UAE Plans to Lift Oil Production Capacity in 2013

The United Arab Emirates plans to raise its oil production capacity to 3 million barrels a day, from the current 2.8 million, during the current year, the country’s oil minister Mohammad Al-Hamli said Wednesday.

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 […]

Dubai neither doomed to fail, nor a safe haven

UAE looks better placed than other markets in CEEMEA at the current time.

ADNOC announces cut in crude oil prices for August shipments

Abu Dhabi National Oil Company ‘ADNOC’ announced today reduction of shipments of crude oil to its customers for the month of August by 5 percent for each of Murban and Lower Zakum, while by 8 per cent for Umm Shaif and Upper Zakum, according the official news agency WAM.

OPEC likely to increase oil production

OPEC oil ministers are set to hold a regular ministerial meeting in Vienna on June 8, to mull the market’s supply and demand and a possible new output ceiling. The Organization of the Petroleum Exporting Countries should take a decision to increase its oil production, in order to meet higher demand expected in the second […]

ADNOC announces 10% cuts in oil allocations in April

The Abu Dhabi National Oil Company (ADNOC) announced today a 10pc cut in Murban allocations to its clientele for April, 2011. The moves came in accordance with the OPEC decision to reduce production.

ADNOC announces nomination cut during March, 2011

Abu Dhabi National Oil Company (ADNOC) announced today nomination cut during March 2011, will be as follows: Murban 10%, Lower Zakum 10%, Umm Shaif 5% and Upper Zakum 10%. It added that Murban, Lower Zakum, Umm Shaif and Upper Zakum cargoes will be treated at Max/-5% tolerance loading basis. The ADNOC further stated that the […]

ADNOC announces GSP for November

The Abu Dhabi National Oil Company (ADNOC) announced today the prices of its crude oil for November. A company statement said the Government Selling Prices (GSP) for crude oil FOB Abu Dhabi ports for the month of November are as follows: Murban (US$85.65) per barrel, Lower Zakum (US$85.65), Umm Shaif (US$85.30) and Upper Zakum (US$83.35) […]

ADNOC announces nomination cut for September 2010

The Abu Dhabi National Oil Company (ADNOC) announced today 10% to 20% cuts in its crude allocations to clients during the month of September 2010. According to the statement issued by ADNOC, the cargoes of Murban and Lower Zakum will be cut by 20%, while the allocations of Umm Shaif and Upper Zakum will be […]

UBS’s Masud Expects Kuwait to Increase Stake in BP

Saud Masud, head of Middle East research at UBS AG, speaks about possible interest from the region’s sovereign wealth funds in BP Plc. He talks with Linzie Janis on Bloomberg Television’s “Global Connection.”