Iraq is set to overtake Iran as OPEC's second biggest producer. Already, Iraqi oil is helping to fill the supply gap created by tightening Western sanctions on Iran. The cartel's hawks are unhappy about those extra barrels; prices have fallen one fifth from their March peak.
June 11, 2012 5:45
Kuwait raised the official selling price (OSP) for its crude sales to Asian buyers for July by 45 cents a barrel from the previous month to 15 cents a barrel below the average of Oman/Dubai quotes, a trade source said on Monday.
June 11, 2012 10:24
Saudi Arabia's annual inflation eased to a nine-month low of 5.1 percent in May, despite a slight rise in food and housing prices, official data showed on Saturday.
June 10, 2012 10:57
Petrokemya, a subsidiary of Saudi Basic Industries Corp (SABIC) has signed an initial deal with Spanish oil engineering company Tecnicas Reunidas to build a petrochemical plant in the Saudi industrial city of Jubail, SABIC said on Saturday.
June 10, 2012 10:38