Kuwait Petroleum Corporation CEO said that the price will hover around $65 until the world economic recovery is clear.
The discounts on Saudi crude oil for Asian customers in January were the biggest since at least 2002 while prices were cut to the United States for the fifth month in a row.
OPEC’s relevance exists even if it doesn’t announce ambitious production-cutting agreements, writes Reuters’ columnist John Kemp.
OPEC’s decision has provided the commodity fund industry- which has been steadily shrinking over the last few years- with a much needed boost.
Brent hit a five-year low below $68 a barrel on Monday after averaging around $110 a barrel in 2011 to 2013.
The 400,000 bpd Yasref refinery started trial runs in September and had originally planned its first exports by November.
The firm has chosen Citigroup, Emirates NBD and Societe Generale to arrange the loan, sources said.
Indonesia’s oil firm Pertamina is in talks with CNOOC, Saudi Aramco, Thailand’s PTT Pcl and a Japanese oil company to form joint ventures.
Pakistan will buy about 2.5 million tonnes a year of high sulphur gasoil from state company KPC, with a tolerance level of plus and minus 10 per cent, sources said.
The company has invested up to $10.6 million to raise its stake in Block C1-27, an oilfield situated in Cote d’Ivory.
Oil has fallen since June to reach its lowest since October 2009.
The cabinet called for cooperation against market speculators and said that it was pleased with OPEC’s decision to keep output unchanged.
Saudi Arabia cut prices for crude sold to Asia in four of the past five months, part of its strategy in a fight for market share against non-OPEC producers.
Both U.S. crude and Brent have fallen for five straight months.
Raysut will try offset the impact of higher gas prices by making other cost reductions, improving efficiency and restructuring its own prices, according to a bourse filing.
The government plans to introduce hikes to gas prices in 2015.
The payment brings the amount Egypt has returned to Qatar to $6 billion, leaving $500 million outstanding.
Nearly half of Pakistan’s electricity is generated by gas.
Oil prices have fallen by more than a third since June mainly due to increasing production in North America from shale oil.
The Egyptian authorities have been negotiating with a number of international energy firms to improve the price which they are paid for gas.
Cutting output unilaterally would effectively mean for OPEC, which accounts for a third of global oil output, a further loss of market share to North American shale oil producers.
Kuwait’s stand comes as Gulf OPEC members reached a consensus to not cut output to stem oil price fall.
Al Naimi did not specify if the Gulf countries were in favour of a output cut ahead of a key OPEC meeting on November 27.
OPEC leader Saudi Arabia signalled on Wednesday it was unlikely to push for a major change in oil output.
The complex had been scheduled to be completed in late 2016, but industry sources said that it faced delays of six to 12 months because work on associated infrastructure was behind schedule.
Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) meet on Thursday in Vienna.
Saudi has kept the market guessing about its response to crude’s fall amid rapidly rising U.S. shale output.
Oil prices have fallen 30 per cent since June to below $80 per barrel.
Key will be what OPEC’s biggest producer, Saudi Arabia, decides, with some analysts expecting no price supporting action from the Kingdom.
Saudi’s oil minister brushed off questions about tumbling oil prices and surplus supplies.