Offshore - Oil & Gas

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Russia To Help Iran Reboot Oil Industry

Now that Iran appears on the verge of resuming prodigious oil production, it’s becoming clear that it plans to do so by forming ever-closer ties with Russia, one of six world powers that persuaded it to restrict its nuclear program in exchange for the removal of Western sanctions.

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Saudi won't limit oil production: Al-Naimi

Saudi Arabian Oil Minister Ali Al-Naimi said the kingdom, the world's top crude exporter, does not limit its output and has the capacity to meet additional demand, state television Al Ekhbariya reported on Wednesday.

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Saudi Arabia posts $98B deficit, raises petrol prices

Saudi Arabia on Monday said this year's budget deficit amounted to $98 billion (367 billion riyals) as lower oil prices cut into the government's main source of revenue, prompting the kingdom to scale back spending for the coming year and hike up petrol prices.

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