Opec is determined to keep pumping oil vigorously despite the resulting financial strain even on the policy's chief architect, Saudi Arabia, alarming weaker members who fear prices may slump further towards $20.
Iran plans to increase its production of natural gas to more than 1 billion cubic metres (bcm) a day in the next two and a half years, Oil Minister Bijan Zanganeh was quoted as saying on Tuesday.
Speaking at a news conference ahea
Opec said its oil output fell in October and forecast supply from rival producers next year would decline for the first time since 2007 as low prices prompt investment cuts, reducing a global supply glut.
In a monthly report, the
State-owned oil company Saudi Aramco's chairman Khalid Al Falih said that the company has no plans to cut oil production and he foresees the oil market rebalancing in 2016, the Financial Times reported.
The United Arab Emirates will raise its oil production capacity to 3.5 million barrels per day within the next two to three years, the head of the national company Adnoc Abdullah Nasser Al Suwaidi said.
Iran is expected to produce record amounts of chemical fertilisers by March 2016, said a senior official from National Petrochemical Company (NPC).
The chemical fertiliser output will rise dramatically as new petrochemical feedsto
Opec oil output has fallen in October from the previous month, a Reuters survey found on Friday, as declines in top producers Saudi Arabia and Iraq outweighed higher supply from African members.
The drops are n
Egyptian auto distributor GB Auto has said that production at some of its factories was halted for 20 days during September and October due to delays in supplies but is now back on track.
"GB Auto factorie
Aluminium Bahrain (Alba), one of the world's leading aluminium smelters, said on Sunday its third-quarter output rose 2.9 per cent despite significant drops in London Metal Exchange prices.
The sales figures reached 238,862 me
Yanbu Aramco Sinopec Refining Co (Yasref) is operating its refinery at 75 per cent capacity, sources said, potentially boosting product margins as several plants in Asia and the Middle East undergo maintenance.