Strong oil prices, along with higher output, boosted the UAE’s export revenues to its highest income generation to date of US$125bn in 2012

The Kurdistan Region of Iraq has signed an agreement with Turkey to export its crude oil directly to international markets via Turkey once the construction of a connecting pipeline has been completed

Iran has started drilling four offshore wells as part of Phase 1 of the South Pars gas field development in the Gulf

Iraq has raised its estimated crude oil reserves to 150bn barrels from 143bn barrels, following the discovery of more oil in fields currently being upgraded, as well as from a new field in southern Iraq

French oil subcontractor Ponticelli has pulled out of Libya’s Mabruk field, citing a lack of security and fear of an attack on its employees as the main reason behind its decision