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Posted inNews

Dana Gas profits soar to $161 million

by Faiza Rizvi

Dana Gas, the Middle East’s largest regional private sector natural gas company, has posted net profit increase of 64% to $161 million compared to the same period last year. The gains in Dana Gas’s profitability in the first nine months of the year were driven by higher realised prices, prudent cost control and strong operational […]

Posted inProducts & Services

Oil smuggling worth millions of dollars can be prevented using technology, experts say

by Nagham al-Tamimi, Arabian Business

Iraqi experts believe that hundreds of billions of dollars can be saved every year if Iraqi authorities utilise simple and low-cost technologies in preventing the theft and smuggling of Iraqi oil, according to an Arabian Business report. Oil theft costs the country $750 million every month, which is about $9 billion every year, which is […]

Posted inMarkets

What happened to output cuts? OPEC ends up boosting crude production, survey shows

by Staff Writer

Even though OPEC+ had pledged to cut output by 100,000 b/d in October, the alliance hiked production by 220,000 b/d instead, as several members recovered lost barrels by outages and maintenance, a survey by S&P Global Commodity Insights reported. Sharp production increases from Kazakhstan, Russia and Iraq were offset by losses in Saudi Arabia and […]