API: who sets the price of oil?
The American Petroleum Institute explore how the price of oil is actually determined in the latest release here.
Browse the latest middle east downstream news news and articles.
The American Petroleum Institute explore how the price of oil is actually determined in the latest release here.
Wison Engineering has announced that it has been awarded the US$3.9 billion EPC contract for Phase 2 of the Rich Gas Development Project by ADNOC Gas, UAE, the gas-processing subsidiary of ADNOC.
Further to previous communications issued during 1H26, MAIRE has provided additional details regarding the Rich Gas Development (RGD) – Phase 3 project to be delivered by Tecnimont, part of the IE&CS business unit.
MWG Enterprises, Patel Family Office, and PWS have together launched MERA Oil, a US-Saudi private consortium, and entered the final stage of selecting a host for their planned US$5 billion integrated refinery and energy export corridor.
L&T Energy Hydrocarbon Onshore business has secured a major engineering, procurement, and construction order from Kuwait Oil Co. for its key Jurassic Light Oil export facilities and the upgrade of existing export network.
Gulf crude exports fall 82% from January to June; Iraq, Kuwait and Qatar record zero exports as Strait of Hormuz remains severely constrained, Wood Mackenzie has reported.
The Middle East is poised to dominate global methanol capacity additions by 2030, driven primarily by its access to abundant and cheap natural gas, which is a primary feedstock for methanol production, GlobalData has reported.
Fluor Corp. has announced that it has been selected by Gulf Petrochemical Industries Co. to execute the front-end engineering and design for a new aromatics facility located in the Kingdom of Bahrain.
Kent has announced the signing of Long-Term Agreements and Project Management Consultancy agreements with Aramco, further establishing the company’s presence in the Kingdom of Saudi Arabia.
Fluor has been selected by Aramco as a Programme Management Consultancy (PMC) contractor under a Long-Term Agreement (LTA) to support its global capital projects portfolio.
The crisis in the Middle East should be a wake-up for the global chemical industry to end its dependence on fossil fuels for feedstocks and consider sustainable alternatives, according to Scottish green chemicals firm Celtic Renewables.
On 28 April 2026, the UAE announced that it was leaving OPEC, effective on 1 May, which has reduced the group's global share of crude oil production and capacity.