A new report by Bank of America Merrill Lynch forecasts that oil prices could drop below US$100 per barrel in the second half of 2011.

Saudi Arabia said that the oil market was oversupplied and revealed last month that the kingdom had slashed its March output by some 700,000 bpd, Saudi Arabias oil minister Ali al-Naimi announced.

Iraq has signed a consultancy contract valued at around US$13.5mn with Canadas SNC Lavalin Group for a strategic Oil Minister Abdul-Kareem Luaibi, Iraqs oil minister said.

Emerson Process Management is consolidating and strengthening its presence in the region when it opened its new Middle East Flow Service Centre in Abu Dhabi which represents the first in-region VSL Calibration and Measurement Capability (CMC)-certified calibration facility.

Baker Hughes announced net income for the Q1 2011 of US$381mn compared to US$129mn for the first quarter 2010 and US$335mn share for the fourth quarter 2010.