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Iraq agreed to a proposal from Saudi Arabia and Russia to extend output cuts for nine months in efforts to support oil prices, removing one of the last remaining obstacles to a consensus at the OPEC meeting in Vienna this week.
Saudi Arabia increased its production levels from 10.55 million barrels per day in June to 10.67 million bpd in July, according to OPEC's monthly report.
Russia and Saudi Arabia are the world’s biggest producers of oil, pumping well in excess of 10 million barrels per day each.
Saudi Arabia and its Gulf OPEC allies are willing to cut 4 percent from their peak oil output, energy ministers from the Gulf countries told their Russian counterpart, sources familiar with the matter told Reuters.
Doosan Heavy Industries and Construction, a Korean power company, signed a $900 million contract with global energy supplier Engie for the construction of a heat and power plant in Saudi Arabia, Doosan said on Monday.
Germany’s Siemens has signed a deal worth US$400 million to delivery five F-class gas turbines for Fadhili, a combined heat and power plant in Saudi Arabia, the company said.
Saudi Arabia raised output back above 10 million barrels a day in February, reversing some of the cuts made in previous months, according to OPEC’s monthly oil report.
Xylem Inc., a global water technology company, today announced the opening of a new office in Riyadh, Saudi Arabia.
Air Liquide Arabia announced today the startup of the Middle East’s first hydrogen pipeline network in the industrial city of Jubail, on the east coast of Saudi Arabia.
Saudi Arabia and Russia have agreed in principle to extend productions cuts until the end of March 2018, in an attempt to outweigh increasing U.S. production and effectively shrink a global glut and prop up crude prices.