Oil Prices | Egypt Oil & Gas - Part 9
Kuwait Is to Award $27b Contracts despite Low Oil Prices
Kuwait is expected to award b worth of contracts before year-end despite the significant slump in oil prices, indicating an expansion in Kuwait’s projects market as high as 5b in June. According to Trade Arabia,...
EIA: Global Oil Glut Persists Despite Demand Growth
The Energy Information Administration (EIA) said that the oil market is maintaining a global crude glut despite global demand growth, a drop in non-OPEC production, and a decline in crude stockpiles, Economic Times re... Saudi Oil Minister: Above $50 Per Barrel Needed to Sustain Investments
Recently appointed Saudi Energy Minister, Khalid Al-Falih, said that an amount of more than $50 per barrel is needed to sustain investments in the global oil sector, Reuters wrote. He added that the excess of huge sto...
Crude Investors Flee to Safety after Brexit
The UK’s surprising vote for Brexit has brought a new level of uncertainty into the markets. Shortly after the UK has voted to leave the European Union, the investors started withdrawing from the international oil and...
Algeria’s President Replaces Energy Minister
Algeria’s Energy Minister, Salah Khebri, has been replaced, after a year in office, by the Head of the state power company, Sonelgaz, Noureddine Boutarfa, reported Reuters. Algeria’s President, Abdelaziz...
WB: Egypt’s Annual Growth to Ease to 3.3%
According to the World Bank’s (WB) report – Global Economic Prospects June – Egypt’s annual growth is forecast to ease to 3.3% in the fiscal year (FY) 2015/16, which is ending on 30th June, 2016, reported ...
Abu Dhabi’s ADNOC Cuts 5,000 Jobs
Abu Dhabi’s state-owned National Oil Co, ADNOC, plans to cut 5,000 jobs by the end of the year, and 2,000 of the lay-offs have already been carried out, Reuters reported. ADNOC, which has roughly 55,000 staff, i...
Abu Dhabi’s Taqa Posts Q1 Loss Hurt by Low Oil Prices
Abu Dhabi National Energy (TAQA), the state-owned oil explorer and power supplier, reported a first-quarter net loss hurt by low oil prices. The company, majority-owned by Abu Dhabi’s government, reduced its fir...
