KEPCO expects the deal to boost its revenue by nearly $50bn over the next 60 years
Producer action to limit supply will help the market improve further, said Al Falih
August output dropped to 10.630 million bpd from 10.673 million bpd in July
Integration is expected to be completed by the end of 2017, ADNOC said
Kuwait’s acting oil minister expects an output “understanding” at Nov OPEC meeting
Iranian oil minister Bijan Zanganeh said Iran’s priority was developing the giant South Pars gas field
The measure is initially expected to affect 10,000 consumers
International oil benchmark Brent is currently hovering around $53 a barrel
Oil prices have rallied after the Russian president indicated the country would join OPEC in cutting production
The firm is said to be aiming for a reporting format similar to multinational oil companies BP and ExxonMobil
The company is expected to raise the financing early next year
The decision was reached after MPs protested that Kuwaitis should be compensated for the price rise
The project is being implemented by DP World with phase one slated for completion in 2017
Additional gas will be provided to authorities in both emirates
The plant will be operational by December 2019
The consolidation process is expected to be concluded by early 2018
The increase, which is as high as 80 per cent for some fuel types, was deemed illegal by a court last week
Iran, along with Libya and Nigeria, is allowed to produce “at maximum levels that make sense” as part of any output limits
The region has already changed forever regardless of whether the oil price recovers, says Nicolai Tillisch, author of Effective Business in the Gulf
Saudi is “ready to participate in any collective action” to achieve this goal, the cabinet said
The projects may be executed in phases
One US shale oil industry veteran likened the results of the prolonged price war to a bruising 12-round boxing match
Price rise made on September 1 was fiercely challenged by Kuwait’s MPs and the public
The move would effectively re-establish OPEC production ceilings abandoned a year ago
The new facility has the capacity to store 80,000 cubic metres of oil
The Organization of the Petroleum Exporting Countries will hold informal talks on Wednesday
Some ministers and officials have expressed hope that a deal would emerge this week
The offer, which has yet to be accepted or rejected by Tehran, was made this month