Friday 29 April 2016

Oil prices hit fresh 2016 highs on weak dollar

Oil prices edged to new 2016 highs on Friday, lifted by a weak dollar and falling production in the US, although a looming rise in Middle East output capped gains. Brent crude futures were trading at $48.30 a barrel at 0644 GMT, up 16 cents from their last close. US crude was up


World Bank revises 2016 oil price forecast to $41 per barrel

The World Bank has raised its 2016 forecast for crude oil prices to $41 per barrel from $37 per barrel in its latest Commodity Markets Outlook as an oversupply in markets is expected to recede. Amid improving market sentiment and a weakening dollar, the World Bank has raised its


Saudi Arabia to push oil output higher: sources

Saudi Arabia's oil output will edge up close to record highs in coming weeks to meet summer demand for power but is unlikely to be pushed to the limit and flood global markets, Saudi-based industry sources said. Production may rise to around 10.5 million barrels per day (bpd)


UAE raises May gasoline, diesel prices

The UAE will raise domestic prices for gasoline and diesel in May after global oil prices increased, the ministry of energy said on Thursday. The price of a litre of octane 95 gasoline will rise to Dh1.67 ($0.46) at the start of next month from Dh1.51 ($0.41). The domestic diesel


Almansoori announces key Mideast appointments

AlMansoori Specialized Engineering, a leading provider of oilfield services in the Middle East, has  announced the appointment of three key personnel to boost its regional operations. AlMansoori, the leader in oilfield services in the Middle East, has enhanced its senior man


Masdar celebrates 10 years of clean energy success

Masdar, a major renewable energy company based in Abu Dhabi, UAE, marked ten years of its achievement in advancing the clean energy industry in the emirate and across the globe this week. Masdar employees and alumni gathered in Masdar City to celebrate the feat under the banner &


Oil prices ease after hitting 2016 highs

Oil futures slid after setting a 2016 high on Thursday as traders locked in profits, though analysts said supply disruptions, strong investor appetite and a weakening dollar could push prices higher soon. Brent crude futures were trading at $47.05 per barrel at 1129 GMT, down 13


KNPC signs $4bn loan for Clean Fuels Project

State-owned refiner Kuwait National Petroleum Company (KNPC) signed on Thursday the first tranche of financing for its multi-billion-dollar Clean Fuels Project, a major plank of the country's economic development plan. The tranche, provided by local banks and lasting for 10 y


Siemens wins service deal for Qatar power plant

Siemens has been awarded a 25-year service contract for the planned Umm Al Houl combined cycle power plant in Qatar. The customer is Umm Al Houl Power, a company established through a partnership among Qatar Electricity and Water Company (QWEC), Qatar Petroleum (QP), Qatar Founda


Iran eyes March launch for major refinery

National Iranian Oil Refinery and Distribution Company (NIORDC) is planning to launch a major refinery project by March, 2017, a report said. The first phase of the Persian Gulf Start Refinery, a gas condensate refinery, will go on stream before then, added the Iran Daily

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