The GCC states have spare oil production capacity now of 2.5 to 3 million barrels per day and are positioned to meet any possible shortfall in supplies to world markets, a report said.
The report by the Institute of International Fin
The Dubai Mercantile Exchange (DME), a leading energy futures exchange in the Middle East, hit a new monthy record after trading three million contracts, equivalent to three billion barrels of crude oil, since its launch in June 2007.
The Bahrain Petroleum Company (Bapco) has set a new record for monthly average capacity of 271,300 barrels per day (bpd).
The new record, set last month, is a major accomplishment compared to the refinery's average capacity of 262,000 bpd.
Oman's crude oil production rose three per cent in the first seven months of this year compared to the same period a year ago, the Sultanate's finance ministry data showed.
Oman produced 164.28 million barrels of crude in the perio
State oil giant Saudi Aramco plans to accelerate the development of its 900,000 barrels-per-day (bpd) Manifa oilfield and reach full capacity by early 2015, an Aramco executive said on Wednesday.
Aramco had said in its 2009 annual review t