Iran is struggling to finalize the terms under which foreign energy companies can drill for oil there, as a political battle rages between the country's more moderate forces and its conservative hard-liners.
OPEC oil production has jumped to its highest in recent history in January as Iran increased sales following the lifting of sanctions and its rivals Saudi Arabia and Iraq also boosted supply, a Reuters survey showed on Friday.
Kuwait plans to cut spending by 1.6% in the fiscal year beginning in April, joining other Gulf states trying to deal with falling oil prices.
Iranian President Hassan Rouhani said on Thursday that oil prices would not stay low for long as producers restore market balance.
Kuwait's OPEC governor said on Tuesday that this year would be tough, with oil prices seen recovering only after 2016 but remaining between $40-60/bbl until 2020.
Lamprell Energy Ltd. has signed a Memorandum of Understanding (MOU) with Saudi Aramco, the National Shipping Company of Saudi Arabia and Hyundai Heavy Industries in connection with a potential partnership collaboration on establishing a maritime complex in Saudi Arabia.
Saudi Arabia and Russia, the world’s biggest oil producers, are now more flexible about cooperating to cut output as crude prices have fallen to levels that hydrocarbon- rich nations didn’t foresee, Iraq’s Oil Minister Adel Abdul Mahdi said.
Libya’s rival political factions must quickly form a unity government to stop the country with Africa’s largest oil reserves from collapsing into a “failed state,” National Oil Corp. Chairman Mustafa Sanalla said.
Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M), has delivered Halul, a KFELS B Class jackup rig, to Qatar’s Gulf Drilling International.
The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the King of Saudi Arabia today inaugurated The King Abdullah Petroleum Studies and Research Center (KAPSARC), a non-profit economics and policy research institution dedicated to finding solutions for the most effective and productive use of energy to enable economic and social progress across the globe.
A new process train—process train B—has been brought into operation at the central processing facility at Iraq’s Badra field, Gazprom Neft, the field’s operator, said in a statement.
Craig International, is fast-tracking its expansion into the Middle East following the award of a contract to manage a $55 million client spend with a major operator in Qatar.
Saudi-Iranian rift adds new dimension to global oil market
Making the case for a Saudi oil production cut
Iran’s oil ministry issued an order to increase production by 500,000 bpd as the country moved ahead with plans to add supply to a glutted market even at the risk of contributing to a price collapse.
Shell is to exit the joint development of the Bab sour gas reservoirs with ADNOC, in the emirate of Abu Dhabi, and to stop further joint work on the project, the company said Monday.
Iran may only be able to deliver about half of the promised surge in crude output after sanctions are lifted as it struggles to revive idled fields, according to banks including UBS Group AG and Saxo Bank A/S.
In partnership, Frames and aQuaintance have successfully completed the design and manufacturing of four solar powered chemical injection systems for the Kuwait Oil Company (KOC) Early Production Facility-50.
OPEC will soon make efforts to convene before the next scheduled meeting in June as the slump in oil prices is hurting producers, including the world’s biggest exporter, Saudi Arabia, said Emmanuel Kachikwu, Nigeria’s minister of state for petroleum resources.
Iran’s diplomatic rift with regional rival Saudi Arabia will stiffen the challenge it faces in attracting foreign investment once sanctions on its economy are lifted.