Kuwait Energy and National Oilwell Varco (NOV) have both reported higher Q4 revenues, rising 27 per cent and 30 per cent respectively.

Emerson Process Management has signed a Memorandum of Understanding (MoU) with the Petroleum Institute of Abu Dhabi (PI), to support the PI engineering programs through technology transfers, and development programs that bring industry and academia together.

Exxon Mobils Q4 earnings edged up 1.6 per cent as high oil prices offset impacts from lower production and weak refining margins.

Saudi Arabias oil minister, Ali Naimi, stated that the country would be able to step in and prevent any potential oil disruption to global oil supplies from the escalating tensions over the EU sanctions on Irans oil exports

The International Monetary Fund (IMF) has warned oil prices could jump by as much as 20-30 per cent if Iranian exports are disrupted by US and EU sanctions.