In a surprise move, Saudi King Salman on Wednesday appointed his nephew, Deputy Crown Prince Mohammed bin Nayef, as the new heir apparent.
Falih’s replacement as head of Aramco, which he had led since January 2009, was not immediately named.
The Kingdom shipped 7.35 million bpd of crude oil in February this year, down from 7.474 million in January.
The storage will increase monthly trade volumes on the DME by two million barrels.
Saudi Arabia’s Oil Minister Ali al-Naimi reiterated that the Kingdom intends to remain the world’s number one oil supplier.
Consulting firm Booze Allen Hamilton said regional oil and gas companies adopting big data could increase oil well production by up to eight per cent.
Ali-Reza Zeighami, manager of the South Pars oil layers project, said new wells were being drilled and would become operational in the second half of the next Iranian year.
Emirates NBD, First Gulf Bank, Gulf International Bank, HSBC, Noor Bank and Standard Chartered will provide the loan, three sources told Reuters.
The world’s top oil exporter is keen to maintain its market share, Prince Abdulaziz Bin Salman Bin Abdulaziz said.
New Delhi plans to use a 10 per cent reduction permissible under a 25-year contract with Qatar’s RasGas.
Inpex was one of 11 firms that bid for stakes in the concession covering Abu Dhabi’s 15 principal onshore fields.
The closures lasted between 20 and 26 days.
The firm said the effect of the work on its financials was unclear and would be announced at a later date.
Warplanes struck targets in and around the Yemeni cities despite indications from Riyadh that its campaign would be wound down.
The company is also holding talks with another bank about the possibility of restructuring a further SAR99.6 million of debt.
Saudi-led coalition warplanes continued bombing Yemen on Wednesday despite an announcement by Riyadh a day earlier that it was ending its campaign of air strikes.
The four-bedroom villa concept includes an array of solar panels that will generate approximately 40,000 KWh per year.
Chevron’s decision was mainly down to problems getting work permits from the Kuwaiti authorities for its expatriate staff, sources told Reuters
Oil prices had gained nearly $10 a barrel this month on tensions in the Middle East and concerns over slowing output growth in the United States, before starting to drop back.
It lost 1.94 billion riyals ($517.4 million) during the three months to March 31.
The delegation will meet Prince Abdulaziz because Saudi oil minister Ali al-Naimi is out of the country on a business trip, a source said.
The plan is part of the UAE’s strategy of increasing its crude oil output potential to 3.5 million barrels per day by 2017-18.
Saudi Arabia has been supplying more crude to Asian markets and Saudi Aramco’s shipping arm has tendered to build 5 very large crude carriers (VLCCs).
The firm chose Bank Muscat and J.P.Morgan to arrange investor meetings for the bonds in the United States and Europe.
The company expects to set up offices by the end of this year.
Nine firms bid for stakes in the Abu Dhabi Company for Onshore Oil Operations (ADCO) concession which became available after a 40-year deal expired.
The company is looking in all regions and did not specify a minimum price level below which the acquisitions would become uneconomic.
For the first quarter of 2015, Tasnee posted a net loss of SAR332.5 million ($88.7 million).
Sipchem attributed the increase in quarterly profit to higher production and sales and lower expenses.
Naimi said that oil production in Saudi Arabia, the world’s biggest crude exporter, was “around 10 million” bpd in April.