Sunday 26 April 2015

Oil jumps 3pc, hits 2015 high on Yemen

Oil prices jumped three per cent on Thursday to their highest levels of this year, after Saudi Arabia and its allies maintained a bombing blitz in Yemen that heightened concerns about the security of Middle East oil supplies. Oil buyers also stoked the rally with bets that US cru


Abu Dhabi's IPIC announces major board revamp

The UAE energy minister has been appointed the new managing director of Abu Dhabi investment fund International Petroleum Investment Company (IPIC) in a reshuffle of the board. Suhail Mohammed al-Mazrouei has been named managing director of IPIC, the Emirates news agency WAM repo


Libya's Hariga port reopens after guards end strike

Libya's eastern port of Hariga reopened after security guards ended a strike over salary payments, and a tanker has started lifting about 700,000 barrels of crude, an oil official said.   The guards had staged the strike, the latest in a series of such walko


Cheap oil slows Saudi, UAE projects but Qatar, Kuwait rise

Low oil prices are slowing new economic projects in Saudi Arabia and the UAE but project awards have accelerated in Qatar and Kuwait, the Abu Dhabi Commercial Bank (ADCB) said in a report showing the mixed impact of cheap oil on the Gulf.   The total value of pr


Dewa highlights latest solar energy tech at Wetex

Dubai Electricity and Water Authority (Dewa) has dedicated a hall at the Water, Energy, Technology, and Environment Exhibition (Wetex 2015) to local and global companies to showcase solar energy technologies. “We are determined to continue building and developing a green ec


Iraq's oil output seen flat, 2016 a big challenge

Iraq's oil output in 2015 is likely to remain flat as Baghdad struggles to cope with a slump in crude prices that has slashed government revenue and forced the Opec producer to renegotiate its service contracts with oil majors. A boost in crude production next year will prove


Saudi Arabia to see big growth in solar power

Increasing government focus on renewable energy programme coupled with rising power demand will drive Saudi Arabia's solar power market to experience robust growth rate through 2020, a report said. Being located on the equatorial Sun Belt with high solar radiation and vast st


Oil extends gains as Yemen bombing continues

Oil prices extended gains on Thursday as renewed fighting in Yemen brought focus back on potential supply disruptions in the Middle East. Saudi-led coalition warplanes continued bombing Yemen on Wednesday despite an announcement by Riyadh that it was ending its campaign of air st


Libya's official government has no luck selling oil bypassing Tripoli

Libya's official government has so far failed to sell oil on its own via an account and middlemen in Dubai, as customers continue to buy crude directly from a state oil firm under the control of a rival government, oil sources said.   Libya's internation


Venezuelan delegation visits Iran, Saudi in Opec diplomatic push

Venezuela's oil minister led a delegation in meetings with Saudi Arabian officials, following talks in Iran, in an Opec diplomatic tour as its need for higher oil prices gains urgency.   Suffering from a slowing economy, soaring inflation and shortages, prod

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