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Iran, which is coming back on the international oil market, voiced readiness to discuss the issue of oil prices with OPEC member states, including Saudi Arabia. “We support any form of dialogue and cooperation with OPEC member states, including Saudi Read more
Oil Minister Bijan Zanganeh said crude oil supplies will be increased because European companies have requested hundreds of crude oil barrels per day (bpd) during President Rouhani’s visit to Italy and France. Total agreed to buy 160,000bpd while Eni is Read more
The Bahraini government approved the reduction of subsidies and the increment of energy prices in the country by at least 50%. The government made the decision while reviewing the expenditure policies due to the low global oil prices. Reducing energy Read more
Militants of the Islamic State in Libya attacked the oil ports of Sidra and Ras Lanouf as they try to expand their control in the country towards the east and over oil infrastructures. Their attempt was unsuccessful with both sides Read more
The diplomatic ties between Baghdad and Riyadh have been reignited with the arrival of Saudi embassy officials in the country on Tuesday and the Ambassador is expected to land on Thursday. The diplomatic relations between the two Arab countries was Read more
The International Monetary Fund (IMF) has urged Oman to review its expenditure policies and introduce new taxesin order to reduce fiscal deficit as oil prices continue falling and reached below $40 per barrel for the first time in seven years. Read more
After the meeting in Vienna of the Oil Producing Exporting Countries (OPEC) held last week ended with member countries deciding not to reduce output leading to a further drop of oil prices to around $43 a barrel, Saudi Arabia which Read more
Oman’s oil minister Mohammed Bin Hamad Al Rumhy scolded the Organization of Petroleum Exporting Countries (OPEC) at the opening of the Abu Dhabi International Petroleum Exhibition and Conference for the low oil and gas prices due to “irresponsible” production and Read more
Saudi oil Minister Ali al-Naimi said that the current low oil and gas prices will be settled through increased demand in Asia. He said urbanization, population expansion, increasing prosperity and social mobility will lead to oil demand growth which will Read more
The United Arab Emirates (UAE) approved a zero deficit federal government budget on Sunday as oil prices continue to be low. The estimated dh48.557 billion budget for 2016 allocated almost 56% to education, social development, public services and health. Vice Read more