Kuwaits Amir appoints Essam al-Marzouq as the new oil minister.

Kuwait’s Amir appointed Essam Abdulmohsen Al-Marzouq as the country’s new oil minister on Saturday, state news agency KUNA reported. Marzouq has previously served as head of the country’s stock exchange and as a board member of state-run Kuwait Petroleum Corp (KPC). Anas al-Saleh, the former acting oil minister, retained his other role as Finance Minister. … Continue reading Kuwaits Amir appoints Essam al-Marzouq as the new oil minister.

Russia and Saudi Arabia to lead global oil cut deal.

Saudi Arabia signaled it’s ready to cut oil production more than expected, a surprise announcement made minutes after Russia and several non-other OPEC countries pledged to curb output next year. Taken together, the Organization of Petroleum Exporting Countries’s first deal with its rivals since 2001 and the Saudi comments represent a forceful effort by producers … Continue reading Russia and Saudi Arabia to lead global oil cut deal.

Qatar and Glencore buy 19.5% of Russia’s Rosneft.

Russia sold a 10.2-billion euro ($11 billion, Dh40.2 billion) stake in its largest oil producer to commodity trader Glencore Plc and Qatar’s sovereign wealth fund in a triumph for President Vladimir Putin, who announced the deal on state television personally. In a surprise deal that comes despite US and European Union sanctions against Russia, the … Continue reading Qatar and Glencore buy 19.5% of Russia’s Rosneft.

Saudi King Salman Bin Abdulaziz Vists Kuwait, Al-Khafji Field comes upfront.

Kuwait witnessed a very large reception for the Saudi Kings visit to the country on Thursday after a Gulf summit in Bahrain, as a sign of the strength of relations between the two neighbouring countries. Before the Kings arrival to Kuwait (which is planned to last for three days) many news agencies speculated that a … Continue reading Saudi King Salman Bin Abdulaziz Vists Kuwait, Al-Khafji Field comes upfront.

Saudi Arabian King Salman Bin Abdulaziz Al-Saud Launches projects worth 43.5 Billion Dollars.

Dhahran - The Custodian of the Two Holy Mosques King Salman bin Abdulaziz launched five Saudi Aramco expansion projects with an estimated worth of $43.5 billion (equivalent to some SAR163 billion.) The projects encompass production-oriented expansion for the national oil and gas giant, Aramco. The projects are expected to produce a daily 3 million barrels … Continue reading Saudi Arabian King Salman Bin Abdulaziz Al-Saud Launches projects worth 43.5 Billion Dollars.