Iranian oil exports have fallen significantly this month as some buyers stop or scale back purchases to abide by Western sanctions, Reuters reported

Oman Oil Company (OOC) has signed an MoU with Sri Lanka's Ceylon Petroleum Corporation (CPC) to promote investment opportunities in oil and gas exploration and refining between both countries.

The first phase of Gulf Petrochem Group’s oil storage terminal project in Fujairah is on track for completion in September 2012, according to the company's CEO.

Saud Aramco and China Petroleum and Chemical Corp (Sinopec) have signed a preliminary agreement to cooperate in a wide range of areas, including oil exploration and development, refining and petrochemicals.

Saudi Arabia is expanding its crude oil production and increasing its exports to the US in an attempt to ease fears that the global oil market is overheating.