The OPEC secretary general also said that the oil market would return to balance in the second half of 2015.
He said projections showed prices might improve this year, but added that they might also stay between $50 and $60 a barrel.
Dreyfus is sending about 280,000 barrels of ethanol from the Port of New York to Jebel Ali in the UAE.
The Fujairah port, which lies outside the Strait of Hormuz, a vital Gulf oil export route, has seen a boom in storage facility building since late 2009.
The two 1970’s-built trains have a combined capacity of 2.1 to 3 million tonnes per annum.
The minister said that the Kingdom wanted the market to stabilise but said it will not subsidise higher cost producers.
PDO’s production in January and February exceeded the planned average for the year as a whole.
The MoU calls for South Korean firms to help build at least two small-to-medium sized nuclear reactors in Saudi.
ADNOC said on Wednesday it raised benchmark Murban crude prices to $56.55 per barrel, up $10.15 from the previous month.
Khalid al-Buainain took early retirement for personal reasons and his departure will take effect on Sunday.
Rowan said it was in talks with Saudi Aramco to extend contracts for four of its drillships and was looking to win contracts for three jack-up rigs.
Pearl GTL can produce 140,000 barrels per day of gas-to-liquids products and 120,000 barrels per day of natural gas liquids and ethane.
Higher OSPs would come as a vote of confidence by the OPEC kingpin in oil demand recovery.
The 400,000 barrels per day refinery is part of a $20 billion plan to develop an industrial city in Jizan.
Oil fell on Tuesday after a bigger-than-anticipated rise in U.S. crude oil stocks.
The price of crude rebounded from a near six-year low to around $60 per barrel this month.
Brent futures dropped below $60 a barrel and U.S. contracts hovered around $50.30.
The state-owned company might use some of the proceeds from a $1.5 billion long-term loan for its expansion plans.
Regional governments should ditch existing, outdated roadmaps for installing solar, says expert.
The project will involve building processing facilities, wellheads and pipelines for gas in Turaif.
Brent crude oil prices slipped below $59 a barrel on Thursday.
The estimate suggested the country is hewing tightly to the strategy of protecting market share rather than cutting production to try to inflate prices.
Exports fell by 362,000 barrels per day from 7.296 million bpd in November 2014.
The first shipment is expected to be received by March, according to sources.
Analysts said that the drop was a reaction to soaring prices of the past two weeks, which many say was overblown.
Not a single crude oil tanker has departed Libya in the past week, industry sources say.
Brent has jumped by almost 40 per cent in the last four weeks, supported by a sharp fall in U.S. oil drilling.
Dubai’s only utility also said it would distribute a cash dividend for the year of Dhs500 million to the government.
Security challenges created by groups such as ISIL are impacting oil investments, which will affect future production, an expert said.
Analysts said that downward pressure may come from the refined products market in the next quarter.