Oil Prices | Egypt Oil & Gas - Part 12
OPEC Chief Calls for Global Cooperation
OPEC Secretary General, Abdullah al-Badri, has called on all oil-producing countries to cooperate in an attempt to tackle oil oversupply and remedy global oil price slide, while allowing new investments to pour into t...
Iran Rejects Venezuela’s Call for OPEC Emergency Meeting
In the wake of Venezuela’s call for an emergency OPEC meeting, Iran’s Oil Minister, Bijan Zanganeh, said that such a meeting would hurt the crude oil market, unless it reached a decision to shore up falling pric...
Genel Optimistic over Prospects despite Revenue Decline
Genel Energy, a major oil investor in the Kurdish region in Iraq, said that it was optimistic about its economic prospects for 2016 in spite of the decline in oil prices and the security situation in Iraq, reported Re...
Iraq Mulls Tying Oil Companies’ Revenues to Global Oil Prices
The Iraqi oil ministry is holding talks with foreign oil companies debating alteration to the signed agreements in an attempt to switch from the currently used service agreements model to a revenue-sharing model that ...
SABIC Unconcerned Over Iran’s Petchem Competition
Saudi Basic Industries Corp (SABIC), one of the world’s largest petrochemicals companies, downplayed the possible threat posed to Saudi Arabia’s petrochemicals industry from Iran’s reentry into the i...
Shell Pulls Out of High-Risk, Low-Return UAE Gas Project
Royal Dutch Shell has announced that it will pull out of a multi-billion-dollar plan for the Bab sour gas field in Abu Dhabi, reported Reuters. Shell said that the decision was taken “following a careful and tho...
Oman Eager to Cut Oil Production under OPEC Initiative
Oman announced that it was ready to cut oil output by 5% to 10% to buoy up oil prices, reported Arabian Business. The country’s oil minister, Mohammad bin Hamad al-Rumhy, said that the sultanate was prepared to ...
KRG Struggling for Cash as Oil Debts, ISIS Threat Mount
The autonomous Kurdistan Regional Government (KRG) in northern Iraq announced that it mulls selling parts of its electricity sector to raise funds to reduce its budget deficit. This includes such functions as bill col...
