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Enoc expands network

The Emirates National Oil Company (Enoc) recently opened five new service stations in Dubai, expanding its network to 122 stations in the UAE. The group is on track to increase its fuel retail presence by 40 per cent by 2020, the company said in a statement. Two of the newly …

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Mubadala posts profit of Dh10.9b in H1 2018

Mubadala Investment Company on Thursday announced a profit of Dh10.9 billion for the first half of 2018 driven by strong revenues from public equities and operating companies in the petroleum and petrochemicals platform, the company said on Thursday. The Abu Dhabi based Mubadala also announced a total comprehensive income of …

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100 million barrels per day of global oil use likely

The world’s oil consumption will top 100 million barrels per day (bpd) in the next three months, putting upward pressure on prices. But emerging market crises and trade disputes could dent this demand, the International Energy Agency (IEA) said. Paris-based IEA maintained its forecast of strong growth in demand this …

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Iran’s exports will not come down to zero

The US will find it difficult to cut Iran’s oil exports completely as the oil market is already tight and rival producers cannot make up the shortfall, a top Iranian official said. Iran’s Opec governor Hossein Kazempour Ardebili said that a “supply shortage” meant that the US would not be …

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Airlines start pre-emptive hedging over 2020 deadline

Airlines are starting to hedge against the risk that fuel prices could be driven higher by rules targeting another industry’s environmental performance. Brent crude for 2020 rallied in the third-quarter, a period in which spot prices fell, as some carriers began seeking protection against higher fuel costs caused by rules …

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US puts the squeeze on Iranian oil buyers

The world’s top oil buyers are discovering that US sanctions on Iran will squeeze their trade flows whether they agree with America or not. It was only about three months ago that India’s foreign minister said that the country won’t adhere to unilateral restrictions and will continue buying Iranian crude. …

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Adnoc commissions new petrochemical unit

Abu Dhabi National Oil Company (Adnoc) announced that it has successfully completed the commissioning of a specialised coker unit as part of its Carbon Black and Coker Project. The development comes as the national oil company moves ahead with its aggressive downstream strategy to increase the production of petrochemical products …

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Fuel prices in UAE for September 2018

The Ministry of Energy and Industry announced fuel prices for September and the price includes VAT. The per-litre prices are Super 98 at Dh2.59 (from Dh2.57 in August) and Special 95 at Dh2.48 (from Dh2.46 in August). Diesel price has been fixed at Dh2.64 per litre (from Dh2.63 in August). The oil price rose towards …

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Brent crude seen trading in $70-$80 range

Brent crude is likely to trade in the range of $70-$80 (Dh257.11-Dh293.84) per barrel in the coming days due to supply concerns stemming from the decision of US President Donald Trump to reimpose sanctions on Iran, one of the biggest producers of oil in the world. According to analysts, Iran’s …

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Kuwait, Iraq to consider shared oilfields

Kuwait and Iraq will soon appoint consultants to study the development of shared oilfields, Kuwaiti Oil Minister Bakhit Al Rashidi said on Wednesday. Production from cross-border oilfields has long been a source of tension between the two Opec nations. In the build-up to Iraq’s 1990 invasion of Kuwait, Baghdad accused …

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