Saudi Arabia, the world’s biggest oil exporter, plans “significant growth” in output in 2016 and further international expansion, the head of the country’s state-run producer said, even as global oversupply contributed to a drop in crude prices from a year ago.
Wood Group has won two new, three contracts, totaling $140million.
Saudi Arabia will probably keep producing crude at near-record levels under its newly appointed oil minister, Khalid Al-Falih, as the world’s largest exporter sticks with his predecessor’s policy of defending market share against higher-cost shale.
Saudi Arabian Oil Minister Ali al-Naimi, the architect of the 2014 switch in OPEC policy that’s since roiled the energy market, companies and entire economies from Mexico to Nigeria, is leaving his post.
Saudi Arabia replaced its veteran oil minister with a close ally of the king’s increasingly influential son, Deputy Crown Prince Mohammed bin Salman, as the world’s largest crude exporter embarks on an economic overhaul designed to make it less reliant on energy.
Two buses and a fuel tanker have collided on a major highway in Afghanistan, killing 52 people, officials said.
There are currently no proposals on the table for OPEC to revive limits on crude output at its June meeting after the failure of talks to freeze production last month, according to six delegates from the group.
Iraq’s oil exports approached a record high in April, adding barrels to a worldwide supply glut, even as protests against public corruption threatened to paralyze the OPEC member nation’s government.
Saudi Arabia's oil output is expected to edge up closer to record highs in the coming weeks to meet Summer demand for power.
Wood Group has won a $500million contract with BP operated projects offshore Azerbaijan creating 200 new positions.
The world's first ultra-sour gas project has been officially opened by the Abu Dhabi National Oil Company(ADNOC) in a joint venture with Occidental Petroleum.
Saudi Arabia made its first sale of oil to a small, independent Chinese refiner. What’s more significant to markets is that the world’s biggest crude exporter broke from its usual practice of selling via long-term contracts, according to Citigroup Inc.
Saudi Arabia’s Cabinet has approved a plan laying out economic reform priorities for the next 15 years which are aimed at moving the kingdom away from its reliance on fossil fuels.
GE Oil & Gas has signed an agreement with the Iraqi Ministry of Oil that aims to strengthen the performance of the nation’s energy sector and create local jobs.
Saudi Arabian Oil Co. will complete the expansion of its Shaybah oilfield by the end of May, allowing the biggest crude exporter in the world to maintain the level of its total production capacity, according to two people with knowledge of the plan.
Saudi Arabia is considering a dual listing as a way to reach investors beyond the local stock market for the sale of shares in state-owned oil giant Aramco, which could be the world’s largest initial public offering, the kingdom’s deputy crown prince said.
JPMorgan Chase & Co. and Michael Klein, the former Citigroup Inc. investment banker who runs his own boutique, have been selected to advise on state-owned Saudi Arabian Oil Co.’s initial public offering, according to people familiar with the matter.
More affluent residents and citizens in oil-rich Persian Gulf countries are holding back on luxury spending, focusing instead on basic needs amid concerns over jobs and the health of the economy.
JPMorgan Chase & Co. and Michael Klein, the former Citigroup Inc. investment banker who runs his own boutique, have been selected to advise on state-owned Saudi Arabian Oil Co.’s initial public offering, according to people familiar with the matter.
British oil giant BP would be “very welcome back” in Libya, Philip Hammond has told MPs.
After taking over defense and economic planning, Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman has now stamped his authority over oil policy.
Kuwait’s three oil refineries were operating at reduced rates on Monday on the second day of an open-ended labor strike.
If there's a certain retro feeling in the air, it's not just because everyone's talking about a Donald Trump presidential run and a song called "Me Myself & I" is in the charts. Oil markets are also starting to have a distinctly 1986 feel to them.
Oil tumbled by the most in two months after output talks Sunday between the world’s biggest producers ended without any agreement on limiting supplies, a diplomatic failure that threatens to renew the rout in prices.
Gulf Keystone Petroleum has received $15 million payment from the Kurdistan Regional Government in Iraq for Shaikan crude oil exports in March.