Petrol prices may slide up to 60 percent in UAE

Hike in prices of oil derivates is a direct cause of high living cost for UAE residents

The Federal National Council debated on a report on price rise of oil derivates. It approved a recommendation calling the State to increase its subsidy to fuels. Such action is expected to bring petrol prices near the levels of those in the neighbouring Gulf countries.

As of now, the prices of petrol in UAE are third highest in the Arab world, while the country is the seventh largest oil producer worldwide. Read more

Oil & Gas Summit kicks off in Dubai

Strategic two-day event explores effective water management in the oil & gas industry

The inaugural Global Water: Oil & Gas Summit opened today at the Mina A’Salam Hotel in Dubai’s Madinat Jumeirah. Organised by CWC Group, a leading events company focused on energy and infrastructure issues, the event brought together leading experts from the energy and water sectors to examine effective water management solutions in the oil and gas industry. Read more

Oil and gas sector short of critical talent in the Middle East

Expanding into global and new markets top strategic priority for oil and gas sector executives in the Middle East

Executives indicate critical talent shortages in the oil and gas sector in operations, information technology, risk and regulatory, and research and development

In a Deloitte report entitled the Talent Edge 2020: Redrafting talent strategies for the uneven recovery, experts focused on the oil and gas sector, to gauge the talent trends in the growing industry. Of the key findings, the majority of the surveyed oil and gas executives anticipate a looming talent shortage in all skill categories, the most pressing of which is in operations (81%). Read more

OPEC provides above oil market needs

OPEC pumps 1.62 million bpd above target in April

Global demand growth in 2012 rises to 900,000 bpd

OPEC is currently producing enough oil to keep world markets more than satisfied, the group said on Thursday. Oil prices have been high largely due to geopolitical risk, but now are expected to easy, according to OPEC’s monthly Oil Market Report.. Read more

Oil prices to jump 10% on supply fears and strong demand

The International Monetary Fund forecast oil prices will gain 10 percent on average in 2012 compared with a year earlier on possible supply disruptions and more demand. Non-fuel commodity prices are expected to decline 10 percent.

The oil estimate compares with a January forecast for a 4.9 percent drop and assumes a price of $114.71 a barrel, based on the average of Brent, Dubai and West Texas Intermediate crude, the IMF said in its latest World Economic Outlook report. It raised its forecast for non-fuel commodity prices from a 14 percent drop in January. The global economy will expand 3.5 percent this year, revised from 3.3 percent previously. Read more

Oil Current Overview and Outlook

WTI prices increase by 2.6% to USD105.11 per barrel in the review period

Increase in geo-political risk keep oil prices high

OPEC production (ex Iraq) increases to 28.3mnbpd in February 2012

Continuos speculation over possible military action against Iran has kept crude oil prices firmly above USD100 per barrel. Oil prices increased by 2.6% to USD105.11 per barrel between the middle of February and 15th of March. Iran’s decision to halt oil supplies to Britain and France as a pre-emptive measure ahead of European Union plan to stop importing oil from Iran from July 2012, has put further upward pressure on crude oil prices. Read more

OPEC Oil Production climbs to 31.27 million barrels per day in February

Crude oil output from the Organization of the Petroleum Exporting Countries (OPEC) climbed by 400,000 barrels per day (b/d) to 31.27 million b/d in February from 30.87 million b/d in January, the highest volume from the 12 producing countries since the autumn of 2008, a Platts survey of OPEC and oil industry officials and analysts showed .

Continuing recovery in Libyan production accounted for 250,000 b/d of the month-on-month increase. Smaller increments came from Angola, Kuwait, Nigeria, Saudi Arabia and Venezuela. Read more

Sharp run higher in oil prices on Iran concerns

On Friday, brent oil reached above $125 a barrel to end near a 10-month high as the United Nations’ nuclear watchdog said Iran has intensified work on uranium enrichment. For the week, Brent crude is up 4.9 percent, its biggest weekly percentage gain since the week to January 6.

The sharp run higher in oil prices causes worries that slower consumer demand will slow global economic growth, particularly as the euro zone seems to be headed for recession. Read more

Oil trades near nine-month high

The Greek rescue deal is “a very good agreement,” European Central Bank President Mario Draghi said after the talks ended in Brussels. Finance ministers haggled into the night over an aid package to avoid a default that may roil financial markets. Oil has also risen this week after Iran’s oil-ministry news website Shana reported Feb. 19 that the nation will cut crude supplies to the U.K. and France.

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Untapped UAE oil fields hold over 500 mln barrels

UAE signed a memorandum of understanding  giving South Korean firms rights to develop oil fields in Abu Dhabi

The three oil fields in the United Arab Emirates (UAE) that South Korean companies are entitled to develop are estimated to hold more than 500 million barrels of oil, the South Korean commerce minister said Friday, according to Yonhap News Agency. Read more

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