The discoveries of up to 1 billion barrels of oil equivalent have been made at an exploration well in Onshore Block 4 concession
While oil has soared about 45 per cent this year, it slumped more than 10 per cent on November 26, the day after Thanksgiving
“We’re heading toward a phase that could be dangerous if there’s not enough spending on energy,” he said
Officials expect the economy to expand 2.9 per cent this year and grow by a further 7.4 per cent in 2022
Oil slid for a sixth straight week due to the spread of Omicron and the prospect of more barrels coming to the market
The group meets on December 2
The 14,000 sqm facility in Jebel Ali is capable of processing around 1,400 tonnes of oily waste
Oil rallied to the highest level since 2014 in October but has faltered over the past month
Gross domestic product expanded by 6.8 per cent compared to the same quarter of 2020
Nationwide US crude inventories increased by 3.29 million barrels last week
Crude has soared this year, with production trailing supply as the global economy recovered from the impact of the pandemic
The kingdom will establish a fund to improve carbon-capture technology and back an initiative to develop clean fuels
The consortium, led by Washington-based EIG Global Energy Partners, may raise at least $4.5bn
Citigroup raised its fourth-quarter Brent forecast to $85 a barrel
Crude has gained more than 60 per cent this year as the roll-out of Covid-19 vaccines lifted movement curbs and, subsequently, oil demand
US crude inventories expanded by 2.35 million barrels last week
The global market for debt that complies with environmental, social or governance goals (ESG) looks set to top $1 trillion this year
With a young leadership at the helm, the GCC’s largest economy has embarked on a journey of growth, diversification and alliances
Benchmark Brent crude is currently trading around $75 a barrel, up 45 per cent this year
Oil’s impressive first-half rally has lost momentum in July and August
The delta variant has spurred fresh curbs on mobility in many nations including China, harming energy consumption
Oil prices have retreated 6 per cent this month as the contagious delta variant triggers renewed lockdowns in China and other key Asian consumers
Delta has raised concerns about the short-term demand outlook
Salaries and subsidies in the 2020-21 fiscal year accounted for 73 per cent of spending
West Texas Intermediate was slightly higher after slumping 3.6 per cent on Monday
The price of Brent crude averaged over $73 a barrel in June
Futures in New York traded below $72 a barrel after adding 0.4 per cent last week
The American Petroleum Institute was said to report an 806,000 barrel gain in US crude inventories
Oil has run into stiff headwinds in July after rising in seven of the past eight months
The agreement means the cartel will boost output by 400,000 barrels a day each month from August