Oil price slump may hit Middle East economies

barrel_eziomanInfrastructure and projects of Middle Eastern oil companies will slow down if oil prices dip any further, say experts

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Purchases of Iranian crude declines in April and May says IEA

Crude_Ship_roger4336Oil-importing countries purchased nearly one million barrels per day (bpd) less crude from Iran in April and May than in late 2011 as the tightening of sanctions against the country start to bite

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Dragon Oil begins US$200 million share buyback programme

Dragon_Oil_comDragon Oil has announced the start of a US$200 million share buyback programme that it said would return cash to its shareholders

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BP to resume exploration in Libya while Shell abandons wells

Oil_rig_exploration_BPRoyal Dutch Shell has confirmed it is to suspend its interests in oil and gas exploration blocks in Libya, while BP has announced that it is to recommence oil exploration in the country

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Dow awarded US$2.16 billion in compensation from Kuwait

Dow_comUS-based Dow Chemical Company has been awarded US$2.16 billion in compensation from Kuwait by an international arbitration for the cancelling of a planned joint venture in 2008

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