Opec's production remains higher than next year's global requirement for its crude, the exporter group said on Tuesday, even after Saudi Arabia cut production from a record high level.
The monthly report from the Organizat
The U S will stride past Saudi Arabia and Russia to become the world's top oil producer by 2016, the West's energy agency said, bringing Washington closer to energy self-sufficiency and reducing the need for Opec supply.
Kuwaiti oil minister Mustapha al-Shamali said on Tuesday that he hopes his country can achieve oil production capacity of 4 million barrels per day by 2020.
Kuwait's current production is 3.2 million barrels per day, he told r
Libya's oil output is stuck at less than half of pre-war levels due to idle eastern oil ports, its oil minister said on Tuesday.
Oil production has fallen to 665,000 barrels per day (bpd) due to a month long disruption by arme
Higher production of oil at $100 per barrel could generate an additional $100 billion per year income to Iraq by the end of the decade, providing crucial support to the country’s fiscal position, a report said.
Using IMF pro
South Sudan plans to sell 6.4 million barrels of oil worth $300 million before shutting down its entire production by the end of July due to a row over its alleged support for rebels in neighbouring Sudan, its oil minister said on Saturday.
Kuwait Energy, a major oil and gas exploration and production firm, has announced a production increase at its East Ras Qattara (ERQ) Concession in Egypt, in which it holds a 49.5 per cent interest.
The announcement was made with
The total worth of natural gas projects currently under development in the GCC states is as high as $73 billion, a top official said.
The projects include those in the tendering or EPC (engineering, procurement and construction) p
The Middle East is facing a double dilemma over the global competitiveness for oil in the future, said experts at a panel discussion held by the International Institute for Strategic Studies (IISS) - Middle East in Bahrain.
GCC economic growth is set to slow to 3.6 per cent in 2013 from 5.4 per cent in 2012 as the three-year surge in regional oil production comes to an end, a report said.
However, on the ground, business conditions are expected to re