Energy, Oil and Gas

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Middle East Oil and Gas

World oil supplies to stay tight
In a report that signals little relief from high oil prices, the International Energy Agency said world oil supply will rise more slowly than expected by 2013, leaving little spare capacity on the market despite weaker demand growth, reported Reuters. The report said global supply capacity will reach 95.33 million barrels per day by 2012, some 2.7 million bpd less than its previous forecast a year ago.
Middle East: Wednesday, July 02 - 2008 at 07:34

Dubai World bids for Russian power producer
Dubai World and OAO Roskommunenergo, an energy trader chaired by the son of the Kremlin's top real-estate official, have offered to buy Russia's biggest wholesale power producer for $5.34bn before price caps end in 2011, reported Bloomberg. They are offering to buy OGK-1, which operates four plants in European Russia and two in Siberia. The acquisition by Dubai World would be the first in Russia's energy industry by a Gulf investor.
United Arab Emirates: Tuesday, July 01 - 2008 at 14:15

Oil market is 'over-supplied', says Iran
The world's oil market is over-supplied with crude and there is nothing OPEC can do to reduce prices, according to Iran's Oil Minister Gholamhossein Nozari. The price surge is not due to a shortage of supply, he said, adding that the fluctuation of prices harms producers and consumers.
Iran: Tuesday, July 01 - 2008 at 14:05

Oil prices surge to record near $144
Oil prices briefly hit record highs of close to $144 per barrel on Monday amid heightened market fears of conflict between Israel and Iran over Teheran's nuclear programme. New York's main oil futures contract, light sweet crude for August delivery, closed down 21 cents at $140.00 a barrel, not far off its record closing high of 140.21 dollars struck on Friday.
Middle East: Tuesday, July 01 - 2008 at 07:30

Iran oil output hits 4.23m bpd
The National Iranian Oil Company (NIOC) said the country has achieved record oil production of 4.23 million barrels per day (bpd), and plans to increase output further, The National has reported. Iran's Press TV cited an NIOC official saying the country is seeking to raise its daily oil production to 4.28 million bpd by the end of the year.
Iran: Monday, June 30 - 2008 at 10:00

New oil discovery for Dana Gas
Dana Gas has announced discovery of a new oil zone in its Egyptian concessions. The new well has confirmed its first discovery, Al Baraka-1, in the Abu Ballas formation, proving a new discovery in the underlying Six Hills formation.
Egypt: Monday, June 30 - 2008 at 08:48

Iraq to pay oil companies in cash
Iraq's Oil Minister announced on Al Arabiya television that the winners of a tender to boost production from existing oil fields will be paid in cash, Bloomberg has reported. Iraq will pay cash instead of actual oil to ensure that the nation's natural resources remain the property of Iraq. Iraq will release details of the contracts to be offered and the fields used on 30 June.
Iraq: Sunday, June 29 - 2008 at 09:16

Oil prices hit above $142
A plunge in the global equities markets has sent more investors into commodities, bringing oil prices to a record above $142 a barrel on Friday, according to reports from agencies. August delivery of US light crude went up 70 cents at $140.34 a barrel by 1514 GMT, while London Brent rose to 33 cents at $140.16, off a record high of $142.13.
Middle East: Saturday, June 28 - 2008 at 09:42