Venezuela’s government is pushing for action to boost low oil prices that have battered its economy
The new pipeline will replace an ageing 230,000 bpd link and will help increase the processing capacity of its Sitra refinery
The tender for the project will be launched in the fourth quarter of 2015
The company currently owns two refineries in Europe and has more than 4,000 Q8 petrol service stations across the continent
Kuwait’s OPEC governor said the current imbalance stemmed from several factors and not just an economic slowdown in China
The second unit at the Barakah plant is also 53 per cent complete following the installation of steam generators
Nasser has been acting president and chief executive officer of Saudi Aramco since April
Kuwait aims to add a total of 700,000 bpd of crude oil production capacity from offshore and onshore areas
Under the new project called MGS 2, SEPCO will build a gas compressor station, industry sources said
SEC’s peak load rose by 10.2 per cent to 62,260 MW from 56,547 MW a year earlier
The statement shows that the Gulf leaders do not plan to cut back their output to support prices
The development will be located 8 km southwest of Aramco’s Dhahran headquarters
Crude suppled to the market in August was at 10.18 million bpd, down by about 78,000
Indonesia’s membership could add almost 3 per cent to the group’s oil output, which is already close to a record high
The announcement was made following the Venezuelan President’s suggestion of a summit to defend oil prices
The kingdom is encouraging investment in different energy sectors
Oil prices have more than halved since peaks hit in summer last year due to abundant supplies
The country had to shut down two oil facilities that it shared with Saudi Arabia last year
The newspaper did not elaborate on when the government might reach a conclusion on the issue, and it did not give details of the possible reform
The Venezuelan leader said that he had also suggested to Qatar’s emir that non-OPEC countries, take part in future OPEC meetings
Oil prices dropped to their lowest level in over six years last week
Aramco said the fire broke out in a basement of the Radium residential compound in Al Khobar
Oil prices remain challenged by over-supply in the market and the likelihood of decreased demand from China
Two prototype palms have been installed – one at a beach near the Burj Al Arab hotel and the other at Zabeel Park
The price of one litre of octane 95 gasoline will cost Dhs 1.96 from September 1
The group will require approval from all countries to execute any market regulating measures, the official said
Qatar is working more closely with trade houses who are focused on short-term deals, often in riskier markets, while also lowering its price expectations
Rosneft, the world’s top listed oil company by output, is in talks with Mubadala to jointly develop two projects
Brent oil touched an intraday low of $43.28, its weakest since March 2009
U.S. oil prices fell below $40 a barrel on Friday for the first time since the 2009 financial crisis, pressured by signs of oversupply in the United States and weak Chinese manufacturing data