Saudi Aramco signed a seven-year strategic partnership agreement with ITT Corporation to provide products and services to Aramcos oil, gas and petrochemical projects in Saudi Arabia and internationally.

Kuwaits Supreme Petroleum Council approved the upgrading of two of three existing refineries to raise output and produce cleaner products. The projects are estimated to cost US$29 billion.

The International Energy Agencys (IEA) unexpected announcement to release 60mn barrels of crude from strategic oil stocks over the next month have negatively impacted oil prices.

Hitachi Ltd has signed a deal with Saudi Aramco to supply compressors to the state-owned companys oil and gas plants.

Weatherford International Ltd announced that its US subsidiary has reached agreement with BP to settle any claims that may have arisen between the companies relating to the Deepwater Horizon incident and oil spill.