UAE needs Qatari gas to keep Dubai’s lights on
When it comes to natural gas shipments, the United Arab Emirates needs Qatar more than Qatar needs the U.A.E.
UAE
Kuwait says Saudi Arabia to UAE complying with oil cuts
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.
Opec deal unlikely to lead to major market rebalancing, researchers say
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.
U.A.E. sees oil market correcting itself ahead of OPEC meeting
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.
UAE stocks lead mideast slump as banks post decline in profit
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.
Petrol prices jump again in oil-rich UAE
Motorists in the oil rich United Arab Emirates face the second petrol price hike at the pumps for the second month running.
UAE drivers hit by double digit price hike – to 27p per litre
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 predicts earnings will fall in 2016
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.
Gulf pay rises lowest in a decade
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.
JDR wins Middle East umbilical contracts
Umbilicals specialist JDR has been awarded contracts by McDermott Middle East for two projects in the United Arab Emirates and Qatar.
Saudi growth at 14-year low as oil prices tumble
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.
UAE to play key role in market stability, says oil minister
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 wins UAE contract
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.
UAE plans to increase crude oil and natural gas production
The United Arab Emirates (UAE) was the world's sixth-largest oil producer in 2014, and the second-largest producer of petroleum and other liquids in the Organization of the Petroleum Exporting Countries (OPEC), behind only Saudi Arabia.
Amec Foster Wheeler gives UAE students nuclear industry insight
Amec Foster Wheeler hosted a hands-on nuclear industry intern programme for engineering students from the United Arab Emirates.
Oil bulls seeing smaller glut increase bets by most since April
Hedge funds added the most bullish oil bets since April on optimism that the global oversupply will disappear as producers slow output. Money managers boosted their net-long position by 16,855 contracts to 132,857 futures and options in the week ending Sept. 8, according to data from the Commodity Futures Trading Commission. The world is “not awash in oil,” Andy Hall, hedge fund manager and noted oil bull, said this month in a letter to investors. The US and other nations outside of OPEC will reduce output next year by the most since since 1992, according to the International Energy Agency. The U.S. government released new output estimates wiping out 13 million barrels of production from the first half of the year. “People are beginning to see significant declines in production figures as a result of the declining rig count, and you can expect that trend to continue through the balance of the year,” Andy Lipow, president of Lipow Oil Associates LLC, said by phone from Houston. “If you were short, you might have made your money and covered your positions.”
UAE stocks swing as oil drops ahead of fed rate decision
Stocks in the United Arab Emirates fluctuated between gains and losses as one of the nation’s biggest sources of revenue retreated for a second week and uncertainty about an increase in Federal Reserve’s interest rates weighed on sentiment. The ADX General Index rose as much as 0.5 percent before declining 0.2 percent at 10:23 a.m. local time. The DFM General Index was little changed. The UAE holds almost 6 percent of the world’s proven oil reserves. Brent crude ended the week 3 percent lower after Goldman Sachs Group Inc. said a global supply surplus could force prices as low as $20 a barrel.
British oil worker held hostage in Yemen freed in UAE operation
A Briton held hostage in Yemen for around 18 months is reportedly set to return to the UK after being freed. The man, named by the United Arab Emirate’s state news agency as Robert Douglas Semple, 64, was released in a military intelligence operation by the Middle Eastern country’s forces. He had reportedly been working as an engineer when he was kidnapped in February last year by al Qaida.
UAE open to meeting Indian oil demand -UAE economy minister
The United Arab Emirates is open to meeting any demand for oil from India, the Gulf OPEC member's economy minister Sultan bin Saeed al-Mansouri told Reuters on Monday. Mansouri was speaking after meeting with Indian Prime Minister Narendra Modi, who is in the UAE on a two-day visit. "India is importing oil now and the UAE is open to meet demand for any oil from India," Mansouri said, adding that the issue would be discussed further by representatives of the two sides. Abu Dhabi currently provides 9 percent of India’s energy needs and India is the world's fourth biggest oil consumer.
UAE to align fuel prices to global oil, removing subsidies
The United Arab Emirates, the third-biggest OPEC oil producer, will link gasoline and diesel prices to global oil markets as the government seeks to remove subsidies. Fuel prices will deregulated from August 1, state-run WAM news agency reported, citing a statement from the Ministry of Energy on Wednesday. The change was ratified by the cabinet.
Oil declines for fourth day as global surplus seen persisting
Oil fell for a fourth day, extending losses from the lowest close in more than five and half years as the United Arab Emirates and Kuwait predicted a global supply glut will persist to at least the second half of 2015. Futures dropped as much as 1.5% in New York. The market may recover only when demand improves later this year, Ali Al Yabhouni, the UAE’s governor to the Organization of Petroleum Exporting Countries, said yesterday.
Oil extends drop below $45 as US supplies seen worsening glut
Oil extended losses to trade below $45 a barrel amid speculation that US crude stockpiles will increase, exacerbating a global supply glut that’s driven prices to the lowest in more than 5 1/2 years. Futures fell as much as 2.6% in New York, declining for a third day. Crude inventories probably gained by 1.75 million barrels lasweek, a survey shows. The United Arab Emirates, a member of the Organization of Petroleum Exporting Countries, will stand by its plan to expand output capacity even with “unstable oil prices,” according to Energy Minister Suhail Al Mazrouei.
Oil rises for third day amid signs US shale boom is slowing
Oil extended its rally amid speculation that the US shale boom is slowing and will reduce a global glut that’s driven prices to the lowest in 5 1/2 years. Futures rose as much as 1.7% in New York, trimming a seventh weekly decline. US producers are bailing out of long-term contracts for drilling rigs as prices slide below $50 a barrel. The United Arab Emirates has no plans to reduce output no matter how low prices drop, according to Yousef Al Otaiba, the nation’s ambassador to the US.
UAE Energy Minister says oil glut could run for years
Oversupply in crude markets could take months or even years to fix depending on when producers outside OPEC cut their output, Abu Dhabi-based The National reported, citing comments by UAE Energy Minister Suhail Al Mazrouei. “We are experiencing an obvious oversupply in the market that needs time to be absorbed,” the newspaper reported Mazrouei as saying. The United Arab Emirates supported the November decision by the Organization of Petroleum Exporting Countries to maintain production, The National reported Mazrouei as saying.
BP strikes deal for EOR technology
Oil giant BP has signed an agreement with Abu Dhabi’s offshore company ADMA-OPCO to develop a new technology for enhance oil recovery (EOR). Senior officials from the company recently visited BP’s EOR laboratory in Sunbury and research centre in Pangbourne.