UAE minister of energy ruled out a cut in OPEC’s production or an emergency meeting soon to stabilise the falling oil prices.
OPEC Secretary-General said that Gulf countries should continue to invest in oil exploration despite the decline in oil prices.
ORPIC had said on Dec. 5 that it had put out a fire at one of the naphtha treatment units at the refinery in Muscat.
The IEA slashed its outlook for global oil demand growth for 2015 by 230,000 barrels per day to 900,000 bpd.
The state-owned firm said that it will take a 30 per cent working interest in the new exploration blocks in the event of a commercial discovery.
Several industries such as manufacturing and aviation will benefit from lower oil prices, he said.
The January OSP, down $1.85 a barrel from the previous month, is Kuwait’s lowest since December 2008, Reuters data showed.
The current stance of Saudi is seen as a shift from its longstanding policy to act as a swing supplier, analysts say.
OPEC forecast demand for the group’s oil will drop to 28.92 million barrels per day (bpd) in 2015, down 280,000 bpd from its previous expectation.
The price of the North Sea oil benchmark has fallen more than 40 per cent since June.
The Algerian minister reiterated that oil prices were down because of low consumption and high supplies especially from non-OPEC petroleum-producing nations.
Prices have fallen over 40 per cent since June and brent crude hit $65.33 a barrel on Tuesday, its lowest since September 2009.
Saudi Arabia climate deal negotiator said that the new climate change policy should address the vulnerabilities of countries reliant on oil.
Saudi Arabia blocked calls last month from poorer members of the OPEC for production cuts to arrest a slide in global prices.
US investment bank Morgan Stanley said oil prices could fall as low as $43 a barrel next year.
The $20 billion Barakah project, funded by the Abu Dhabi government, is expected to provide 24 per cent of the UAE’s energy by 2020.
Kuwait Petroleum Corporation CEO said that the price will hover around $65 until the world economic recovery is clear.
The discounts on Saudi crude oil for Asian customers in January were the biggest since at least 2002 while prices were cut to the United States for the fifth month in a row.
OPEC’s relevance exists even if it doesn’t announce ambitious production-cutting agreements, writes Reuters’ columnist John Kemp.
OPEC’s decision has provided the commodity fund industry- which has been steadily shrinking over the last few years- with a much needed boost.
Brent hit a five-year low below $68 a barrel on Monday after averaging around $110 a barrel in 2011 to 2013.
The 400,000 bpd Yasref refinery started trial runs in September and had originally planned its first exports by November.
The firm has chosen Citigroup, Emirates NBD and Societe Generale to arrange the loan, sources said.
Indonesia’s oil firm Pertamina is in talks with CNOOC, Saudi Aramco, Thailand’s PTT Pcl and a Japanese oil company to form joint ventures.
Pakistan will buy about 2.5 million tonnes a year of high sulphur gasoil from state company KPC, with a tolerance level of plus and minus 10 per cent, sources said.
The company has invested up to $10.6 million to raise its stake in Block C1-27, an oilfield situated in Cote d’Ivory.
Oil has fallen since June to reach its lowest since October 2009.
The cabinet called for cooperation against market speculators and said that it was pleased with OPEC’s decision to keep output unchanged.
Saudi Arabia cut prices for crude sold to Asia in four of the past five months, part of its strategy in a fight for market share against non-OPEC producers.
Both U.S. crude and Brent have fallen for five straight months.