The first phase of Gulf Petrochem Group’s oil storage terminal project in Fujairah is on track for completion in September 2012, according to the companys CEO.

Saud Aramco and China Petroleum and Chemical Corp (Sinopec) have signed a preliminary agreement to cooperate in a wide range of areas, including oil exploration and development, refining and petrochemicals.

Saudi Arabia is expanding its crude oil production and increasing its exports to the US in an attempt to ease fears that the global oil market is overheating.

Qatar has built up a two per cent stake in Frances oil giant Total since last summer, reported newspaper Les Echos.

In its latest monthly oil market report, the International Energy Agency (IEA) stated that oil markets are in for a "bumpy ride in the months ahead".