Kuwait is squarely focussed on tapping into its enormous heavy oil reserves, with the KOC planning to start oil production South Ratqa next year
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OPEC, non-OPEC committee recommends extending cut
OPEC and rival oil producers are meeting in Kuwait to review progress with their global pact to cut supplies
Market to determine OPEC cut extension: Al-Luaibi
The output cut deal has elevated the price of crude to more than $50 a barrel but helped US shale oil producers boost their output, hampering efforts to reduce global stockpiles
Saudi exports to US to fall by 300k bpd in March
The United States imported about 1.3mn bpd from OPEC’s top exporter in February
Special Report: Digital transformation
The Middle East and GCC petrochemical industries are on par with global leaders in undergoing digital transformation, observes Dr Hichem Maya, Head of Industries, SAP MENA.
Gulf markets may see more IPOs with the downturn
The planned initial public offering (IPO) of Saudi Arabia’s oil giant Aramco could encourage other Gulf countries to list parts of their prized oil assets, reversing a steady decline in market listings
Oil price stabilisation to help GCC banks: Report
Funding pressure to ease for GCC banks in 2017 on oil price stabilisation, international sovereign debt issuance, Moody’s says in its report
Heavy oil consolidates status in energy mix: BAPCO
The Middle East holds nearly 1tn barrels of heavy crude oil, accounting for nearly 30% of the world’s reserves, according to an industry Report
Technology key to leveraging heavy oil’s potential
Heavy oil accounts for 21% of the world’s crude oil reserves, of which nearly 30% is in the Middle East, at 971bn barrels of heavy crude oil.
NDT CCS acquires majority stake in Omani firm
NDT CCS provides conventional and advanced NDT services as well as material testing laboratory services for a range of industrial sectors including oil and gas, petrochemicals, mining, nuclear and utilities