Energy, Oil and Gas

Related Content

Middle East Oil and Gas

Saudi to host oil meet
Saudi Arabia announced, it will host a meeting of consumers and producers on June 22 to seek a solution to high oil prices, reported agencies. Saudi's petroleum chief Ali Al-Naimi highlighted the issue that market fundamentals do not justify current prices. Oil trading hit near $135 a barrel on Friday.
Saudi Arabia: Saturday, June 14 - 2008 at 08:13

Taqa plans $5bn investments
The Abu Dhabi National Energy Company (Taqa) is planning four transactions totalling $5bn in 2008 as it seeks to expand its investment portfolio, reported Gulf News. Peter Barker-Homek, Taqa's CEO, said the company is in advanced negotiations for some of transactions, but declined to be more specific.
United Arab Emirates: Thursday, June 12 - 2008 at 11:09

Kuwait, Iran cut heavy crude export prices
Kuwait and Iran have cut the price of their heavy crude exports to the deepest discounts in at least nine years, reported Reuters. Kuwait lowered the official selling price of its crude by 40 cents a barrel to a discount of $4.20 a barrel versus the Oman and Dubai benchmarks for Middle East shipments. Meanwhile, Iran deepened Iran Heavy's discount by 47 cents to a $3.92 discount. Last week, Saudi Arabia cut its Arab Medium OSP by 35 cents to a $3.70 discount to Oman/Dubai.
Thursday, June 12 - 2008 at 11:02

Oil prices up $5
Crude oil rose more than $5 a barrel in New York on Wednesday following a US report that showed inventories fell for a fourth week. Crude oil for July delivery climbed $5.07, or 3.9%, to settle at $136.38 a barrel on the New York Mercantile Exchange.
Middle East: Thursday, June 12 - 2008 at 07:09

IEA trims oil demand forecast
The International Energy Agency has cut its forecast for global oil demand for a fifth month as high prices continue to curb consumption, reported Bloomberg. The IEA reduced its 2008 forecast by about 70,000 barrels a day to 86.77 million barrels a day from 86.84 million last month. Demand growth for this year is now at 0.9%.
Wednesday, June 11 - 2008 at 11:34

Adnoc to sign sour gas contract within 2 months
Abu Dhabi National Oil Company (Adnoc) is to announce the winner of the final $10bn contract for the treatment of sour gas at the Shah field within two months, reported Gulf News. Abu Dhabi, which holds the fifth-largest gas reserves in the world, is offering a 40% stake in the venture, which has a price tag of $10bn. Companies bidding for the project include ConocoPhillips, Exxon Mobil, and Royal Dutch Shell.
United Arab Emirates: Wednesday, June 11 - 2008 at 07:18

Petronas shelves Sudan refinery plan
Malaysia's state oil company Petronas said rising costs have forced it to defer its plans to build a 100,000 barrel-per-day refinery in Sudan, reported Reuters. Petronas has been in discussions with Sudan to build a refinery there for three years.
Tuesday, June 10 - 2008 at 12:45

Gulf refining capacity to hit 10m bpd by 2015
A senior executive of Saudi Aramco said the Gulf's refining capacity will grow by about 3 million barrels per day to about 10 million bpd by 2015 to help meet the region's soaring demand for oil, reported Gulf News. Aramco executive vice-president of operations Khalid A. Al Falih also said the Gulf will add more than 20 million tonnes per year of chemicals to its production base in 2008 and 2009.
Tuesday, June 10 - 2008 at 12:32