Energy, Oil and Gas

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Middle East Oil and Gas

Demand for diesel boosts oil prices
Demand for diesel may be behind much of the rise in crude oil prices, according to US energy economist Philip K. Verleger. Demand for diesel is rising in both the US and Europe, and its price has been rising much faster than that of gasoline. Truckers and other users of ultra-low-sulfur diesel fuel - the newly improved, cleaner version of the gasoline alternative - are being hit hardest by rising prices at the pump, reported Reuters.It's becoming clear the US should dip into its Strategic Petroleum Reserve for the light, low-sulfur crude that is most efficiently turned into diesel.
Middle East: Tuesday, July 08 - 2008 at 09:16

Oil prices fall
Oil prices fell sharply Monday as tensions related to Iran's nuclear program eased and the US dollar strengthened. New York's main oil futures contract, light sweet crude for August delivery, dipped $3.92 to close at $141.37. The contract had earlier fallen over five dollars before trimming some of its losses.
Middle East: Tuesday, July 08 - 2008 at 07:05

Oil price due to 'dollar weakness'
Opec President Chakib Khelil has reitirated that oil prices are not related to supply, instead blaming the surge on the US Federal Reserve's lowering of interest rates, which weakened the dollar, Bloomberg has reported. Oil prices have stayed at around $144 per barrel amid fears of supply disruption in the event of an attack on Iran.
Middle East: Monday, July 07 - 2008 at 10:14

Masdar calls for bright energy ideas
Masdar has called for nominations and submissions for the Zayed Future Energy Prize (ZFEP), an international awards program recognizing individuals, companies, organizations, and NGO's who are leading the global search for future energy solutions. he winner will receive $1.5m and two finalists will receive $350,000 each to take their ideas and ambitions forward.
United Arab Emirates: Monday, July 07 - 2008 at 10:08

Opec's June production up by 1%
The Organisation of Petroleum Exporting Countries (Opec) has increased oil production by 1% in June, while Saudi Arabia's output rose to a two-year high, according to a Bloomberg News survey. The survey showed, Opec pumped an average 32.52 million barrels a day in June, up by 320,000 barrels from May. Saudi's production rose by 280,000 barrels to an average 9.53 million barrels a day last month, the highest since March 2006.
Middle East: Sunday, July 06 - 2008 at 09:16

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