Oil tumbled 6.3% on negative data
U.S. crude oil futures lost more than 6 percent, the biggest one-day percentage drop in six weeks, as recession fears resurfaced following Wednesday's bleak...
OPEC holds production levels
OPEC has decided not to cut output, despite record levels of crude in inventories and weak demand forecasts, with some cartel members believed to...
OPEC cuts production, oil demand unchanged
Global oil demand growth in 2012 remained unchanged at 0.9 million barrels a day, but uncertainty surrounds the 2013 forecast, according to latest monthly...
Brent crude oil rose to around $114 per barrel
Deficit in North Sea supply makes oil prices to increase above $114
According to the forecasts North Sea supply deficit will ease when maintenance ends...
OPEC sees no falling oil prices in the near future
The Organization of Petroleum Exporting Countries (OPEC) doesn’t see possibilities for oil price decline. According to OPEC's Secretary-General Abdalla El-Badri comments to media, the...
Dubai announces crude oil price for May 2013 delivery
The Department of Oil Affairs in the government of Dubai today announced that it had notified its customers that the official selling price (OSP)...
Egypt unrest pushes Brent crude oil to $100 a barrel
The price of Brent crude oil has passed $100 a barrel for the first time since October 2008 on concerns about the political unrest...
New petroleum terminal to be build in Jebel Ali Free Zone
Horizon Terminals Ltd marks groundbreaking of US$142 million Bulk Liquid Petroleum Terminal in Jebel Ali Free Zone
Scheduled to be commissioned in the 4th quarter...
Low oil prices is an opportunity for GCC economies to reinvent...
Dramatic drop in oil prices is a game changer for the macro outlook for 2015
‘Too low’ oil prices adds to the picture of rising...
DME Oman Crude Up Over 100% Since Historic Production Cuts
Oman crude oil Benchmark trading on Dubai Mercantile Exchange has doubled in price since the record cuts agreed by the OPEC+ group and other...
Drones to be deployed to inspect assets all across GCC
Traditional ways of asset inspections become less relevant in the modern world as they are not only costly and time-consuming but also represent a...
Crude oil advanced slightly for third consecutive week
Crude oil for October delivery managed to end the week in the positive, however only rose a little in weekly terms despite having ranged...
Potential for Stronger Output Suppress Increase in Oil Prices
Oil prices rallied last Friday to register a seventh-straight session gain. New data showed the first decline in the number of active U.S. oil...
Surplus in Inventory Suppresses Oil Prices
Thursday data on US crude inventories was higher than expected. In addition, the dollar gained more pushing oil future further down in electronic trading.
During...
3rd Biggest OPEC Producer Cuts Fuel Subsidy as Oil Price Crash...
The United Arab Emirates, the third-biggest OPEC producer, will link gasoline and diesel prices to global oil markets starting 1st of August. It will...
UAE Plans to Lift Oil Production Capacity in 2013
The United Arab Emirates plans to raise its oil production capacity to 3 million barrels a day, from the current 2.8 million, during the...
Oil price struggles after controversial forecasts
On Tuesday Brent crude dipped below $100 per barrel for the first time in nine months. This caused worries among investors supported by weaker...
How Will OPEC Output Cuts Affect the Middle East
OPEC is the organization responsible for regulating at least half of the world's oil output, and as such has become significant in recent years,...