The sultanate has been ramping up oil production despite a global supply glut that has hit oil prices as it hopes to compensate for the drop in oil revenues
The company made a net profit of Dhs 25m ($6.8m) for the three months to June 30
The current supply overhang is expected to persist through 2016, the organisation said
The lender forecast oil prices could increase thanks to an improved supply-demand balance
Oil prices are already under pressure, in part from an oversupply of fuels produced by refiners enjoying healthy margins from cheap crude
The IMF estimated that the UAE’s reform would save it about $500m by the end of this year
Rising spending and falling oil revenues have created a state budget deficit which the International Monetary Fund projects at 20 per cent of GDP this year
The sultanate is under pressure to pump more oil to make up for the drop in the price
The lack of a plan by OPEC to make room for the return of more Iranian oil further fuelled supply worries
The new plant is to have a processing capacity of 2.5 billion standard cubic feet per day
The bank has revised its average inflation forecast for 2016 to 4.3 per cent from 4 per cent previously
The UAE will be deregulating gasoline and diesel prices from August 1
The signing of all the contracts is expected to take place in early October
The price of a litre of octane 95 gasoline will climb 24 per cent to Dhs 2.14 at the start of August
The price of a litre of octane 95 gasoline will rise by 24 per cent to Dhs 2.14 at the start of August
The move, which comes into effect from August 1, will increase fuel prices for residents
The Wafra field was first shut for maintenance on May 11 for two weeks
Domestic fuel prices are currently among the lowest in the world because of heavy state subsidies
Gasoline and diesel will be deregulated from Aug. 1 and a new pricing policy linked to global levels will be introduced
Some Saudis close to the ruling family have warned that if Iran still manages to weaponise its nuclear programme, then the kingdom will have to follow suit
Ali Saleh al-Omair said that Kuwait was confident of being able to carry out its oil strategy and raise output by 2020
The kingdom’s domestic crude oil inventories jumped to a record above 300 million barrels in May
The 200MW IPP phase II project of the Mohammed bin Rashid Al Maktoum Solar Park is slated to be operational by 2017
The kingdom exported 7.737 million barrels a day in April
A substantial increase in Iran’s oil exports is probably years away, writes Reuters’ analyst John Kemp
ENOC, which owns 54 per cent of Dragon Oil, in June offered 750 pence per share to buy out minority shareholders
The kingdom said it pumped 10.56 million barrels per day of oil last month, up 231,000 bpd from May, according to OPEC
OPEC expects world oil demand to increase by 1.34 million bpd in 2016, up from growth of 1.28 million bpd this year
The International Energy Agency (IEA) said it expected global demand growth to slow next year to 1.2 million barrels per day from 1.4 million this year
Construction of the first phase of the plant, ultimately expected to generate 1,021 megawatts, will start this year