MENA upstream month in brief: 3 May 2016

The OPEC meeting held on 17 April ended without an agreement. The refusal of Iran and Saudi Arabia to agree to a freeze at January 2016 levels means that OPEC will need more time to reach a consensus. The effect of the failed meeting on the oil price was dampened by events in Kuwait, where a wide ranging strike of public sector employees caused a significant reduction in oil production. At the same time, Iran continues to ramp up production. Saudi Arabia also published 'Vision 2030', an ambitious plan to diversify its economy with confirmation of plans to list a portion of Saudi Aramco. Meanwhile, an Indian consortium eyed up a stake in the ADCO Concession whilst Chinese investors held talks over extending buy-back contracts in Iran. In Egypt, Eni continued to fast track its Zohr development and BP broke ground at its gas processing plant for Raven. Elsewhere in North Africa, Petroceltic's troubles continued and Beach agreed to sell out of Abu Sennan.