The Kingdom’s own oil company responds to worsening revenue in the Gulf with new stations.
Finance ministers of the G7 nations said that the West was ready to tap oil reserves to offset rising prices.
The country plans to increase crude oil production capacity to 3 million barrels per day over the next few months.
A virus infected about 30,000 of the oil producer’s workstations in mid-August, forcing the company to cut off external communications.
Global oil inventories in countries other than Iran fell about 1.2 million barrels per day in July and August.
New ratio demand leaves the commodity giant at a loss as potential mining deal looks close to collapse.
Investors are optimistic that the European Central Bank will take action to ease Spanish and Italian borrowing costs.
Despite fears of a China slowdown, long term urbanisation will spell growth, says Chris Tedder, research analyst at FOREX.com
Brent crude prices are rising on supply concerns stemming from Middle East tensions and maintenance issues in the North Sea.
An expected stimulus from the US Federal Reserve, instability in the Middle East and a fall in North Sea output are all spurring oil prices.
The contracts have been awarded to six international companies including Rio Tinto and France’s Areva.
Brent oil futures ended at a fresh three-month high on Tuesday as strong US retail sales, tighter North Sea crude supplies and speculation about economic stimulus outweighed weak euro zone data
Abu Dhabi oil company TAQA saw increased profits in H1 2012 owing to strong power and water performance and divested assets.
The natural gas company saw a boost in profit because of increased production and higher oil prices.
The Aden refinery resumed production after halting operations for nine months because of attacks on the country’s main oil pipeline.
The UAE-based oil trader looks to hire a CRO as its forced to cut operations in the country by 60 per cent.
The Kingdom reportedly reduced oil output by 300,000 barrels per day from June.
The petrochemicals firm posted a net profit of QR2.14 billion in the second quarter of the year.
The UAE recently granted a licence to Emirates Nuclear Energy Corp for the construction of the country’s first nuclear reactors.
Supply from OPEC members fell by 450,000 barrels per day (bpd) in July to 31.2 million bpd, a survey has found.
Bahrain’s Alba said that second quarter net profit dropped due to lower prices and higher gas costs.
Oil fell on worries that Spain may be forced to seek a lifeline from international lenders.
False hope and economic turbulence are threatening the reliability of the GCC’s oil income.
The country’s first nuclear station will begin construction as the licence is agreed for ENEC and KEPCO.
The UAE aims to increase exports from the new oil terminal as threats to close the Strait of Hormuz rise.
The country’s oil production fell 4.1 per cent to 27.7 million barrels in June compared to May.
The country’s first nuclear plant receives approval from the UAE’s environmental regulator.
The Abu Dhabi-based oil explorer has secured financing to expand in the African country.