 09:41

Kuwait to spend $2.5bn on power expansion
Kuwait plans to launch tenders for power expansion worth more than $2.5bn to meet rapid growth in housing projects, reported Reuters.Khalid Al Wasmi, assistant undersecretary at the Ministry of Electricity and Water, said the country's power needs are growing because the government is building new residential areas where demand is high. He said the new power projects will secure electricity until 2014-2015.
Kuwait: Saturday, June 07 - 2008 at 09:34

Oil soars to record above $139
Oil prices jumped more than $11 to a new record above $139 on Friday after Morgan Stanley forecasted that prices would hit $150 by July 4. The rapid rise added to a huge increase on Thursday to cap oil's biggest two-day gain in the history of the New York Mercantile Exchange. Light, sweet crude for July delivery jumped as high as $139.12 on the Nymex, before easing slightly to settle at $138.54, up $10.75, reported AP.
Saturday, June 07 - 2008 at 07:30

Dewa raises Islamic bond sale 16%
Dubai's state-run utility Dewa has increased its first sale of Islamic bonds in UAE dirhams by 16% due to high investor demand, reported Bloomberg. Dewa raised its sale of five-year floating-rate Ijarah sukuk to Dhs3.2bn ($871m) from Dhs2.75bn. The notes pay 1.25 percentage points more than the quarterly Emirates interbank offered rate, which was last at 1.8813%.
United Arab Emirates: Thursday, June 05 - 2008 at 14:48