Despite demand worries, OPEC oil production reportedly reached 30.97 million bpd in February, the highest since November 2008.
The Gulf state is initially planning to import the equivalent of around 3 million tonnes a year of LNG from Russia’s Gazprom.
A Korean consortium has signed a deal with ADNOC to acquire a 40 per cent stake in three oilfield projects in the UAE.
Saudi Arabia has increased the price of its Arab Light crude oil for customers in Asia by $1.25 a barrel for April.
National oil companies that are globalizing must be prepared to face complicated, international risks.
Abu Dhabi’s International Petroleum Investment Company is refinancing the $850 million, three-year loan it signed in February 2009.
The ten-year Malaysian ringgit-denominated Islamic bond carried a 4.65 per cent profit rate.
The Fund said that higher oil prices are posing a rising threat to the global economy.
The Kingdom is concerned about keeping the global oil market well supplied as demand from Asian countries increases.
DEWA has awarded ILF Engineers a consultancy contract for two solar projects, including its $3.26 billion energy park.
Sovereign wealth funds from the UAE and Kuwait have reportedly agreed to buy stakes in India’s ONGC.
Aramco signed an initial deal with Indonesia’s state energy firm, PT Pertamina, to look into building a petrochemicals project in Indonesia
Brent crude slips to $118 as a final decision on Greece’s bailout package faces a possible delay.
The two companies are in negotiations to build a methanol complex in Trinidad and Tobago.
Abu Dhabi’s Dolphin Energy will use the proceeds to meet its refinancing needs.
Saudi Arabia might increase crude oil supplies to South Korea as Seoul looks for alternatives to Iranian oil.
The pipeline will supply gas to the town of Duqm and is estimated to cost around $200- 220 million to build.
The kingdom’s oil minister has said that rising domestic demand will not affect crude oil exports.
The country is scrambling to find an alternative to its threatened primary supply from Iran, Oman’s oil minister has said.
South Africa, a large importer of Iranian oil, is assessing the impact of international sanctions.
The $9 billion refinery project in China is expected to produce 300,000 barrels per day of crude oil.
Maria das Gracas Foster will oversee a $225 billion investment proposal to more than double Petroleo Brasileiro’s oil output.
Swiss and German investment funds are undertaking the project.
Jordan and Saudi Arabia are set to join the UAE in the race to build nuclear energy plants to offset stressed domestic grids.
Governments worldwide are earmarking more funds for the clean energy sector as part of economic recovery.
Mass energy consumption rebounded strongly in 2010 and looks set to grow further, according to BP’s latest review.
The lack of an unanimous agreement over oil production levels casts a shadow over OPEC’s future.
Harsh winters, quantitative easing and political unrest have pushed crude over $90 a barrel in the last three months. Rising oil prices could cause a double dip recession.
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