Brent crude oil prices hit their lowest in more than 11 years on Monday, driven down by a relentless rise in global supply that looks set to outpace demand again next year.
A prolonged period of oversupply will keep oil prices lower for longer and continue to pressure issuers in the oil and gas industry in 2016, particularly those in the exploration & production (E&P) and drilling and oilfield services sectors (OFS), says Moody’s Investors Service.
Oil fell below $35 a barrel in New York for the first time since 2009 as Iran reiterated its pledge to boost crude exports, bolstering speculation Opec members will exacerbate the global oversupply
Oman Vision 2040 Main Committee discussed the challenges facing the Omani private sector, the national pillars of the vision, the demographic changes in the Sultanate and the needs for development up to 2040.
Production of refined petroleum products in Oman grew 2.6 per cent to 70.7 million barrels for the first ten months of 2015, from 68.93 million barrels for the same period of last year.
Oman’s trade balance during the first seven months of 2015 registered a surplus of OMR1,581.3 million, despite the decline of 31.7 per cent in exports during the period.
Economic and Financial Committee at Majlis Al Shura on Monday decided to form working teams to study specific draft laws and provide a report on each draft law that includes outcomes of the study and recommendations.