Saudi Aramco is looking to expand its investments in refining and petrochemicals to secure new markets for its crude, and has identified growth in chemical industries as strategic in combating the risk of a slowdown in oil demand.
Production at Iraq’s Nasiriya oilfield will be expanded to 100,000 barrels per day (b/d) following a government vote.
Canadian firm SNC-Lavalin has won a contract for with Dubai-based Florexx International Investments for the basic engineering, design and construction of an advanced topping refinery in the UAE.
Iraq’s Basra Oil Company and Dhi-Qar Oil Company have signed a memorandum of understanding with Chevron for studies and seismic surveys on oil activities in the country.
Iraqi oil minister Jabar al-Luaibi released a statement on June 11 in which he warned producers against being pressured to boost output levels, adding that unilateral decisions could collapse the OPEC and non-OPEC supply cut agreement.
Saudi Arabia has boosted oil output to over 10 million barrels per day (b/d), the highest level since October 2017.
Total has signed a concession agreement with Algerian state-owned Sonatrach, Repsol, and Alnaft for a 25-year licence extension for the Tin Fouye Tabankort (TFT) gas and condensate field.
Iraq's State Oil Marketing Organization (SOMO) has raised its oil selling price for July exports of Basra Light and Basra Heavy crude grades to Asia.
Two Russian firms are reportedly preparing bids and technical proposals to develop the Shadegan oil field in southern Iran.
Iran is planning to increase its oil production by 460 million barrels over the next three years, according to oil minister Bijan Zanganeh.
