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Middle East Oil and Gas

Oil drops below $145
Oil has shed $1, dropping below $145 a barrel on Friday, Reuters has reported. The drop was attributed to responses to Iran's statement, saying it would make a response to proposals from six world powers to try to resolve a long-running dispute over its nuclear development programme.
Middle East: Saturday, July 05 - 2008 at 08:08

Oil hits $145
Oil roared past $145 per barrel for the first time Thursday boosted by a weak US dollar and Middle East tension, reported AFP. Brent North Sea crude for August delivery hit $145.11 in early Asian trade, before easing back to $144.90.
Middle East: Thursday, July 03 - 2008 at 12:40

Oil will hit $150, says Russia's president
Dmitry Medvedev, the President of Russia, the world's second-biggest oil producer, said that he expects crude oil prices to rise to $150 a barrel and retard global growth, reported Reuters. The Russian president described OPEC's influence as exaggerated, saying that the organization's decisions don't always have a long-term impact on oil prices.
Middle East: Thursday, July 03 - 2008 at 12:33

Oil hits new highs
Oil prices climbed above $144 a barrel in London on Wednesday after data revealed a drop in stockpiles of US crude. Brent North Sea crude oil for August delivery jumped $3.98 to trade as high as $144.65 a barrel. New York's main oil futures contract, light sweet crude for August, leapt to an intraday record of $143.91 just before the close of trade.
Middle East: Thursday, July 03 - 2008 at 07:25

Qatar's natural gas output jumps 17.9%
Qatar's natural gas production totalled 59.8bn cubic metres in 2007 from 50.7bn cubic metres in 2006, an increase of 17.9%, according to the 2008 BP Statistical Review of World Energy. The country's proven reserves were at 904.06 trillion cubic feet at the end of last year, accounting for 14.4% of the world total. The Russian Federation had 25.2% of global proven reserves, followed by Iran with 15.7%, reported the Peninsula.
Qatar: Wednesday, July 02 - 2008 at 10:01

KSA has no plans to boost production
Saudi Oil Minister Ali al-Naimi said the kingdom is planning no further increases in crude production following its June 23 announcement that it would pump an extra half-million barrels a day, reported CNN. He said he was 'troubled' by the current high levels of petroleum prices, but added that the kingdom has 'nothing to do with prices where they are today'.
Saudi Arabia: Wednesday, July 02 - 2008 at 09:50

ME oil consumption up 4.4% in 2007
Middle East oil consumption showed above average growth of 4.4% during 2007 as regional and global production fell for the first time since 2002, according to the recently released 2008 BP Statistical Review of World Energy. The rise in Middle East oil consumption to 6.2 million barrels/day reflects the region's continued strong economic growth and mirrors a worldwide trend of increasing demand from emerging markets. In percentage terms, the regional increase in oil demand was the world's third highest after Latin America and Africa.
Middle East: Wednesday, July 02 - 2008 at 09:35

Algeria eyes nuclear power
Algeria aims to build a nuclear plant in 10 years, reported Bloomberg. Energy Minister Chakib Khelil said Algeria's government will send a bill to parliament this year to regulate nuclear power generation. The country will also seek to develop renewable sources of energy, he added.
Middle East: Wednesday, July 02 - 2008 at 09:12