Kuwait's finance ministry has slashed spending and projected a big deficit in a draft budget for the next fiscal year, as plunging oil prices hit its export revenues.
The draft budget for the year starting in April envisages s
Brent crude oil prices fell below $50 a barrel on Monday after Iraq announced record oil production and the global economic outlook darkened.
Iraqi Oil Minister Adel Abdel Mehdi said on Sunday Iraq pumped 4 million barrels per day
Iran, which has the largest natural gas reserves in the world, could potentially export 25 billion to 30 billion cu m (bcm) of natural gas to 12 European nations, a report said.
“Iran is seeking a way to export gas to Europe
A major new joint-venture refinery in Saudi Arabia on Thursday shipped its first clean diesel cargo, the company Yanbu Aramco Sinopec Refining Co (Yasref) said.
The start-up of the refinery is expected to weigh on diesel prices as
Saudi Arabia made deep cuts to its monthly oil prices for European buyers on Monday, a move some analysts said reflects the kingdom's deepening defence of market share, although it also hiked prices in Asia from record lows.
Turkey’s annual export figures for 2014 rose 4 per cent to $157.62 billion, an all-time high, the Turkish Exporters' Assembly (TIM) said on Thursday.
December exports rose 1.1 per cent year-on-year to $13.14 billion, TIM