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Kuwait Warns Oil Price Could Fall Further

Dubai, UAE : 31 May

Kuwait, the world’s fourth biggest exporter of oil, has said that the price of crude could drop to $60 a barrel because of the continuing global economic problems. 

Nawal al-Fuzaia, Kuwait’s OPEC representative, said on Sunday that that a price of $70 to $80 per barrel was fair to both producers and consumers, but that the dipping price of oil was ‘correlated’ to the overall global economy.

The price of oil was $87 per barrel at the beginning of May but recently dipped to below $65 a barrel.  The falling price is thought to be a result of market worries over the debt crisis that Europe faces in Greece.

Sarah O'Connell, Staff Writer, Gulf Jobs Market
30 May

UAE Oil Spill Experts ‘Just Waiting’ For The Call

A team of UAE experts have said they are ‘just waiting’ for the phone call to assist in tackling the oil spill disaster which is taking place in the Gulf of Mexico.
As BP admitted that it has failed in its attempts to plug the gushing oil flow, which is destroying marine life and livelihoods in [...]

21 May

Oil Price Drops Again as Concern about Europe Grows

The price of a barrel of crude oil has now fallen to its lowest level in almost eight month as concerns about Europe’s finances hit the oil market. 
Worries about the state of Europe’s economy, and the debts owed by Greece in particular, have forced the price of oil below $68 per barrel, which means a [...]

18 May

Shell and Petro China Sign Gas Exploration Deal with Qatar

A 30 year agreement to explore and produce gas around Qatari city Ras Laffan has been signed by Royal Dutch Shell and China National Petroleum Corp’s subsidiary PetroChina.   The deal will mean exploration both onshore and offshore in Qatar and will cover a region of 8089 km.
The announcement, made today, marks Petrochina’s first foray into [...]

17 May

Price of Oil Dips Below OPEC Comfort Zone

The price of a barrel of oil has dipped below OPECs ‘comfort zone’ of $70 per barrel, despite hopes that the price could be maintained between a range of $70 and $80 a barrel.
Abdullah bin Hamad al-Attiyah, the Energy Minister for Qatar, present at a Doha forum said today that a price of $75 per [...]

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