Energy, Oil and Gas

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Middle East Oil and Gas

Oil falls to $129
Oil has fallen further to $129 a barrel, Reuters has reported. The price fell nearly 13% last week, as tension eases between Iran and the West.
Middle East: Saturday, July 19 - 2008 at 08:57

Oil falls further
Oil prices plunged four dollars on Wednesday, extending this week's losses after a surprise jump in crude reserves in the US. New York's main oil contract, light sweet crude for August delivery, shed 4.14 dollars to close at $134.60 a barrel.
Middle East: Thursday, July 17 - 2008 at 07:12

Oil price plummets
Oil prices plummeted by the second-largest margin on record Tuesday as investors feared a further decline in US demand after Federal Reserve Chairman Ben Bernanke warned that high energy prices have helped to limit the purchasing power of US households. Light, sweet crude fell $6.44 to settle at $138.74 a barrel in trading on the New York Mercantile Exchange.
Middle East: Wednesday, July 16 - 2008 at 07:05 |

Star Consortium concludes $2bn Libya deal
The Star Consortium comprising UAE-based Al Ghurair Investments' subsidiary TransAsia Gas International and ETA Ascon Star Group's Star Petro Energy has concluded a $2bn deal with the National Oil Company of Libya to set up a joint venture company to own and upgrade its Ras Lanuf refinery. The proposed Joint Venture Company will be incorporated and registered in one of the free zones in Dubai, with offices in Ras Lanuf, Tripoli and Dubai.
United Arab Emirates: Tuesday, July 15 - 2008 at 14:54 |

Oil prices to fall to $93, Lehman predicts
Crude oil prices will fall to $93 a barrel next year, as Opec oil producers raise their supply and the slowing global economy squeezes demand, investment bank Lehman Bros has predicted. The bank expects mounting signs of slowing demand, and an expected increase in supply to move oil prices lower to $130 in the third quarter of 2008, before dropping down to $93 a barrel, reported the UK's Telegraph.
Middle East: Tuesday, July 15 - 2008 at 07:21 |

Gulf oil seen to earn $1bn a day
According to a report from Merrill Lynch, Gulf countries may earn export surpluses up to $1bn a day if the oil prices remain above $135 a barrel. Analysts said a $10 increase in the oil price could boost GCC export revenues by $55bn a year.
United Arab Emirates: Monday, July 14 - 2008 at 07:41 |

Total backs out in Iranian deal
French energy giant Total has withdrawn from its commitment to develop part of the South Pars field in Iran, 7days newspaper has reported. Iran's oil minister has confirmed the withdrawal, seeing it as a political move rather than a commercial one. Total was to develop a gas field to produce liquefied natural gas alongside Malaysia's Petronas.
Iran: Sunday, July 13 - 2008 at 09:06 |

Oil price soars to $147
Oil prices have hit a new record high, soaring above $147 on Friday amid simmering tensions over crude producers Iran and Nigeria and a looming strike in Brazil, according to news agencies. US crude rose by $3.25 to $144.90 a barrel by 1827 GMT, after climbing as high as $147.27 earlier in the day.
Middle East: Saturday, July 12 - 2008 at 08:08