The new oil paradigm and what it means for GCC’s power generation sector.
Qatar’s existing 25-year exploration and production-sharing agreement with Maersk Oil of Denmark expires in 2017.
Last month, the state-owned firm said that its net loss for the first quarter of the year more than doubled, to 1.94 billion riyals ($517 million).
The Trans Anatolian Pipeline (TANAP) will carry carrying 16 billion cubic metres (bcm) of gas a year from Azerbaijan’s Shah Deniz II field in the Caspian Sea to European markets.
The OPEC producer began storing the medium-sour crude onboard Aframax tanker Abu Dhabi III in mid-April, the sources said.
Brent crude jumped 76 cents to $68.28 a barrel by 0603 GMT, after earlier hitting a 2015 peak of $68.53.
The minister said that he saw a bright future for education, training, development and manufacturing in the Kingdom.
While the June meeting in Vienna is likely to hear demands from some members for a reduction in the amount of oil pumped, a curb is largely unlikely.
India and Iran agreed in 2003 to develop a port at Chabahar on the Gulf of Oman, but the venture has made little progress because of Western sanctions on Iran.
The spot requirement comes even after the country added 800,000 barrels per day (bpd) of capacity in two new refineries over the last two years.
The firm made a net profit of $12 million in the three months to March 31, down from $45 million in the prior-year period.
A stronger US dollar also weighed on the dollar-denominated commodity.
Jet fuel prices will be cut by 15 halalas per litre at Riyadh and Jeddah airports and by 20 halalas per litre at other airports.
The company said the delay would not increase the cost of the plant.
The firm is looking for what bankers termed “incremental finance”, sources said.
Al Waha Petrochemical had closed its propylene and polypropylene plant in Jubail for 30 days from April 1.
On Wednesday, Saudi King Salman appointed Saudi Aramco’s CEO as chairman of the state oil firm and health minister.
The loan consisted of three portions lasting between five and seven years.
Grant Gillon has been appointed the acting chief financial officer of TAQA.
The project will upgrade and expand two of the Gulf Arab state’s largest existing refineries.
In a surprise move, Saudi King Salman on Wednesday appointed his nephew, Deputy Crown Prince Mohammed bin Nayef, as the new heir apparent.
Falih’s replacement as head of Aramco, which he had led since January 2009, was not immediately named.
The Kingdom shipped 7.35 million bpd of crude oil in February this year, down from 7.474 million in January.
The storage will increase monthly trade volumes on the DME by two million barrels.
Saudi Arabia’s Oil Minister Ali al-Naimi reiterated that the Kingdom intends to remain the world’s number one oil supplier.
Consulting firm Booze Allen Hamilton said regional oil and gas companies adopting big data could increase oil well production by up to eight per cent.
Ali-Reza Zeighami, manager of the South Pars oil layers project, said new wells were being drilled and would become operational in the second half of the next Iranian year.
Emirates NBD, First Gulf Bank, Gulf International Bank, HSBC, Noor Bank and Standard Chartered will provide the loan, three sources told Reuters.
The world’s top oil exporter is keen to maintain its market share, Prince Abdulaziz Bin Salman Bin Abdulaziz said.
New Delhi plans to use a 10 per cent reduction permissible under a 25-year contract with Qatar’s RasGas.