Industry

Oil prices to drop below US$100 in second half of 2011

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A new report by Bank of America Merrill Lynch forecasts that oil prices could drop below US$100 per barrel in the second half of 2011.

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Saudi cuts oil output

Saudi Arabia, oil market, oversupplied, output, oil minister Ali al-Naimi, Libya Kuwait, United Arab Emirates, crude prices, OPEC, Japanese demand, Nobuo Tanaka, the head of the International Energy Agency

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 Arabia's oil minister Ali al-Naimi announced.

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Iraq awards pipeline contract to SNC Lavalin Group

Iraq,consultancy contract,  SNC Lavalin Group,oil export pipeline,engineering and construction company,pipeline design, feasibility studies and preparation of tender documents,oilfields,Basra, Syria,Turkey,contract,oil export facility,Oil Minister Abdul-Kareem Luaibi,pipeline corridor,crude pipeline, Ghassan Ashqar,senior vice president at SNC Lavalin

Iraq has signed a consultancy contract valued at around US$13.5mn with Canada's SNC Lavalin Group for a strategic Oil Minister Abdul-Kareem Luaibi, Iraq's oil minister said.

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Emerson strengthening its position in the region

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Emerson Process Management is consolidating and strengthening its presence in the region when it opened its new Middle East Flow Service Centre in Abu Dhabi which represents the first in-region VSL Calibration and Measurement Capability (CMC)-certified calibration facility.

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Baker Hughes sees Q1 2011 revenues jump

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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.

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