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 Arabias oil minister Ali al-Naimi announced.
Industry
Iraq awards pipeline contract to SNC Lavalin Group
Iraq has signed a consultancy contract valued at around US$13.5mn with Canadas SNC Lavalin Group for a strategic Oil Minister Abdul-Kareem Luaibi, Iraqs oil minister said.
Emerson strengthening its position in the region
Baker Hughes sees Q1 2011 revenues jump
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 see rise in Q1 2011 earning
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.
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