All GCC equity markets ended the month positively as oil prices jumped by 27% for the month after pharmaceutical firms Pfizer, Moderna and AstraZeneca announced the eminent release and availability of COVID-19 vaccine, according to Kuwait Financial Centre Markaz’s market review report
Industry
OPEC+ agrees to increase output after tense negotiations
Tense negotiations and rumours of a rift between Saudi Arabia and the UAE ended with a compromise deal for OPEC+ on 3 December 2020
Oilfield service purchases set to lose US$340bn until 2028
The projection of a cumulative loss of US$340bn over the next eight years comes as peak oil demand will arrive earlier and at a lower level than expected, meaning E&P investments will be reduced
PDO joins forces with Gulf Energy to create 600 job opportunities for Omanis
Petroleum Development Oman (PDO) has announced a partnership with integrated oilfield services provider Gulf Energy SAOC (GES) for the creation of 600 job opportunities for Omanis in its product line services in both Oman and abroad
Shell awards SPIE Oil & Gas Services a lube oil facility contract in Bangkok
The Shell Company of Thailand has awarded a contract to SPIE Oil & Gas Services, a subsidiary of SPIE, to provide corrective maintenance services at its lube oil facility in Bangkok
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