Schlumberger concluded the acquisition of the remaining equity shares from Frank Mohn AS in Framo Engineering AS. The closing of the transaction is subject to regulatory approval.

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.