Sheikh Hamad bin Khalifa al-Thani Emir of Qatar, Opened today (Monday) VII Doha of natural gas Conference which is one of the largest energy conferences in the world. Emir of Qatar indicating in his opening address to the gas sector has been affected by financial crisis directly, “The markets and other sectors affected by the financial crisis directly, especially where oil prices fell to less than forty dollars a barrel.”
Iraq’s oil minister Hussain al-Shahristani said he recommended Iraqi Government revive the idea of a national oil company to increase Iraq’s production of crude oil daily, while his Iranian counterpart in Tehran ruled out the possibility of a reduction of production by the Organization of Petroleum Exporting Countries.
New oil company will be established between Iraq and British Petroleum Company Mesopotamia in order to dig oil wells in Iraq which expected to increase Iraqi oil production by 120 thousand barrels per day a year.
The Research Unit in Bank of America Securities, Merrill Lynch in its report said that the economies of Saudi Arabia, UAE and Kuwait, will shrink this year amid a drop in oil prices to resume growth in 2010.
Major international oil companies Competing for a greater share of possible oil and gas resources of Iraq after the companies felt that the atmosphere foresees improved security situation in Iraq.
Gulf Finance House predicted a decrease in the income of oil-producing Gulf States of oil and gas exports by 60% during 2009 to reach two hundred billion dollars due to the collapse of oil prices.
Tunisia announced on Friday a reduction of prices of petroleum products by between 4% and 5%, which is a precedent,since the retreat of oil prices in global markets.
Kuwait Noor Financial Investment Company announced its intention to establish a joint venture to explore oil and gas with unit of the Russian company Gazprom.
T
he Spanish oil company Repsol announced today that it had discovered three new gas fields in Algeria could produce million cubic meters of gas per day.
Industry sources said that Saudi Arabia plans to cut its oil production by three hundred thousand barrels a day next month to be added to the reduction of OPEC’s decision in order to support oil prices.
