BERLIN / Reuters European gas networks can cope with further production cuts at the Dutch Groningen field as the government seeks to limit earthquake risks, a leading pipeline company and gas industry official said in an interview. The Dutch government had said that output at the major European field, which used to provide 53 billion cubic metres (bcm) per year …
Read More »
Bloomberg The fracking frenzy in Colorado is spurring a tense faceoff between shale drillers in the region and residents seeking a better handle on the dangers in their own backyards after a killer pipeline explosion last year. Gov. John Hickenlooper ordered a review of oil and natural gas operations after the April blast, which destroyed a home, killed two men …
Read More »DAVOS / WAM Innovation, entrepreneurship and future economies were the main theme of a panel session organised by the UAE during the 2018 World Economic Forum (WEF) in Davos. The sessions aimed to share experiences regarding successful innovation policies and actions that can help address some of the current global innovation challenges. The attendees underlined the fact that innovation and …
Read More »
ABU DHABI / WAM The Securities and Commodities Authority (SCA) announced an initiative for launching the region’s first-of-its-kind form of trading in emissions that specifically targets carbon dioxide. The initiative reflects the significant growth in passenger and cargo air traffic in the country, with the UAE ports now considered a main destination for a large number of international air carriers, …
Read More »
DAVOS / WAM Sultan bin Saeed Al Mansouri, Minister of Economy, met Federal Councillor Johann N Schneider-Ammann, the Head of the Swiss Federal Department of Economic Affairs, Education and Research, during the World Economic Forum 2018. The meeting, attended by Hessa Essa Buhumaid, Minister of Community Development, and Mariam Hareb Almheiri, Minister of State for Future Food Security, saw discussions …
Read More »
Bloomberg Saudi Aramco’s trading unit started swapping the kingdom’s crude oil for products refined in other countries, allowing the company to tap new markets, according to its chief executive officer. The company has supplied crude to refiners in the Mediterranean region and gotten fuel in return, Ibrahim Al-Buainain, chief executive officer of Saudi Aramco Products Trading Co., said by phone. …
Read More »
DAVOS / Reuters US Energy Secretary Rick Perry told oil super-powers Russia and Saudi Arabia he believed US shale oil boom would not become a spoiler for oil markets because new production would be absorbed by fast rising global demand. Perry, a former governor of Texas, the heartland of the US shale oil boom, was speaking at a rare joint …
Read More »
BEIJING / Reuters Russia held firm as China’s top crude oil supplier in December for the 10th month and racked up its second year as the largest supplier in 2017, customs data showed, leaving rival exporter Saudi Arabia in second place on both fronts. Exports from Russia hit 5.03 million tonnes in December, down 0.2 percent from a year earlier, …
Read More »Bloomberg Oil just got an extra tailwind from a weakening dollar as this month is shaping up to be the best January for black gold in 12 years. That’s because when the greenback is losing value, investors tend to flock to commodities as a store of value, and this is coming on the back of a record streak of declines …
Read More »
Bloomberg Kuwait Foreign Petroleum Exploration Co. reduced its output target for oil and natural gas due to the drop in crude prices that started in 2014, Chief Executive Officer Sheikh Nawaf Saud Al-Sabah said. Kufpec, a unit of state-run Kuwait Petroleum Corp., revised its production goal for 2020 to 150,000 barrels a day of oil equivalent from 200,000 barrels a …
Read More »
The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.