Global petrochemical prices fell about 18 per cent in December, the biggest month-over-month drop since November 2008, even as energy and naphtha prices continued to slide, according to a report.
The prices in the more than $3-tri
Oil prices at current levels may have reached a floor and could move higher very soon, the Organization of the Petroleum Exporting Countries (Opec's) secretary-general said, his first public comment that oil's second-biggest decline on
The chief executive of state oil company Kuwait Petroleum Corp, Nizar Al Adsani, said at an energy industry conference that he believed oil prices would remain below $100 a barrel for the next few years.
Iran is cutting the oil price on which it bases its next budget to $40 a barrel, the semi-official Fars news agency quoted Finance and Economy Minister Ali Tayyebnia as saying on Thursday.
"We will revise the oil price in the
Plummeting oil prices may affect Bahrain's decision on whether to expand its only oil refinery next year, a senior oil executive said.
He also predicted that growing refining capacity in the region would also squeeze product m
Even as Saudi Arabia and its Gulf Opec allies appear united in their refusal to cut output to boost global oil prices, they are becoming locked in an increasingly fierce battle to secure market share in Asia.
Saudi Arabia's construction sector has been hit by rumours that steel prices will collapse shortly because of falling demand, but its industry chief insisted that prices showed only slight decline, according to a report.
Abu Dhabi National Oil Company (Adnoc) has set the December price for flagship Murban crude at the lowest premium against Dubai quotes in at least a decade, a move that may fuel a price war among oil producers in
Qatar's budget next year will be based on an assumed oil price of $55 per barrel and a ceiling of allocations for expenditure in the year is likely to be put at QR140 billion ($38.44 billion), according to report.