The price of a litre of octane 95 gasoline will drop 5 per cent to Dhs 1.7 from Dhs 1.79 in October
Allowing energy prices such as gasoline to rise would be one of the biggest economic reforms in Saudi Arabia
He said the UAE would not try to impose a correction on the market, but that fundamentals were indicating there would be one
OPEC ministers meet in Vienna on December 4 to decide production policy
China bought 983,590 bpd from Russia last month, up 42 per cent year-on-year, while imports from Saudi were down 16.5 per cent at 961,710 bpd
The agency has downgraded its oil price forecast and expects brent to average $53 per barrel in 2016 and $60 in 2017
SABIC could make an announcement regarding the potential joint ventures in the first quarter of 2016, a senior official said
Dubai Science Park will include over 280 business partners and focus on life sciences and alternate energy solutions
The contract, signed between the firm and the Ministry of Water and Electricity, is for 29 projects being implemented by the Ministry of Housing
Oil prices have almost halved in the past year because of excess supply
Saudi Arabia, OPEC’s de facto leader, has shown zero interest in returning to a strategy of supporting prices
Russia has for years been muscling in on Asian markets where Saudi Arabia was once the unchallenged dominant supplier
The majority of savings from fuel subsidy cuts will be pumped back to the economy in the form of various investments, the UAE’s minister of energy said
The 1,200 megawatt power plant is the first phase of the Hassyan clean coal project
Ali Al-Omair said a market exit by high-cost producers could help buoy oil prices in 2016
Signs indicate that a recovery will take place in 2016, Qatar’s energy minister Mohammad bin Saleh al-Sada said
Kuwait Petroleum Corp is studying investment opportunities, including petrochemicals, in Asia and North America
The advisor called for greater international cooperation to reduce speculation and support a healthy oil market
Construction of the 1200 megawatt Hassyan plant would start next year
Residents told to stop ‘squandering’ water and electricity
Both companies will bid for solar power projects that will be tendered at national and state levels, a statement said
Dubai’s stock index was up 1.0 per cent at 3,694 points after an hour
Yousef Abdullah Al-Benyan said the economics of the project were being assessed and there was a 50/50 chance it would proceed
The multi-billion dollar project has the capacity to produce one billion cubic feet of gas per day
The country is moving ahead with its oil and gas investments despite the current drop in oil prices
The kingdom’s oil minister said that the sharp fluctuations in oil prices have been happening since 1970s
Saudi Arabia led a shift by the OPEC in November 2014 to defend market share against competing supplies
The domestic diesel price will also rise to Dhs 1.89 in October from Dhs 1.86 in September, the ministry said.
Venezuela has been pushing for an emergency OPEC meeting
An industry source said the plant is not expected to start processing non-associated gas from offshore sour gas fields before the end of the year due to technical difficulties