Goldman Sachs stated that Saudi Arabias abundance of spare oil capacity could be wiped out if the kingdom ramps up its production to 10mn bpd.

Shoaibi Group signed a distribution agreement with Emerson Process Management to offer a complete line of multi-phase flow meters and products for reservoir management and production optimisation in Saudi Arabia.

Chevron discussed its strategy and spending plans for 2011 and revealed the extent of the restructuring programme the company introduced in 2010.

UAE-based MIS Group (Maritime Industrial Services) signed two contracts in its Kuwait business with Weatherford Drilling International Ltd., through Weatherfords Kuwait branch, United Precision Drilling Company.

Iraq exported 2.225mn bpd of crude oil in May, up 84,000 bpd from April and the highest level since the 2003 war.