Oman’s government has released a five-year plan to halve the economy’s dependence on the oil industry as low crude prices increases pressure government finances

Brent crude oil prices hit their lowest in more than 11 years on Monday, driven down by a rise in global supply that looks set to outpace demand again next year, reports said

Engineering and construction firm Fluor has signed an agreement with UK-based private equity firm Arle Capital Partners to completely acquire Stork Holding B.V. (Stork), based in the Netherlands, for US$755mn

Iran is taking steps to ramp up oil exports ahead of an end to US-led sanctions, extending crude contracts with its two Chinese buyers into 2016 and starting talks with other potential buyers there, sources involved in the talks said

Kuwait has appointed a new acting oil minister with Anas al-Saleh taking on the position in addition to his roles as finance minister and deputy prime minister