The Gulf State plans to increase crude production by 30,000 barrels per day this year.
Saudi Aramco’s new refinery in Jizan will have a capacity of 400,000 barrels per day when ready.
A fall below that level will lead to a cut in Saudi’s oil output and force high-cost oil projects to shut down.
High oil prices “pose a real threat to the economic recovery” says the International Energy Agency.
The Kingdom’s oil minister Ali al-Naimi said that an oil price of $100 per barrel would be “great.”
Qatar Investment Authority has reportedly acquired between three to five per cent of oil major Royal Dutch Shell.
The oil producing group said that crude oil supply was in excess of market requirements.
Saudi also has 80 million oil barrels in storage for sudden need, the Kingdom’s oil minister Ali al-Naimi said.
The Gulf states have assured South Korea that they will make-up for any shortfall of oil supply from Iran.
The Dubai utility received several Expressions of Interest (EOIs) from international firms for 10MW plant.
Saudi Basic Industries Corporation will be distributing a dividend of SR5 per share to shareholders for 2011.
The Kingdom stressed that it has not signed any deal with Sweden to help build a weapons factory in Saudi.
Increasing output from OPEC and slow global demand are easing fundamentals, said the International Energy Agency.
Abu Dhabi National Energy Company (TAQA) booked a profit of $113 million on the sale.
The Saudi-based chemical producer is planning to build a technology research and development in Shanghai.
The UAE oil production was reportedly at full capacity because of the rising demand.
The Kingdom also slashed its crude prices for Europe, as oil demand weakens.
Korea Electric Power Corp, which is already building four nuclear power plants in the UAE, will begin talks to construct four more in the country.
Saudi Electricity Company will use the amount, loaned by a group of international banks, to build a power plant in Rabigh.
The oil supply from the OPEC nations in March this year increased to its highest level since October 2008.
Saudi Arabia is right to be concerned about the rise of new hydrocarbon superpowers, writes Yadullah Ijtehadi.
The Kingdom is planning to spend more than $100 billion to establish 16 nuclear energy plants in the country.
The International Energy Agency has warned that if crude oil prices don’t fall, oil import bills may soar to record levels this year.
The UAE lender’s loan will help Indonesian coal producer AKT to meet its working capital needs.
The Kingdom’s oil exports rose 143,000 barrels per day in January compared to December, according to the Joint Data Initiative.
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Qatar Petrochemical Company has awarded construction contracts worth QR604 million to expand its ethylene plant.
The region’s hydrocarbon reserves account for almost a third of the world’s reserves, says QNB Capital.
Despite demand worries, OPEC oil production reportedly reached 30.97 million bpd in February, the highest since November 2008.