OIL RISES TO THE HIGHEST LEVEL OF THE PAST TWO YEARS
The Brent oil barrel rose on Monday at the ICE Futures London stock exchange to $ 62.46, the highest level since July 2015, after Crown Prince Muhammad bin Salman of Saudi Arabia took steps to strengthen his power by setting up an anti-corruption committee, which has decided to arrest senior officials and businessmen, reports Reuters. Saudi Arabia is the largest crude oil exporter in the world.
SAUDI ARAMCO TO INJECT 300 BLN. USD IN ITS OIL AND GAS OPPS
Saudi Aramco plans to invest some $300 billion in the coming decade to maintain its oil production capacity, and pursue a large exploration and production program centering on conventional and unconventional gas resources, President and Chief Executive Officer Amin Nasser said. The outlook for oil supplies is “increasingly worrying,” with about $1 trillion in investments lost during the current industry downturn and fewer new deposits being discovered, Nasser said at a conference in Istanbul.