In its annual Commodity Markets Outlook, the World Bank has slashed crude oil forecast by US$14 to US$37/barrel stating that weak demand from emerging markets is likely to continue in 2016
According to the EIA, Oman has been recognised as the largest producer of oil and natural gas outside of the OPEC member countries
Kuwait has announced that operations and exports from oilfields jointly operated with Saudi Arabia will resume soon
In an interview with Reuters, Iraq’s oil minister Adel Abdul Mahdi confirmed the country’s plan to continue to increase the oil output of the country in spite of the expectations from Iran after sanctions were lifted
Japan’s Bank for International Cooperation (JBIC) has signed a US$2.1bn loan agreement with Abu Dhabi’s ADNOC to secure long-term oil supplies
