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February, 06th 2010
New oil field discovered in Dubai: reports
A new oil field off the coast of Dubai has recently been discovered, reported local Arabic media. The discovery is a first in many years as the emirate’s dependency on oil’s income dwindled due to decreasing production levels. Sources are quoted to have described the new oil field as “promising” in terms of its production capacity – one that will provide a new income for the emirate. |
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September, 28th 2009
Abu Dhabi oil investments exceed $30 bln in one year: MEED
Abu Dhabi emirate is expected to pump in excess of $30 billion (Dh110 billion) into projects in one year to expand its oil and gas sector within an ongoing development programme in its hydrocarbon industry, MEED said yesterday. |
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July, 08th 2009
UAE oil income to decline 43% in 2009
A sharp decline in crude prices will ally with lower production to cut UAE's oil export earnings by about 43 per cent in 2009, while Opec's revenues could suffer more, said an international energy centre yesterday. |
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June, 14th 2009
UAE has netted $664bn in oil revenues
The Kuwaiti-based OAPEC, which groups the UAE and 10 other Arab oil producers, gave no figures on revenue but at an average price of around $24 since 1965, the UAE has netted a total $664.8 billion (Dh2.43 trillion) from its oil sales. |
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April, 30th 2008
UAE to sign US$10bn gas deal
A long delayed contract to develop big new natural gas reserves will be signed within a week, according to a senior official from the Abu Dhabi National Oil Company (Adnoc). The US$10bn (Dh37bn) Shah gas project, which is key to providing new fuel needed for power plants to meet soaring domestic electricity demand, has been in limbo for eight months. |
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April, 29th 2008
Opec says oil could hit $200
Opec’s president on Monday warned oil prices could hit $200 a barrel and there would be little the cartel could do to help. |
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January, 24th 2008
Abu Dhabi makes international headlines during WFES
The global spotlight is currently on Abu Dhabi with over 200 local and international media attending the World Future Energy Summit (WFES) at the Abu Dhabi National Exhibition Centre (ADNEC) from 21 - 23 January 2008.
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January, 16th 2008
Bush oil price begging is pathetic : Clinton
Democratic White House hopeful Hillary Clinton on Tuesday accused President George W. Bush of "begging" for cuts in oil prices in "pathetic" encounters with Gulf leaders. The former first lady hit out at the US president as he wrapped up a tour of the Middle East, during a 2008 Democratic presidential campaign debate here. |
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January, 08th 2008
Rise in oil prices not decided by supply and demand - Al Hameli
Minister of Energy Mohammed bin Dha'en Al Hameli attributed the current rise in crude oil prices to reasons other than supply and demand and said that the price hike which reached US$100 pb is brought about by speculative elements, investment funds, geopolitical reasons as well as a number of other factors. |
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December, 06th 2007
OPEC to maintain current output
Oil and Energy Ministers of the member states of Organizations of Petroleum Exporting Countries (OPEC) decided on Wednesday to maintain the group's current output of 31.5 mbd. The decision was taken at a behind-the-doors meeting in the UAE Capital City of Abu Dhabi today at the conclusion of OPEC's Ministerial (Extraordinary) 146th Meeting. ''OPEC decided yesterday to leave production unchanged for the time being,'' said a statement issued at the end of the OPEC Conference here. |
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November, 16th 2007
United Arab Emirates and OPEC, new book
The Center for Information Affairs, affiliated to H.H. Deputy Prime Minister’s Office, has published a book entitled, “United Arab Emirates and OPEC”, on the occasion of the participation of President H.H. Sheikh Khalifa Bin Zayed Al Nahyan in the Third OPEC Summit, which is due to take place in Riyadh on 17 and 18 November. |
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October, 30th 2007
Dollar and oil hit new records
Oil hit a new record high of $93.80 and the dollar struck a new low yesterday as investors showed their growing certainty that the US Federal Reserve will cut interest rates on Wednesday. |
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October, 21th 2007
UAE consumers in shock as oil hits $90 a barrel
Oil yesterday crossed the $90 a barrel mark before retreating, sending shockwaves among global consumers. US crude dropped by 68 cents to $88.79 a barrel by 7.14 pm, having hit a record high of $90.07 earlier. |
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July, 03th 2007
Oil Rises to Close Above $71 a Barrel
Oil prices rebounded Monday from early declines to settle above $71 for the first time in 10 months as traders focused on a refinery outage in Kansas and new accusations about Iran's role in Lebanon and Iraq.
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June, 14th 2007
UAE to increase oil output to 3.5mb/d by 2009
The UAE, which has a current production of 2.7 million barrel per day (BPD) is working to increase its oil output to 3.5 million barrel per day, by 2009, according to Energy Minister Mohammed bin Dhaen Al Hameli. |
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June, 05th 2007
Oil above $ 70 as cyclone nears Gulf
Oil surged above $ 70 yesterday on news a cyclone was headed towards the oil-producing Arabian peninsula with a potential to disrupt shipping and output. |
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May, 30th 2007
Web site error rocks global oil markets
World oil prices jumped briefly on Wednesday after a television station in Tulsa, Oklahoma -- the No. 62 U.S. media market -- posted an erroneous story about a refinery fire on its Web site. At 10:14 EDT (1414 GMT), CBS affiliate KOTV reported that a lightning strike had caused a fire at an Oklahoma refinery -- sparking a flurry of excitement among energy traders and boosting U.S. crude prices 40 cents. |
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April, 19th 2007
Iraq may hold twice as much oil
Iraq could hold almost twice as much oil in its reserves as had been thought, according to the most comprehensive independent study of its resources since the US-led invasion in 2003. The potential presence of a further 100bn barrels in the western desert highlights the opportunity for Iraq to be one of the world’s biggest oil suppliers, and its attractions for international oil companies – if the conflict in the country can be resolved. |
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April, 16th 2007
Oil output to hit 3.4m barrels by 2012
The UAE is increasing its T crude production capacity to 2.9 million barrels per day by the end of this year, from the level of 2.7m barrels it achieved at the end of 2006. Capacity will stabilise at that level until 2010, when offshore increments will take it to 3.4m barrels each day by 2012, data show. |
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April, 08th 2007
Iraq claims largest oil reserves in the world
Iraq has oil reserves that are estimated at over 300 billion barrels, making the country the world leader in this sphere, the Iraqi oil minister said Saturday.
In his interview with the Lebanese Al Mashrik newspaper, Hussain al-Shahristani did not specify, though, whether this figure referred to confirmed oil reserves or to a general estimate. |
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March, 15th 2007
OPEC likely to keep steady output
OPEC will likely maintain its current output unchanged when oil ministers of member countries hold their meeting here today. The meeting is to be chaired by UAE Energy Minister Mohammed bin Dhaen Al Hameli, the organisation's current President.
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