A new 350,000-barrels-per-day oil pipeline between Saudi Arabia and Bahrain will be completed next year to serve the planned expansion of Bahrain's refinery capacity, while construction of a gas pipeline is being considered, Bahrain's oil minister said.

Iran will reach an oil production rate of 4.5 million barrels per day (bpd) within five years, Ali Kardor, the managing director of the National Iranian Oil Company (NIOC), said Sunday according to the oil ministry news site SHANA.

Saudi Arabia has raised its October price for its Arab Light grade for Asian customers by $0.55 a barrel versus September to a premium of $0.30 per barrel to the Oman/Dubai average, its state oil company said on Monday.

Kuwait will finish cleaning up a crude oil spill in the country's southern waters in the Gulf this week, a Kuwaiti newspaper report said on Sunday, quoting the country's oil minister.

Former Iraqi oil minister Ibrahim Bahr Al Olum said it was necessary for Iraq to regain an old pipeline that used to export Iraqi crude through Saudi Arabia, Saudi-owned Al Hayat newspaper reported on Thursday.

The final account of Bahrain’s 2016 fiscal year showed that the total incomes and salaries spending for government employees in the past years reached 1.429 billion BD, around 75.2% of the total revenues, which reach 1.898 billion BD that year.

Bahrain's cabinet has approved a draft budget for 2017 and 2018 that projects only slow progress in cutting the country's budget deficit, which has been swollen by low oil prices.

Saudi Arabia and Bahrain plan to build a new road and rail causeway between the two countries to ease congestion on the existing link and will seek funding from the private sector, a document about the project showed.

The Al-Ayam newspaper expected that Government of Bahrain will set on Monday (June 12, 2017) the state’s general budget for 2017 and 2018 based on 55$ for barrel.

Oil prices fell nearly 1 percent on Monday on concerns that the cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states could hamper a global deal to reduce oil production.

A natural gas pipeline from Qatar to the United Arab Emirates and Oman was operating normally on Monday despite a Gulf political dispute with Doha, two industry sources said.

Saudi Arabia and key allies on Monday cut ties with Qatar, the world's top seller of liquefied natural gas (LNG), accusing it of supporting extremism and sending shockwaves through the energy industry.

Oil rose on Monday after top crude exporter Saudi Arabia and other Arab states cut ties with Qatar, driving up prices on concerns over increased tension in the Middle East.

Iran is still sticking to the 2015 nuclear accord with major powers even as tensions rise between Tehran and US President Donald Trump, a UN atomic watchdog report showed yesterday.

Bahrain's sovereign wealth fund Mumtalakat hopes to take part in the initial public offering (IPO) of shares in Saudi state oil giant Aramco, the fund's CEO told Reuters, predicting additional opportunities from the kingdom's reform programme.

The Saudi Arabian central bank's foreign assets fell in April as the government borrowed heavily abroad, according to official data that suggested Riyadh was bringing money into the country to refill state coffers depleted by low oil prices.

Saudi energy minister Khalid al-Falih will meet with his Iraqi counterpart in Baghdad on Monday as the top oil producer seeks to convince others to extend output cuts for a further nine months ahead of an OPEC meeting on Thursday.

OPEC and other countries that agreed to cut crude production are converging on the need to extend the pact beyond June to help to clear a supply glut, Saudi Arabia's OPEC governor said on Friday.

The Al-Wasat newspaper said that the price of Bahrain’s crude oil extracted from Abu Saafa oilfield has reached $50 per barrel in the global markets that will witness a huge difference between supply and demand, leading to price dispersion.

The economic slowdown experienced by the GCC countries following the oil price decline and consequent fiscal tightening will continue to apply pressure on asset growth and profitability of Islamic banks in 2017 and 2018.