Saudi Aramco will dedicate most of its spending to oil production over the next decade to maintain its position as the world's top crude oil exporter, the state-owned energy giant reiterated in its annual report for 2014.
Iran plans to start to extract oil from the world's largest gas field next year as part of the Opec member's strategy to boost its crude oil production to at least 3 million barrels per day, official Iranian media reported.
An oil supply shortage may be the last thing on investors' minds right now, but the ability of Opec producers to cope with an unexpected surge in demand is diminishing fast, analysts and forecasters say.
For years, the Organiz
Kuwait Oil Minister Ali Al Omair yesterday (November 29) urged non-Opec crude producers to co-operate to help stabilise the oil market and prevent sharp fluctuations in prices, a report said.
The minister called on producers from
Iran's oil minister accused some countries on Sunday of making up excuses to justify their refusal to stabilise prices by cutting output, a possible reference to Saudi Arabia as a Saudi official insisted the issue should be left to market fo
Opec is unlikely to lower its oil production ceiling when the group meets in November, a senior Iranian oil official said, in comments that reduced the likelihood of any collective Opec action to support prices.
Iran is normally a
The Kuwait Oil Company (KOC), a subsidiary of state-run Kuwait Petroleum Corporation, has denied some media accounts of its oil production lagging behind due to technical snags, a report said.
The company was meeting its productio
Russia's number two oil company Lukoil yesterday (August 29) said its net profit rose by 13 per cent in the second quarter to reach $2.4 billion as production increased.
"The company continued to introduce and test new te
Saudi Aramco, the world’s biggest oil producer, plans to invest $40 billion per annum over the next 10 years to keep oil output capacity steady while doubling gas production, a report said.
Aramco forecasts more capital goin
Libya's El Feel oilfield has restarted production, a spokesman for National Oil Corp (NOC) said on Wednesday, as the country moves slowly to restore some of its output following protests that closed fields and ports.