oil industry

Yergin: ‘Saudi Arabia is on the cusp of history’

Riyadh - Muslimchronicle

Daniel Yergin changes people’s lives. There are stories of how budding artists or poets read his 1991 book “The Prize” and opted instead for a hard-hat career in the oil industry, lured by “the epic quest for oil, money and power,” as the book is subtitled. The book, which won him a Pulitzer Prize, was compared by one reviewer toRead more

OAPEC ministers to meet in Cairo

Cairo - Arab Today

Petroleum ministers of Arab member states of the OAPEC will meet here Thursday to discuss market developments and their effect on the oil industry. The conference will be a good chance to support cooperation among member states, said Egypt's Tareq el Molla Wednesday. The ministers will endorse a draft budget of the general secretariat and judicial authority of OAPEC, MollaRead more

Fujairah Oil Industry Zone appoints S and P Global Platts to distribute weekly inventory

Fujairah – WAM

Fujairah, which hosts the Middle East’s largest commercial storage capacity for refined oil products, on Sunday appointed S and P Global Platts to distribute the Emirate’s weekly inventory data starting in early 2017 as part of its effort to position the Indian Ocean port-city as a global oil trading and storage hub. The Fujairah Oil Industry Zone (FOIZ) and SRead more

Kuwait Deputy PM: Budget Deficit Stems from 60% Decline in Oil Prices

Kuwait - QNA

Kuwait's Deputy Prime Minister and Minister of Finance Anas Al Saleh said Saturday the Kuwaiti economy, relying heavily on the oil revenues, suffers a budget deficit as a result from the 60% drop in oil prices in 2014. The minister voiced hope that the meeting of the oil ministers of the GCC states and Russia, due in Riyadh, capitalRead more

Libya’s oil authorities agree to unify ranks

Benghazi - Arab Today

Rival leaders of Libya’s National Oil Corporation have agreed to unify their ranks, in a move expected to strengthen the country’s vital oil industry ravaged by years of conflict, the NOC said. Oil is Libya’s main natural resource with reserves estimated at 48 billion barrels, the largest in Africa. But production slumped in the aftermath of the 2011 revolt thatRead more