Ali al-Omair said the OPEC has to keep output unchanged to sustain marketshare.
Production was steady in January at 9.680 million bpd from 9.630 million bpd in December.
The company has an exclusive licence to carry out a geological survey of the Mediterranee Ouestarea, which comprises 3,433 sqkm.
All oil sales in Libya needed to be routed through a state oil firm based in the east.
The contracts that cover 2015 will see Kuwaiti jet fuel flow through the BP system to Dubai and several European Airports, KPC said.
Oil bears may underestimate the hurdles on the diplomatic path to Iran’s return to world energy markets.
OPEC issued a set of production figures as reported to its Vienna Secretariat by member-countries this week, without any countries missing from the total for the first time in months.
In its monthly report, OPEC left its forecast for 2015 world oil demand growth unchanged.
The firms are looking at developing renewable projects with a capacity of 2 GW in Egypt.
Saudi oil adviser Ibrahim al-Muhanna said he was optimistic about crude oil demand growth, and expected future supply to be “healthy”.
This was ADNOC’s first naphtha spot sale after the expansion of its Ruwais refinery, where capacity has been more than doubled.
In a bourse filing, the company said repairing the fault was expected to be completed within 10 days.
The increase in refinery’s capacity according to the current plan is from 260,000 barrels per day to 360,000, the minister said.
OPEC decided at its last meeting in November to keep production unchanged, rather than cutting it to support sliding oil prices.
Safco will raise its capital from SAR3.33 billion to SAR4.16 billion ($888 million-$1.11 billion), according to a filing on the bourse website.
The company did not disclose the value of the deal or the exact size of the stake it purchased.
Aramco executive said that the $1 trillion figure included projects that might merely be delayed, not just those that could be cancelled outright.
Aramco deployed 210 oil and gas rigs in 2014, an exceptionally busy year, company sources had said.
The zero-fuel airplane is flying from the UAE capital to Oman in the first leg of its journey.
The OPEC secretary general also said that the oil market would return to balance in the second half of 2015.
He said projections showed prices might improve this year, but added that they might also stay between $50 and $60 a barrel.
Dreyfus is sending about 280,000 barrels of ethanol from the Port of New York to Jebel Ali in the UAE.
The Fujairah port, which lies outside the Strait of Hormuz, a vital Gulf oil export route, has seen a boom in storage facility building since late 2009.
The two 1970’s-built trains have a combined capacity of 2.1 to 3 million tonnes per annum.
The minister said that the Kingdom wanted the market to stabilise but said it will not subsidise higher cost producers.
PDO’s production in January and February exceeded the planned average for the year as a whole.
The MoU calls for South Korean firms to help build at least two small-to-medium sized nuclear reactors in Saudi.
ADNOC said on Wednesday it raised benchmark Murban crude prices to $56.55 per barrel, up $10.15 from the previous month.
Khalid al-Buainain took early retirement for personal reasons and his departure will take effect on Sunday.
Rowan said it was in talks with Saudi Aramco to extend contracts for four of its drillships and was looking to win contracts for three jack-up rigs.