According to a study by Ventures Middle East, a total of 44 power and water projects valued at nearly Dhs112bn ($30bn) are under construction or will begin construction next year across the GCC, Gulf News has reported. “The UAE leads the way, with 11 projects valued at Dhs35bn, including the Dhs2.8bn Hassyan 1 independent power [...]
Iran has asked the Gulf Arab oil producers to reduce output back to pre-Libya crisis volumes, Reuters has reported. “We will ask the countries that increased their production when Libya stopped production to change the level of production to the previous level,” Iranian oil minister Rostam Qasemi said. A cut in supplies to May’s levels [...]
The International Energy Agency (IEA) has said if investment in the Middle East and North Africa (MENA) oil-producing region fell significantly, oil prices could reach $150 per barrel in the near term, Reuters has reported. “If between 2011 and 2015 investment in the MENA region runs one-third lower than the $100bn per year required, consumers [...]
Iran has raised the estimate of its natural gas reserves, the world’s second largest, Mehr news has reported. The estimate had been raised by 900 billion cubic metres to 34 trillion cubic metres due to new discoveries made in the last two years, deputy oil minister Mohsen Khojastemehr said.
The Organisation of Petroleum Exporting Countries (Opec) has raised estimates for demand for its crude in 2012 after lowering its projection for supplies from outside the group, Bloomberg has reported. Oil prices will be capped this year as Libya restores exports while demand growth in industrialised countries remains weak, Opec said in its monthly oil [...]