Crude futures in New York were lower on Wednesday, following a record decline in the first quarter
The global benchmark crude has already plunged to record lows, completing the worst quarter in history on Tuesday
Oil demand in the second quarter is expected to decline by 16.4 million barrels a day compared with the same period last year
Aramco could raise more than $10bn from the sale
All state-run companies will reduce their operational and administrative expenses in 2020 by 10 per cent
Contactless fuel delivery will be provided to front-line health workers for free
Diesel prices have been reduced to Dhs2.06 down from Dhs2.25 per litre
Brent crude for May, which touched $23.03 a barrel, is 65 per cent lower this quarter
Petroleum Development Oman is 60 per cent owned by the government
A closer look at the ripple effects of plunging oil prices and a weak demand for the commodity, as well as predictions on how the industry will cope in the near- to long-term
The project is planned to be implemented in phases
Futures in New York rose around 5 per cent past $24 a barrel
In 2019, KKR and BlackRock agreed to invest $4bn in ADNOC’s oil pipeline network
The kingdom needs oil at almost $84 to balance this year’s budget
Brent futures declined 13 per cent to settle at $24.88 a barrel, the lowest since 2003
Futures in New York fell 2.8 per cent in the Asian morning, touching as low as $26.20 a barrel
The kingdom’s oil exports averaged just under 7 million barrels a day from December to February
Futures in New York recovered some ground after falling 9.6 per cent to the lowest level in four years on Monday
The kingdom needs an oil price of $84 to balance this year’s budget
Brent crude averaged $64.12 a barrel in 2019 compared with $71.67 the previous year
Saudi Aramco has also announced plans to raise capacity to 13 million bpd
The world’s biggest oil exporter will raise capacity to 13 million barrels a day from 12 million
It puts Aramco supply above its maximum sustainable capacity, indicating that the kingdom is even tapping its strategic inventories
The IEA said Monday that oil demand is now expected to contract this year by 90,000 barrels a day
The agreements include the construction of a 1,500MW Combined Cycle Gas-Turbine power plant and a 500-1000MW wind farm
On Friday, oil prices plunged the most since 2008 on signs of a breakdown in the global OPEC+ alliance that helped underpin crude’s recovery since 2014
The acquisition would increase OMV’s holding in Borealis to 75 per cent, while Mubadala would maintain a 25 per cent stake
Brent crude, the global oil benchmark, closed down 9.4 per cent on Friday, its biggest daily drop since the global financial crisis in 2008, settling at $45.27 a barrel
Brent for May settlement dropped $4.72 to $45.27
West Texas Intermediate futures for April delivery fell 40 cents to settle at $46.78 a barrel on the New York Mercantile Exchange