When Oman unveiled a plan last year to build a large petrochemical complex alongside a $6 billion refinery in the southern coastal town of Duqm, officials hailed the project as a step towards diversifying income and creating jobs.
Brent crude held steady near $124 on Thursday as news of a surge in US crude inventories and Western nations' talks on releasing strategic oil reserves offset supply disruption concerns over tension in the Middle East.
France is in contact
The UAE, which holds about 10 per cent of the world’s known oil reserves, is a vital contributor to world energy security, said the head of Organization of Petroleum Exporting Countries (Opec).
The UAE has been 'an Opec member country
The IEA's release of oil stocks was a temporary measure to fill a supply gap before extra Saudi Arabian production emerged, its executive director said on Tuesday.
"We are simply saying we will just fill the gap before O
Oil consuming nations risk a long conflict with a trenchant Opec by challenging the producers' club on its own turf with a supply response to high prices, and the strategy could backfire, BP's chief economist said on Monday.
Consumer watchdog the International Energy Agency's (IEA) emergency oil release is a desperate measure that threatens to undo two decades of co-operation with Opec and could fail to calm prices, said experts.
Thursday's announcement of a 6
Iran has oil reserves to last for the next 150 years but faces declining output as fields mature, the head of its state oil company said on Saturday.
Iran has played down the impact of sanctions -- which have discouraged many western compa
The US government reiterated that it could tap its strategic oil reserves in order to safeguard economic growth as surging gasoline prices increase pressure for action.
While longstanding US policy is to release reserves only in the event
Moves by Iraq and Iran to raise sharply estimates of their oil reserves are politically motivated and not justified by evidence, a former Iraqi oil minister has said.
Issam Al-Chalabi, who served as Iraqi oil minister in
Iraq said on Monday its proven oil reserves had risen to 143 billion barrels as work by international oil companies started to yield results.
Iraq's proven reserves had been 115 billion barrels, already the world'