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Shaikh Tamim also said on Tuesday that the government was focusing on making its spending more efficient, and cracking down on waste and misuse of state funds.

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US crude dipped briefly below $80 a barrel before paring losses later in the day as short sellers closed their books for the month and took profits.

energy

Global growth concerns, weak demand help extend the rout

energy

Saudi Arabia has privately told oil market participants it can accept oil prices between $80 and $90 a barrel, sources briefed by Opec’s biggest producer have told Reuters.

energy

Brent crude oil hit its lowest since 2010 on Friday, falling below $90 a barrel as Saudi Arabia said it increased production last month, fanning speculation of an Opec price war.

energy

Oil prices fell to their lowest level since June 2012 on Thursday, after price cuts from top producer Saudi Arabia added to supply glut worries and weak global economic data.

energy

Demand growth slowing at remarkable pace as European and Chinese economies falter: IEA

energy

Oman Oil Co, the sultanate’s state-run oil firm, has completed a $1.85 billion two-part loan deal with a group of mainly international lenders, two sources familiar with the matter said on Thursday, with the cash to be used for general business purposes.

energy

Britain’s Laggan-Tormore gas condensate fields in the North Sea will start production next year, instead of at the end of this year, operator Total E&P UK told Reuters.

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