The most influential oil-producing countries in OPEC have suggested that they will be willing to see oil prices drop to just $40 a barrel before they consider cuts to production output. According to the UAE's Energy Minister, Suhail al-Mazrouei, who is one of the most high-profile members of the oil cartel, the group will not be inclined to change is decision simply because prices fall to $60 or $40.
Despite OPEC’s announced oil output cut to control the supply glut, Iraq could be raising its oil production for the rest of the year and in 2017.
The Organisation of Petroleum Exporting Countries (OPEC) has changed its forecast for crude oil supply in 2017, predicting an increase in oil production rather than the previously foreseen decline, outside the cartel.
Saudi Aramco just announced it has lowered the price of its Arab Light crude by the most since October 2015, showing it does not intend to change its plans amid Iran’s strong revival.
McDermott International and Nakilat-Keppel Offshore Marine have signed a MoU for an exclusive cooperation agreement to pursue offshore EPCI projects in Qatar
India’s Larsen & Toubro (L&T) confirmed that oil major Saudi Aramco has awarded contracts for the Fadhili development in Saudi Arabia
Noble Energy announced the sale of a 3% working interest in the Tamar gas field, located offshore Israel, worth US$369 million.