The decline in oil prices will prevent Mozambique from producing biofuels due to the increased costs of bio-diesel production in comparison to the conventional gasoline and diesel.
Qatar’s onshore oil price in February marginally increased above its price in January to reach $55.11 per barrel - $10.11 above the $45-per-barrel rate previously approved in the state budget.
According to the International Energy Agency (IEA) latest report, investment in new projects fell during the slump in oil prices that began in mid-2014, which may compromise production levels by 2020.
Kuwait Petroleum Corporation (KPC) stated that the country increased oil prices increased by $0.13, late August, from $43.87 per barrel to reach $44 per barrel
Oil Minister for Venezuela, Eulogio del Pino, is once again hoping to persuade the Organization of the Petroleum Exporting Countries (OPEC) to reach a freeze deal that would help boost global oil prices.
The Egyptian Ministry of Petroleum and Mineral Resources has assured that the oil and gas industry is currently stable despite decrease in global oil prices.