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State-owned Kuwait Oil Company (KOC) said Thursday it has signed a contract worth 48.35 million dinar (around 170 million U.S. dollars) with an Italian company for laying down a crude oil pipeline. That was part of the company’s plan to inject 17.5 billion to 24.5 billion dollars into oil and gas facilities in the next […]

Crude oil rose for a second day on signs that OPEC is implementing a record production cut announced in December. Prices are “firming up” because of output constraint by the Organization of Petroleum Exporting Countries, and further cuts may not be necessary, Libya’s top oil official, Shokri Ghanem, said in an interview. A government report […]