Oil/Gas

Bloomberg Dana Gas PJSC profit nearly doubled in the first quarter as the United Arab Emirates-based natural gas producer boosted output. Net income rose to 40 million dirhams ($11 million) from 22 million dirhams a year earlier, the company said on Thursday in a statement to the Abu Dhabi stock exchange. Sales climbed 44 percent to 432 million dirhams. Dana ...

  DUBAI / WAM Spending cuts and a relative stability in oil prices are helping GCC states record a current account surplus, the International Monetary Fund (IMF) said on Tuesday. The IMF’s Regional Economic Outlook for the Middle East and Central Asia, released on 2nd May in Dubai, emphasises that the countries will need to continue with plans to diversify ...

  Bloomberg Gulf Arab oil producers have reached an agreement about a possible extension of output cuts beyond June to reduce stockpiles of crude, Oman’s oil minister said. His Saudi Arabian counterpart confirmed that producers arrived at an initial deal on prolonging cuts. GCC countries agreed to push for an extension in a meeting, Oman Oil Minister Mohammed Al Rumhy ...

  LONDON / Reuters Global demand for oil is finally close to outstripping supply after nearly three years of surplus production, despite growth in the overhang of unused crude, the International Energy Agency said on Thursday. The agency said oil stocks across the Organisation for Economic Cooperation and Development (OECD) fell by 17.2 million barrels in March. Over the first ...

  Bloomberg Relying on natural gas to fuel Europe’s second-largest economy was never going to be easy for the UK, even before Brexit. Britain’s once vast North Sea gas fields are fading, and even after a decade of trying, the island nation hasn’t replicated the fracking boom that turned the US into the world’s largest producer. Gas imports have jumped ...

  ABU DHABI / WAM The UAE non-oil total foreign trade volume of 2015 reached approximately AED 1.56 trillion, with the direct trade data, representing 68% of the UAE total trade volume with the value of AED 1.06 trillion and the Free Zone Trade data, representing 32% of the UAE total trade volume with the value of AED 497 billion. ...

CAIRO / Reuters Egypt will reduce spending on fuel subsidies by nearly 43 percent in the 2016/17 budget due mainly to lower global energy costs, officials said on Saturday. Finance Minister Amr al-Garhy told a news conference state energy subsidies would fall to 35 billion Egyptian pounds ($3.94 billion) from about 61 billion pounds in the 2015/16 budget. Consumers reacted ...

Bloomberg Kuwait agreed with Saudi Arabia to resume production at an offshore oil field shared by the two OPEC members, the official Kuwaiti news agency reported, without giving a specific time for the restart. The two countries are preparing to start maintenance at Khafji, Kuwait News Agency reported, citing the nation’s acting oil minister, Anas al-Saleh, speaking in parliament. Production ...

Reuters Iranian oil flows to Europe have begun to pick up from a slow start after sanctions were lifted in January, but trading sources say a lack of access to storage part-owned by Tehran’s Gulf Arab rivals now looms large on a list of obstacles. European countries accounted for more than a third of Iran’s exports, or 800,000 barrels a ...

Emirates Business Experts from Indosuez Wealth Management commented at a media roundtable that low oil prices could be an impetus for change and reforms across the hydrocarbon-based economies of the GCC region. “This is clearly a time to push for change in the GCC countries, as there is immense pressure on state revenues due to lower oil prices. Challenging situations ...