International

The project is awaiting completion of security approvals and the licenses necessary to start drilling.

At 408.7 million barrels. the EIA said. crude oil inventories were below the five-year seasonal average.

Kuwait has long planned to increase its global capacity to produce oil and gas.

Not only is U.S. shale production growing. but the shale industry as a whole is expected to become profitable this year for the first time in history.

S.Korea has favoured coal and nuclear power to generate cheaper electricity and to ensure stable power supply.

Iraq has failed to lure investors for the project. which includes building a refinery to process crude from the region.

Despite soft trading last week. technical analysis points to plenty of upside before the end of 2018.

Western powers imposed sanctions in 2014 after Russia’s annexation of Crimea.

Electricity consumption has gone up in Iraq since the 2003 US-led invasion that toppled Saddam.

JPMorgan and Morgan Stanley have been picked to advise on Aramco’s plan to buy up to a 70 percent stake in the petrochemical maker.