Saudi Arabia announced that it is willing to keep oil output below its OPEC quota level of about 8 million barrels a day unless consumers want more. Saudi oil minister, Ali al-Naimi, said: When customers demand heavy oil which gives us less revenue and we offer them light crude, they say they don’t want it, [...]
Chevron is set to unveil a new heavy-oil extraction method in areas near Saudi Arabia and Kuwait to access previously unrecoverable reserves. For full story, click here
Energy firms are cutting back development of Canadian oil sands, the world’s biggest energy reserves outside Saudi Arabia, as crude prices plunge and processing costs become prohibitive. For full story, click here
Aluminium venture of state owned Ma’aden in Saudi Arabia will be fuelled with heavy oil rather than natural gas. For full news, click here
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