Oil Prices Slip On Record Iraq Output

Oil prices have dropped by more than half since last June as output around the world has soared while demand growth has slowed.

Saudi’s Sipchem Q4 Profit Falls 33% As Production, Sales Drop

Sipchem made a profit of 132.4 million riyals ($35.28 million) in the last quarter of 2014.

UAE’s ADNOC Seeks 288,000 T Gasoline For March-April Delivery

The specified amount is slightly higher than the usual volumes that the company buys, a Singapore-based trader said.

UAE Firm Bids For Egypt’s Renewable Plants

Access Infra Africa plans to invest over $500 million in renewable power assets in Africa over the next three years.

SABIC Sales Drop 10% As Profits Plunge – CEO

SABIC’s chief executive Mohamed al-Mady told reporters that the outlook for 2015 was unpredictable and contingent on oil prices.

Oil Slump Slashes Saudi Basic Industries Q4 Profit 29%

The company earned SAR4.36 billion ($1.16 billion) in the last quarter, a statement said.

UAE To Fund Solar Projects In Four Pacific Island Countries

The Emirates will fund solar-powered projects in the Marshall Islands, Nauru, Palau, and the Solomon Islands through its $50m renewable energy fund.

No Oil Price Recovery Yet Despite US Shale Slowdown-IEA

For the whole of 2015, the IEA raised its estimate of the demand for OPEC crude by 300,000 bpd to 29.2 million bpd.

Bahrain’s BAPCO To Decide On Refinery Expansion Next Year, Sees Tough 2015

The proposed expansion would boost the capacity of the Sitra refinery by 100,000 barrels per day, BAPCO’s CEO said.

Kuwait Controls Minor Fire At Shuaiba Refinery

There were no casualties and limited damage was caused, state news agency KUNA said.

Qatar May Fund Energy, Other Projects In Venezuela -Sources

Industry sources in Qatar said that the country was still studying the possibility of investing in Venezuela’s energy, real estate and tourism sectors.

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OPEC To See Market Share Drop Even As Oil Slump Slows Shale Boom

OPEC forecast demand for the group’s oil will drop to 28.78 million barrels per day (bpd) in 2015.

ACWA Power, TSK Win Contract To Build Power Plant In Dubai’s Solar Park

The project has a net power capacity of 200 MW and is the largest utility scale solar plant in the world to be tendered in a single phase

New Saudi-Sinopec Oil Refinery Starts Exports

The company did not specify where the shipment was headed to.

Dubai Utility DEWA Names Preferred Bidder For Upsized Solar Plant

A consortium of Saudi Arabia’s ACWA Power and Spain’s TSK had been selected as the preferred bidder to build the 200MW solar power plant.

MENA To See Solar Projects Worth $2.7bn In 2015

Solar projects having capacity to produce up to 1,800 megawatts of power are to be awarded over the next 12 months in the region.

Oil Price Drop Unexpected, OPEC Was Right Not To Cut – Kuwait

Oil prices have collapsed about 60 per cent in the last six months.

Kuwait Oil Minister Says Crude Price At Unexpected Levels

The current price fall affects Kuwait and other oil-producing countries, KUNA said, citing Ali al-Omair as telling parliament.

Qatar Petroleum, Shell Halt $6.4bn Petrochemical Project

Prices quoted by companies to build the huge complex showed the project was “commercially unfeasible, a joint statement said.

Dana Gas CEO Says Oil Price Collapse Could Delay Egypt Payments

Last September, Dana said it had signed a deal with Egypt that would help it recover most of the money it was owed.

Oil Prices Extend Slide In Commodities Sell-Off

Oil tumbled five per cent on Tuesday, with global benchmark Brent briefly trading at par to U.S. prices for the first time in three months.

Saudi Oil Minister Holds Talks With US Energy Deputy

They discussed global oil markets and cooperation on energy and environmental issues, climate change and solar energy use.

Gulf States Plan Laws To Curb Fuel Smuggling

The minister did not specify how the new laws would work, but said details would be released soon.

Bahrain To Raise Natural Gas Prices For Industry

The price of natural gas sold to industrial users will be unified and raised gradually from April 1, BNA said.

Iran’s Rouhani Says Countries Behind Oil Price Drop Will Suffer

Iranian president said that oil producers such as Saudi Arabia and Kuwait will suffer more than Iran from the falling oil prices.

Oil Prices Plunge Again As UAE Defends Holding Production

UAE Oil Minister Suhail bin Mohammed al-Mazroui said on Tuesday that OPEC’s decision in November not to cut output had been right.

OPEC Won’t Back Down, UAE Minister Says As Oil Plunges

Brent crude dropped four per cent to below $46 a barrel following a five per cent plunge on Monday.

UAE Says Nuclear Energy Programme Progressing “On Schedule”

Emirates Nuclear Energy Corporation (ENEC) completes the concrete dome for the Unit 1 Reactor Containment Building.

Dubai’s Access and France’s EREN Partner For African Power Investment

Under the deal, both companies will implement a development plan to create a portfolio of power assets in Africa worth over $500 million.

Oil Prices Extend Fall Despite Record China Imports

Both Brent and U.S. crude are at their weakest since April 2009 and have fallen for seven straight weeks.