Oil has dropped to six-year lows, less than half mid-2014 levels
The new city will be built around energy-related industries, a source said
The fire at the heavy oil cracking unit at Kuwait’s 200,000 barrel-per-day Shuaiba refinery broke out last Monday
The project, known as System A, will involve building processing facilities, wellheads and pipelines for gas in Turaif
The deal stipulates that Egypt pay Aramco within a year
The majority of car owners in the UAE said they might restrict unnecessary trips to malls and parks to off set higher fuel prices
More than 1,100 local firms have been contracted for the delivery of products and services at the Barakah nuclear plant in Abu Dhabi
Yasser Mufti, head of mergers and acquisitions at Aramco, will replace Said al-Hadrami, sources said
A fire at the 200,000 barrel-per-day Shuaiba refinery forced a total shutdown on Monday
No casualties were reported due to the fire at the refinery
Abu Dhabi currently provides 9 per cent of India’s energy needs
The sultanate has been ramping up oil production despite a global supply glut that has hit oil prices as it hopes to compensate for the drop in oil revenues
The company made a net profit of Dhs 25m ($6.8m) for the three months to June 30
The current supply overhang is expected to persist through 2016, the organisation said
The lender forecast oil prices could increase thanks to an improved supply-demand balance
Oil prices are already under pressure, in part from an oversupply of fuels produced by refiners enjoying healthy margins from cheap crude
The IMF estimated that the UAE’s reform would save it about $500m by the end of this year
Rising spending and falling oil revenues have created a state budget deficit which the International Monetary Fund projects at 20 per cent of GDP this year
The sultanate is under pressure to pump more oil to make up for the drop in the price
The lack of a plan by OPEC to make room for the return of more Iranian oil further fuelled supply worries
The new plant is to have a processing capacity of 2.5 billion standard cubic feet per day
The bank has revised its average inflation forecast for 2016 to 4.3 per cent from 4 per cent previously
The UAE will be deregulating gasoline and diesel prices from August 1
The signing of all the contracts is expected to take place in early October
The price of a litre of octane 95 gasoline will climb 24 per cent to Dhs 2.14 at the start of August
The price of a litre of octane 95 gasoline will rise by 24 per cent to Dhs 2.14 at the start of August
The move, which comes into effect from August 1, will increase fuel prices for residents
The Wafra field was first shut for maintenance on May 11 for two weeks
Domestic fuel prices are currently among the lowest in the world because of heavy state subsidies
Gasoline and diesel will be deregulated from Aug. 1 and a new pricing policy linked to global levels will be introduced