Dana Gas posted strong third-quarter results which saw net profit jump fourfold due to a 20 per cent increase in total production and higher oil prices.

DNO International announced its third-quarter operating profit of US$3.06mn - from a US$21.8mn loss a year ago - and stated it would be expanding its operations in the region.

ConocoPhillips unveiled the company name of the pending spinoff of its downstream oil and petrochemicals business, which will now be known as Phillips 66 and will be headquartered in Houston.

The International Energy Agency (IEA) in its latest World Energy Outlook (WEO) warned that consumers could face a near-term rise in the oil price to US$150/barrel if MENA investment and output drops.