Sources in the Council of Ministers and the Ministry of Oil expressed concern on Friday of the explicit violation of the Kurdistan region oil to the agreement with the federal government.
Revenues earned from oil exports by members of the Organisation of the Petroleum Exporting Countries fell 11 per cent last year, the cartel said in its annual report.
Middle Eastern oil producers Saudi Arabia and the United Arab Emirates will sharply cut or even halt costly gasoline imports next year after ramping up new refining capacities that put them a step closer to becoming exporters of the motor fuel.
National Drilling Company (NDC) has awarded a number of contracts to acquire 14 new drilling rigs, valued at approximately AED 2 billion ($543m).
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.
Saudi Aramco's chairman Khalid Al-Falih said he was confident that local industries, including the Saudi petrochemical sector, would adjust to the rise in domestic energy prices and remain competitive.
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.