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 Arabia's oil minister Ali al-Naimi announced.

Iraq has signed a consultancy contract valued at around US$13.5mn with Canada's SNC Lavalin Group for a strategic Oil Minister Abdul-Kareem Luaibi, Iraq's 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.

ExxonMobil saw Q1 2011 earning hit US$10.7 billion, up 69 per cent from the first quarter of 2010, reflecting higher crude oil and natural gas prices, increased refining margins and record chemical performance.