OPEC and non-OPEC petroleum producing countries will agree to introduce a mechanism for monitoring crude oil production before the end of 2018, Kuwaiti Oil Minister Bakheet Al-Rashidi stated.
Saudi Arabia's sovereign wealth fund has borrowed $11 billion from international banks after plans for an initial public offering (IPO) of state-owned oil firm Saudi Aramco were delayed indefinitely.
Kuwait and Iraq plan to appoint consultants to study the development of shared oil fields, as a solution to long-standing tensions over cross border oilfields.
Abu Dhabi National Oil Company (ADNOC) is reportedly looking to sell a minority stake in its refining business, and is in advanced negotiations with multiple potential buyers including Italy’s Eni.
Algerian state-owned firm Sonatrach has signed gas supply deals with Spain and Italy’s Eni.
Iran plans to sell discounted oil to the Asian market as a way to mitigate losses caused by US sanctions on the country.
Iraq has signed a deal with Petrofac worth $369 million for the construction of a new crude-processing plant in the giant Majnoon oilfield.
British renewable energies investment company Quercus announced it will stop building a $570 million solar power plant in Iran due to the recently imposed sanctions on the Islamic Republic.
Algeria's Sonatrach has changed its senior leadership personnel in a bid to retain skilled workers within the state-run firm.
Saudi Arabia was forced to cut oil production by more than 200,000 barrels per day (b/d) last month after OPEC’s forecasted demand figures were lower than expected, raising concerns about oversupply.
