Two oil tankers near the strategic Strait of Hormuz have reportedly been attacked, leaving one ablaze and adrift as sailors were evacuated from both vessels and the US navy rushed to assist amid heightened tensions between Washington and Tehran.
The global oil price could shoot “violently upwards” following supply disruptions in the Middle East, including attacks on a pair of oil tankers.
Saudi Arabia has said two of its oil tankers were sabotaged off the coast of the United Arab Emirates in attacks that caused "significant damage" to the vessels, one of them as it was en route to pick up Saudi oil to take to the US.
Petrofac has secured a number of new awards and contract extensions, with a combined value of more than £23 million, to provide training solutions for key National Oil Company and International Oil Company clients in Oman, the UAE and Iraq.
Opec has agreed to increase global oil production by nearly 1million barrels per day.
OPEC has enough spare production capacity to cushion oil markets if the U.S. re-imposes sanctions on Iran, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.
The United Arab Emirates, with help from Korea Electric Power Corp., finished building the Arab world’s first commercial nuclear reactor, a milestone in the oil-rich U.A.E.’s effort to curb its reliance on fossil fuels and develop cleaner sources of energy.
French energy giant Total will stump up £1.04billion for stakes in two UAE concessions.
OPEC will stick with production cuts for the rest of the year as the group makes headway toward its goal of clearing an oversupply of crude, United Arab Emirates Energy Minister Suhail Al Mazrouei said Thursday.
A Fife services company has secured a £1 million contract to provide its power connectors to one of the biggest electricity and water authorities in the United Arab Emirates.
The “future of humanity” depends on generating enthusiasm for Stem subjects among kids, a US astronaut said at a major oil industry event.
Libya’s oil output is rising again after disruptions ended at its biggest field, with production reaching about 950,000 barrels a day even as OPEC and its allied suppliers step up efforts to contain a global glut.
When it comes to natural gas shipments, the United Arab Emirates needs Qatar more than Qatar needs the U.A.E.
Oil producers from Saudi Arabia to the United Arab Emirates are complying with production cuts promised last year to stabilize the market, Kuwait’s governor to the Organization of Petroleum Exporting Countries said.
Analysts have poured cold water on the idea that the recent output deal from Opec and non-Opec countries will lead to a major rebalancing of the oil market.
The global crude oversupply that has caused prices to slump since 2014 is correcting itself, the oil minister of the United Arab Emirates said Tuesday on arrival in Vienna ahead of an OPEC meeting this week.
Equity markets in the United Arab Emirates extended declines on speculation recent gains were overdone after earnings fell at some of the country’s biggest banks.
Motorists in the oil rich United Arab Emirates face the second petrol price hike at the pumps for the second month running.
Motorists in the United Arab Emirates are bracing themselves for a major price hike to fuel prices - with petrol "soaring" to 28 pence per litre.
Gulf Marine Services has warned 2016 will be another difficult year as the company expects earnings to fall and debt to rise as it copes with the oil and gas downturn.
Average private sector pay rise across the six countries of the Gulf Cooperation Council is set to be lower in 2016 than at any time over the past 10 years, despite the rising cost of living caused by cuts in government subsidies, according to a new survey.
Umbilicals specialist JDR has been awarded contracts by McDermott Middle East for two projects in the United Arab Emirates and Qatar.
Saudi Arabia’s economy is set to grow this year at the slowest pace since 2002 as the oil-price plunge drains the kingdom’s finances, according to projections released by the International Monetary Fund and HSBC.
The United Arab Emirates will play a key role in the stability of oil markets in the future and is committed to continue spending on its energy projects regardless of the oil price, the country's oil minister said on Thursday. "You have a reputation as a government to maintain your supply arrangements with your legacy customers and keep your commitments," Suhail al-Mazrouei said at the closing session of an oil and gas conference in Abu Dhabi. "That is what makes them come to us, is that they know we will spend in good days and difficult days."
Transocean has won a contract for its GSF Constellation I drillship in the United Arab Emirates (UAE). The win comes after the company said yesterday it had agreed with oil major Shell, to delay two drillships both by 12 months. The dayrate for the drillship will be $104,000.
