With the price of Brent crude oil now below $80 a barrel, down from around $115 in June, the Saudi government may post a budget deficit next year.
Benchmark brent crude dipped to a four-year low of under $80 per barrel last week, compared with a June high above $115.
Dow Chemical announced last week that as part of a $7-$8.5 billion divestiture plan, it would reduce its equity positions in all of its Kuwaiti ventures.
Zanganeh did not name the countries but he may have been referring to Saudi Arabia, a dominant force within the Organization of the Petroleum Exporting Countries.
Saudi Arabian Finance Minister Ibrahim Alassaf was replying to a question on whether the recent plunge in oil prices was on the G20 agenda.
The comments come ahead of a pivotal OPEC meeting on Nov. 27, where producers will consider whether to cut output in order to shore up prices that have dived more than 30 per cent.
Representatives from both Saudi Arabia and Mexico agreed that all efforts should be made to stabilize international oil markets.
Saudi’s oil minister Ali al Naimi said the Kingdom’s policy of seeking stable global markets had not changed.
The reduction to 650,000 was decided because of market oversupply, with the second to 500,000 made necessary by refinery maintenance, the source said.
Moroccan solar energy agency Masen said consortiums led by Spain’s Abengoa, GDF’s International Power and ACWA Power had been pre-selected for the 200 MW (Noor II) tender.
Kuwait is planning to lift its capacity to four million barrels per day by 2020 and maintain that figure by 2030.
The emirate, which provided water for free to UAE citizens, will charge a fee of Dhs1.7 per 1,000 litres for Emiratis from next year.
Saudi Arabia will use the extra output to meet its own rising energy demands, including both power generation and water desalination.
Saudi Arabia’s oil minister said that the Kingdom wanted to work “with other producers to ensure price stability for the interest of producers, consumers and the industry at large”.
Once complete, the terminal will be capable of supplying an average of 1.2 billion standard cubic feet (bcf) of natural gas per day to the UAE.
In a monthly report , OPEC forecasted that demand for the group’s oil will drop to 29.20 million barrels per day (bpd) next year — almost one million bpd less than its current levels.
Iran’s oil minister Bijan Namdar Zangeneh discussed the developments in the oil market with Kuwait’s emir, the Iranian news agency reported.
The major oil exporter’s public spending was 6.12 billion dinars in April-September, below 11.61 billion dinars originally planned for the period.
The firm cited a higher effective tax rate for the decrease in profit.
The company received $71 million in cash from operations and cash collections in the third quarter.
International oil prices have fallen by around 30 per cent since June, as fast-rising U.S. shale production has contributed to growing supplies.
Output is expected to reach a peak rate of around 15,000 barrels of oil per day (bopd) as the wells are completed at the Manora oil field, the company said.
The middle distillates market was hit by high supplies this year compared to last, which may have affected the term premium.
Qatar’s economy depends heavily on state spending funded by the coutnry’s gas exports but energy prices still appear far from levels that would stress government finances.
The official said that the oversupply is mainly caused by shale oil revolution in the market.
Iranian Oil Minister Bijan Namdar Zangeneh visited Doha on Monday and delivered a message from President Hassan Rouhani to Qatar’s Emir calling for cooperation.
The state-owned crude oil producer currently produces 1.6 million barrels per day.
A petrol price hike would probably have a much bigger impact on consumers than the diesel and kerosene changes.
The executive said that the fluctuating oil prices does not overshadow Saudi Aramco’s long-term commitment.
Abdullah al-Badri said both producers and consumers would be happy with oil prices in a broad range around $100 per barrel.