Oil Prices | Egypt Oil & Gas - Part 39
Iraq: Budget Trimmed Due to Oil Prices
Falling oil prices forced Iraq’s cabinet to revise its draft 2015 budget, trimming its forecast for oil to $55 a barrel from $60. It trimmed spending to 119 trillion Iraqi dinars ($105 billion) for 2015, Massoud Haide...
Aramco: Oil Price ‘Too Low’
World oil prices have fallen too far, the president of state-owned energy giant Saudi Aramco said on Tuesday, stressing it was for the market not OPEC producers to shore them up. “It’s too low for everybody,” Khalid A...
UAE: No Need to Rethink Oil Projects
The UAE will continue to push ahead with its planned oil sector projects despite lower crude oil prices, energy minister Suhail al-Mazrouei said Monday. “Because of what is happening in terms of commodity prices...
Energy Subsidies in Mena Region Drop by $60 billion
Energy subsidies in the Mena region have fallen by US$60 billion and could continue to decline should oil prices drop further, a senior IMF official has said. Oil, gas and electricity subsidies now total $200bn, accor...
Saudi: Falling Demand for Oil is Chief Concern
The world’s largest exporter has chosen not to cut production, counting instead on lower prices to stimulate consumption, said Mohammad Al Sabban, an adviser to Saudi Arabia’s petroleum minister from 1988 to 2013. The...
Nigeria Plans to Diversify Economy Due to Oil Prices
Falling oil prices are a wake-up call for oil producing countries to continue to diversify their economies and minimise spending, a top official from Nigeria has said. The country has set the budget based on $50 (Dh18...
Africa Oil Boom on Hold due to Crude Prices
The dash for resources that saw explorers invest billions of dollars to tap promising oil fields from Ghana on the west coast to Tanzania on the east, is stalling as the global drop in crude prices pushes drillers to ...
OPEC Decision Wrong: Iran, Venezuela and Oman Now Say
Oman, the biggest Middle Eastern oil producer that’s not a member of OPEC, joined Venezuela and Iran in questioning the group’s decision to keep its output target unchanged even with crude prices falling. Oman is havi...
