The official selling price (OSP) for Oman crude in January will drop by $8.72 to $78.24 a barrel, the lowest since November 2010, Reuters calculations based on data from the Dubai Mercantile Exchange (DME) showed on Friday.
Fundamental factors do not justify the sharp drop in oil prices, Opec secretary-general Abdullah Al-Badri said on Thursday, forecasting a price rebound by the second half of next year.
"We are concerned but we are not panicki
Kuwait Finance House (KFH), a leading Islamic lender, reported a 10 per cent fall in third-quarter net profit on Thursday, in line with analysts' forecasts.
The net profit dropped to KD35.5 million ($122.7 million) in the thre
Saudi Arabia's Yanbu National Petrochemical (Yansab) reported a 20.1 per cent drop in third-quarter net profit, in line with analysts' estimates, as sales volumes declined.
The firm, a subsidiary of Sau
Top oil exporter Saudi Arabia told the Opec it raised its oil production in September by 100,000 barrels per day, adding to signs it has yet to respond to a drop in prices well below $100 a barrel by trimming output.
In a monthly
Bahrain has registered an 85 per cent drop in the average duration of power cuts this year, the lowest number of blackouts ever in Bahrain's history, said Minister of State for Electricity and Water Affairs Dr Abdulhussain Mirza.
Fishermen in Bahrain have reported a "significant" drop in shrimp stocks in the last month because of illegal fishing.
Fishermen's Protection Society president Jassim Al Jeran said the season so far has been abysmal,
Bahrain has seen a drop in the number of foreign housemaids coming forward with allegations of abuse during Ramadan.
In previous years, extended working hours and allegations of general mistreatment during the
Saudi Arabia produced 9.566 million barrels per day (bpd) of crude oil in March, down from 9.849 million bpd in February, an industry source familiar with the matter said on Tuesday (April 8).
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