Schlumberger Set for Significant Job Cuts

• Sunday, 18th January 2015
• by Egypt Oil & Gas

Oil services provider Schlumberger Ltd. says it is cutting 9,000 jobs in response to falling oil prices. The reduction represents about 7.3 percent of the Houston-based company’s total global workforce. Schlumbe...

Kuwait Sets $155 Billion Capital for Five Year Development Plan

• Monday, 12th January 2015
• by Egypt Oil & Gas

The Kuwaiti government has set capital spending in the five-year development plan starting in April at KD 45.5 billion ($155 billion), a majority of which will be spent on projects and development of human resources, ...

Saudi and Venezuela Work Together to Recover Falling Oil Prices

• Monday, 12th January 2015
• by Egypt Oil & Gas

Venezuela and Saudi Arabia are coordinating joint action to recover oil prices, which fell 50% last year, and stabilise global oil markets, Venezuelan Minister of Economy and Finance and Public Banks Rodolfo Marco Tor...

Iran and Venezuela Join Forces to Stabilize Falling Oil Prices

• Sunday, 11th January 2015
• by Egypt Oil & Gas

Iran and Venezuela vowed Saturday to work together to stabilize falling global oil prices as Iran’s supreme leader accused “enemies” of using crude prices as a political weapon. With President Nicolás Maduro of Venezu...

IMF: oil prices to jump 30% on Iran sanctions

• Thursday, 19th April 2012
• by Egypt Oil & Gas

Oil prices will gain 30 percent on average in 2012 compared with a year earlier on possible supply disruption from Iran, the International Monetary Fund warned. The IMF in its new annual report of World Economic outlo...

MIDEAST STOCKS-Oil lifts Gulf markets, Egypt snaps 4-day rally

• Thursday, 2nd June 2011
• by Egypt Oil & Gas

Most Gulf markets gained on Tuesday, buoyed by rising oil prices, while Egypt’s main index .EGX30 halted a four-session rally, dragged by stocks to be dropped from the MSCI index. Rising oil prices helped UAE st...