LONDON: Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said on Wednesday. In its monthly report the Paris-based IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but cut its forecast for non-OECD demand growth, the engine of expansion in world oil consumption.

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DUBAI: Major oil producers meet in Abu Dhabi on Sunday to consider reverting to output cuts after a sharp slide in crude prices revived fears of a 2014-style crash.
Oil prices shed a fifth of their value in just one month after surging to a four-year high in early October, driven by a combination of factors centered on higher supply and fears of sluggish demand.
Brent crude dropped below $70 a barrel on Friday for the first time since April while the New York’s West Texas Intermediate (WTI) sank below $60"...

Oil is set for its longest stretch of declines on record after entering a bear market, with investors awaiting a weekend meeting of Opec and its allies to discuss output strategy.

Futures in New York are slipping for a tenth day, extending a dramatic plunge that has dragged prices down over 20 per cent from a 2014 high five weeks ago. The slump has rattled producers, and the Organization of Petroleum Exporting Countries has signalled it may cut"...

AMMAN — The foundation stone for a 52-megawatt (MW) solar photovoltaic power plant, dubbed “AM Solar”, was laid on Wednesday at a total cost of $50 million, in the Madounah area in eastern of Amman.

The plant is a joint venture between US Applied Energy Services-Jordan, the Japanese conglomerate Mitsui and Qatar’s Nebras Power, on a build, own, operate basis, the Jordan News Agency, Petra, reported.

During"...

Brazil's state-controlled oil company Petroleo Brasileiro (Petrobras) reported a surge in third-quarter net profit, helped by a pick-up in oil prices and the weakening of the real currency, the company said on Tuesday.

Petrobras made a net profit of 6.64 billion reais (Dh6.53bn), well above the 266 million reais it posted a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization (ebitda) rose to 29.85bn reais from"...

Oil and gas continue to inflame the conflict in Syria even though the Islamic State’s territory has shrunk, and the Syrian government has recovered control over portions of the country. In fact, local players and external actors battle for control and ownership over Syrian oil and gas resources.

Syria’s energy infrastructure has been largely destroyed by rebels, terrorist groups and the Syrian army seeking to reassert control. Due to"...

The Abu Dhabi National Oil Company’s (ADNOC) announced, today, its plans to launch a new integrated gas strategy and increase its oil production capacity to 4 million barrels per day (mmbpd) by the end of 2020 and 5mmbpd by 2030, following approval from the Supreme Petroleum Council (SPC), the highest governing body of the oil and gas industry in Abu Dhabi. The company also announced capital investment growth of $132.33 billion between 2019-2023 and new discoveries of 1 billion barrels"...

By the end of this year, all executives of the oil sector with more than 35 years of experience including the chief executive officer will have to retire. This means Kuwait’s oil sector is being cleared of more than 35 years of valuable experience.

This policy is unfortunately applicable in all government sectors including government-owned companies and corporations. Such a policy is causing our country to lose its experienced employees even"...

TOKYO: Oil prices climbed for the first time in three days on Wednesday, but rising supply and fears over the outlook for demand amid the US-China trade war kept pressure on the market.
Brent crude futures had gained 52 cents, or 0.7 percent, to $76.43 a barrel by 0310 GMT. They fell 1.8 percent on Tuesday, at one point touching their lowest since Aug. 24 at$75.09 a barrel.
US West Texas Intermediate (WTI) crude futures advanced 29 cents, or 0.4 percent, to $66.47 a barrel on Wednesday. They dropped 1.3 percent"...