UAE energy minister said OPEC members ready to cooperate The price of oil today approached a new low of $26.21 per barrel today, the lowest since May 8, 2003, when it hit $26, before bouncing up on news of a possible production cuts from OPEC. The Wall Street Journal’s Summer Said reported on Twitter that the UAE’s Energy Minister Suhail bin
“We aren’t going to go back to a cartel … That time has passed” – U.A.E. Minister Al Mazrouei Just over a year after deciding to change its focus to defending market share rather than oil prices, OPEC members left their semi-annual meeting in Vienna on December 4 grim-faced, according to reports. After out-producing its self-imposed ceiling for 18 months,
A shot heard round the world Last November 27, OPEC sparked the decline in crude oil prices that would see both international benchmark Brent crude, and U.S. benchmark WTI crude, lose more than 50% of their value. The group decided to move away from its traditional role of maintaining a reasonable crude oil price in order to protect its market
The UAE is looking to use enhanced oil recovery to increase production moving forward The United Arab Emirates (UAE) is looking to enhanced oil recovery (EOR) to push its production higher as the chances of finding new reserves decrease. OPEC’s second-largest producer of petroleum and other liquids, and the world’s sixth-largest oil producer, hopes to expand production by 30% by
Emirates National Oil Company (ENOC), a wholly owned entity of the Dubai government, will buy out Dragon Oil for $3.7 billion. Neither company has confirmed the announcement but several news outlets are reporting an agreement has been reached. ENOC already owns 54% of Dragon and will acquire the remaining interest for 750 pence per share – a premium of 47%
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