Oil-importing countries purchased nearly one million barrels per day (bpd) less crude from Iran in April and May than in late 2011 as the tightening of sanctions against the country start to bite
Industry
Dragon Oil begins US$200 million share buyback programme
Dragon Oil has announced the start of a US$200 million share buyback programme that it said would return cash to its shareholders
BP to resume exploration in Libya while Shell abandons wells
Royal Dutch Shell has confirmed it is to suspend its interests in oil and gas exploration blocks in Libya, while BP has announced that it is to recommence oil exploration in the country
Dow awarded US$2.16 billion in compensation from Kuwait
US-based Dow Chemical Company has been awarded US$2.16 billion in compensation from Kuwait by an international arbitration for the cancelling of a planned joint venture in 2008
Region can look forward to US$530 billion investment in energy
The Middle East can expect an investment of around US$530 billion in the energy industries between 2012 and 2015, of which 60 per cent will be concentrated on the GCC countries, according to Bahrains energy minister
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