Deepwater expenditure is expected to increase by 130 per cent, compared to the preceding five-year period, totalling $260 billion from 2014 to 2018, with growth driven primarily by Africa and the Americas, a report said.
Gulf Arab economies are likely to keep growing robustly over the next two years as government spending remains high, even though somewhat softer oil prices may cut into government revenues, a report said.
Saudi Arabia's gross
Brent futures rose above $109 a barrel on Friday on expectations of steady demand growth as the manufacturing sector in China, the world's second-biggest oil consumer, expanded at its fastest pace in 18 months.
The European be
The International Monetary Fund has warned that a sustained drop in oil prices could leave many Middle Eastern and North African exporters in the red because of surging spending, a report said.
The warning came in the IMF's ne
Turmoil in the Mena region has been awful for the people of the region. The same cannot be said for Opec, the oil group. The long list of crises - violence in Iraq, fear of sectarian spillover from the Syrian conflict, oil worker strikes in Liby
Iran's oil exports are being hurt by current high prices that make it more economical for rivals like the US to produce more costly oil, Iran's new energy minister said in an interview published by his ministry's website.
Oman's A1 rating with stable outlook is based on the economy's robust growth outlook and the government's sound fiscal metrics, but both are vulnerable to a downturn in global oil prices, said Moody's Investors Service in a repor
Saudi Arabia has been one of the best performing G20 economies in recent years, and has supported the global economy through its stabilizing role in the global oil market, the International Monetary Fund (IMF) was quoted as saying in a report.
The UAE is witnessing an economic revival as a direct result of rising oil prices and non-oil economic activities backed by investments, trade and tourism, an IMF report has said.
The IMF final report on the UA
Brent crude oil prices will decline further this year and next, pressured by a potential slowdown in Chinese oil demand growth and swelling supplies, a Reuters poll showed on Thursday.
But U.S. light crude futures, also known as W