Algeria trade deficit drops to $856 million in first four months-data

Monday, 21 May 2018

Algeria’s trade deficit fell to $856 million in the first four months after $3.87 billion in the same period last year, customs data released showed on Monday. The sharp decline is mainly due to a rise in energy earnings as oil prices have risen. Oil and gas exports were up 18.6 percent to $14.36 billion in the four first months of 2018 versus $12.11 billion in the same period last year, the customs data showed. OPEC member Algeria relies heavily on oil and gas, which account for 60 ...

New fuel options gain pace in the global energy market

Monday, 21 May 2018

For the first time since engines replaced sails in the early 19th century, the operational status quo of global shipping is being rewritten. The International Maritime Organization's (IMO) ruling to reduce the sulphur cap for bunker fuel from 3.5% to 0.5% by 2020, not 2025, means an overhaul of the industry facilitating 90% of the world’s trade, including energy commodities - and quickly. 2020 is a very short two years away for energy stakeholders to adapt to one of the biggest disruptions ...

John Roper

As Iran licks its wounds post Trump snap, concerns grow further afield in India, Pakistan

Wednesday, 16 May 2018

US President Donald Trump’s decision to exit the Iran nuclear deal may have pleased most in the Gulf region but it is beginning to have an impact further afield – more precisely in India and to some extent in Pakistan.India has had delicate energy equations with most energy suppliers in the region and this latest turn of events has only made it difficult. India’s Energy Minister Dharmendra Pradhan, during his visit to the UAE earlier this week, played down the crisis and hinted ...

VIDEO: Envoy hails multipronged transformation in India-UAE energy relationship

Monday, 14 May 2018

In an exclusive interview to Al Arabiya English on Monday, May 14, 2018, India’s ambassador to the UAE, Navdeep Singh Suri, explained the transformation that has undergone India-UAE energy relationship. Speaking on the sidelines of roadshows highlighting features of exploration and production in India’s oil and gas sector, he also stressed the fundamentals in this energy equation. Indian delegation at the roadshows was led by Dharmendra Pradhan, India’s Minister of Petroleum ...

VIDEO: India minister on UAE oil storage deal, energy equations with Arab world

Monday, 14 May 2018

In a matter of months, the decades-old India-UAE energy interdependence has undergone major transformation. Driving this partnership is not just the demand and supply equation but several initiatives that have made the two sides stakeholders in an industry that has been in choppy waters and is expected to remain turbulent in the near future. Tasked with ensuring smooth energy supply to the world’s second most populous country, Dharmendra Pradhan, India’s Minister of Petroleum and ...

UAE oil minister: OPEC not targeting a certain oil price

Sunday, 13 May 2018

OPEC producers are not targeting a certain oil price, United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui said on Sunday. Speaking on the sidelines of an industry event in the capital Abu Dhabi, Mazroui added that OPEC is focused on identifying the right level of oil inventory at its next meeting. "What we are concerned about in the next meeting is what is the right level of inventory that we should see and can we put this group together for longer," Reuters reported. ...

Sudan fuel shortage hikes black market prices

Saturday, 5 May 2018

Black market fuel prices surged on Saturday in Khartoum and other Sudanese towns as petrol and diesel shortages forced residents to queue for hours outside gas stations.Fuel supplies began dwindling in early April, with officials blaming maintenance delays at a key refinery, although foreign currency shortages have also played a role.The crisis has since escalated despite official pledges to resolve it.The shortage has hiked prices of petrol on the black market, with a gallon costing 150 pounds ...

Trump move could turn Bandar Abbas from being Iran’s lifeline to Achilles heel

Thursday, 3 May 2018

As US President Donald Trump is in the last stage of announcing his move on the Iran nuclear accord - which in his opinion from the beginning was a bad deal giving a free hand to the Khamanei regime to spread terror in the region - Tehran is putting all their hopes on another counter strategy which they feel will help them overcome the stranglehold of any American sanctions this time. According to Financial Times, the indirect ‘defiant message’ was obvious when Iran’s deputy ...

Saudi Aramco appoints first woman to the board

Sunday, 29 April 2018

State run Saudi Aramco, the world’s top oil company, said on Sunday it has appointed five new members to its board including a female executive, a milestone for Saudi Arabia and the oil industry where there are few women executives. Saudi Arabian Minister of Finance Mohammed al-Jadaan and Minister of Economy and Planning Mohammed al-Tuwaijri were appointed as members of the board of directors, Aramco said in a statement. They are joined by Lynn Laverty Elsenhans, the former chairwoman, ...

Bahrain says new discovery contains an estimated 80 bln barrels of tight oil

Wednesday, 4 April 2018

A new discovery off the coast of Bahrain is estimated to contain at least 80 billion barrels of tight oil, the kingdom’s biggest ever find, Bahrain’s oil minister said.Bahrain said on Sunday it had discovered extensive tight oil and deep gas resources off the west coast of the kingdom.Independent appraisals by US-based oil consultants DeGolyer and MacNaughton and oilfield services company Halliburton had confirmed Bahrain’s find of “highly significant quantities of oil in ...

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