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.
Iran plans to sell discounted oil to the Asian market as a way to mitigate losses caused by US sanctions on the country.
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.
Saudi Arabia’s petroleum exports worldwide will not be affected by the ongoing diplomatic dispute between the kingdom and Canada, Energy Minister Khalid Al-Falih affirmed on Thursday.
Rowan Companies jack-up rigs joint-venture ARO Drilling has been awarded six three-year contracts by Saudi Aramco for Rowan rigs.
Italian oil and gas contractor Saipem has won contracts worth approximately $800 million in total for engineering and construction in Saudi Arabia, Iraq and other countries.
The temporary closure of the Bab al-Mandeb strait has a limited impact on Kuwaiti oil shipments as only 10% pass through the strategic shipping lane, Kuwait News Agency (KUNA) revealed on July 26.
Saudi Arabia is “temporarily halting” all oil shipments through the Red Sea due to an attack on two oil tankers by Yemen's Houthi movement.
Saudi Arabian crude exports are expected to drop by roughly 100,000 barrels per day (b/d) in August as the country refrains from oversuppling the market, the kingdom's OPEC governor stated on July 19.
