A decision on extending the cuts is expected in the first week of March, with individual countries expected to announce their decisions
The drop in prices comes as concerns around supply disruptions due to the Israel crisis ease along with a reduced demand for China
The combined companies expect to generate about $1bn in cost synergies within a year of its closing
To ease oil supply pressure, the US suspended sanctions on OPEC member Venezuela after a Venezuelan government deal with the opposition
Saudi Arabia, Russia will continue with their respective production cuts in a bid to “balance the global oil market”
The company’s declared a dividend of $19.5bn for the final quarter of 2022, a 4 per cent increase compared to the previous three-month period
The country’s GDP crossed the $1tn mark for the first time in 2022 as higher oil prices boosted government revenues
The OPEC member recorded the highest non-oil revenue in seven years, up 38.5 per cent to KD2.4bn
Brent crude, down 36 per cent this year, has clawed back some of its losses and ended trading on Friday at more than $40 a barrel
Aramco’s recovery has been achieved on much smaller share volumes than its international counterparts
By law, 10 per cent of state revenue is annually transferred into the Future Generations Fund, which invests abroad and has adequate liquidity to meet any requirement