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Crude Prices to Further Fall by year-end despite Political Tension in Saudi Arabia

Analysts expect oil prices to come down by year-end despite the political tension inside Saudi Arabia, OPEC’s main producers, and the turmoil plaguing several other oil producing countries. Ahead of next week’s OPEC meeting in Vienna, crude oil prices are slightly falling with the possibility of hitting $52.60 per barrel by the end of 2017 […]

November 22nd, 2017 | Posted in Energy,Gulf News,Headlines,World News | Read More »

KSA: Riyadh to start local uranium production to support nuclear program

Saudi Arabia announced Monday it will start extraction of its own uranium to supply its nuclear program with construction of two nuclear plants to be awarded end of next year. The move is in line with the kingdom’s plans to diversify its energy resources and to reach self-sufficiency in producing nuclear fuel, said Hashim bin […]

October 31st, 2017 | Posted in Energy,Headlines | Read More »

KSA: China stretches out to buy five per cent shares of Aramco

China has proposed to buy five per cent shares of Saudi Arabia’s Aramco, which is the world’s biggest oil company. China made the proposal weeks ago, and the country’s state-owned PetroChina and Sinopec, assisted by banks, are eager to buy Aramco’s shares, press reports said. The proposal came following expressed desire by Riyadh to sell […]

October 17th, 2017 | Posted in Energy,Gulf News,Headlines | Read More »

KSA: $67bn investment in renewable energy over 5 years

Saudi Arabia Tuesday announced it would invest over the coming five years close to $67bn to meet its energy demand with focus on renewable energies. The investment, according to energy minister Khalid al-Falih, will fuel production of 80,000 megawatts (MW). The investment to be sponsored by the private sector falls within the kingdom’s plans to […]

October 11th, 2017 | Posted in Energy,Headlines | Read More »

Oman: Shell pulling out of Mukhaizna oil field

The Anglo-Dutch group Shell is on the verge of ending its participation in the exploration of the Mukhaizna oil field in Oman and has put its shares in the field on sale, reports say. Shell is owner of 17 cent of the stakes dominated by Occidental Petroleum which operates the field. The sale process is […]

October 11th, 2017 | Posted in Energy,Headlines | Read More »

Total Boss expanding business ties with Iran

Head of French energy group Total has indicated that instructions from Paris and Washington will not deter him to do business with Teheran in reference to US sanctions against foreign companies dealing with Iran. President Trump who has threatened to tear up 2015 nuclear deal between Iran and world power is expected on October 15 […]

October 3rd, 2017 | Posted in Energy,Headlines | Read More »

KSA and Russia to bolster cooperation through $1bn-fund for energy

Saudi Arabia and Russia are on the verge of setting up a joint fund worth $1bn aiming at strengthening energy cooperation between the two giant oil producers. The deal is to be officially unveiled this week during the historical visit of King Salman to Moscow. This visit will enable both economic partners to strengthen cooperation […]

October 3rd, 2017 | Posted in Energy,Headlines | Read More »

UAE: NOC to reduce oil production in November as expected by OPEC

The National Oil Company will reduce its production share by 139, 000 barrel per day from November to meet agreement with Organization of the Petroleum Exporting Countries (OPEC). The Country’s energy minister, Suhail Al Mazrouei said Abu Dhabi National Oil Company, ADNOC through the move is committed to the agreement with the OPEC; The ADNOC […]

October 2nd, 2017 | Posted in Energy,Headlines | Read More »

UAE: 5,600 megawatt nuclear power plant to start operation next year

United Arab Emirates (UAE) will inaugurate next year its first nuclear power expected to produce 5,600 megawatt for domestic consumption. The plant fitted with four reactors is being built by Korea Electric Power Corp assisted by some other Korean companies. It will produce clean energy and the expected output will represent 27 cent of local […]

September 26th, 2017 | Posted in Energy,Headlines | Read More »

KSA: Fuel price to soar up by November

Saudi authorities will by November scale up petrol and jet fuel prices, two years after removing government subsidies on price of fuel for cars and other vehicles. The decision will mean increase by 80 per cent of octane 91, from $0.16 to $0.30, reports say. A final decision on the fuel price increase is expected […]

September 18th, 2017 | Posted in Energy,Headlines | Read More »