Forecasts about nominal prices far in the future, and comparisons with past prices are “meaningless”.
Brent has steadily risen over the past three weeks as positive economic data in key economies boosted the outlook for oil consumption.
Abu Dhabi National Energy Co (TAQA) attributed the fall in profit to lower gas prices and tax charges.
Qatar Steel, a subsidiary of Industries Qatar, launched a $5.7 billion aluminium plant in December 2009.
Brent crude has gained four per cent so far in 2013 and reached a more than four-month high above $117 on Friday.
Emirates National Oil Company (ENOC) aims to reduce imports of extra light oil from Iran.
The energy firm is currently restructuring a $920 million Islamic bond.
The money will fund the Umm Wual phosphate project at Waad Al-Shimal City.
STFA will double the capacity at the port and build a small new one at the Ahmadi refinery.
The financing for the Jorf Lasfar plant is the largest in over a decade for an international project in Morocco.
The handover will save Emarat around Dhs80 million every month.
Emirates National Oil Co (ENOC) was the biggest buyer of Iranian condensate in 2012.
Under the contract, the Kuwait Energy- led consortium will begin exploration in Basra’s block 9.
As demand for liquefied natural gas rapidly rises across the world, supply is starting to dwindle, say experts.
South African energy minister says Abu Dhabi- based Masdar has expressed interest in the African nation’s renewable energy programme.
The company made a net loss of SAR1.09 billion in the fourth quarter of 2012, compared to a loss of SAR514 million in Q4 2011.
Gulf Business spotted a number of innovative cars and motorcycles at this year’s World Future Energy Summit in Abu Dhabi.
The UAE produced around 2.60 million bpd of crude in December and November last year.
The UAE and Saudi Arabia will find it very challenging to reach their renewable energy targets if they don’t phase out fossil fuel subsidies, warns senior IEA official.
Prince Saud bin Nayef is the new governor of Eastern Province, taking over from Prince Mohamad bin Fahad bin Abdulaziz.
The International Renewable Energy Agency (IRENA) now has 160 participating countries.
The Abu Dhabi National Energy Company has acquired an interest in Himachal Sorang Power Limited for an undisclosed sum.
The French President will meet Sheikh Khalifa bin Zayed al-Nahayan to help Total win a $10 billion deal.
Abu Dhabi-listed Dana reached an agreement with creditors to amend terms of a $920 million Islamic bond.
The acquisition of the 205.5MW Lakefield wind project in Minnesota is expected to close in Q1 2013.
Oil minister Mohammed al-Hamli said he hopes production capacity will reach 3 million bpd this year.
A feasibility study is currently being carried out on the proposed project.
Oil prices in 2013 are expected to be similar to prices in 2012, says UAE energy minister Mohammed Dhaen Al Hamli.
Turkey is planning to build an LNG terminal on the Gulf of Saros to meet increasing demand.
The project, located in Turkey’s Afsin-Elbistan region, is expected to start production in 2018.