Kuwait will increase its borrowing on international markets to plug a budget deficit resulting from low oil prices, the finance minister said on Tuesday.

A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday.

Saudi Arabia may increase its domestic gasoline prices by 30 percent from July, industry sources said, part of a reform plan by the world's top oil exporter to align its fuel prices with global benchmark levels, Reuters reported.

Bahrain News Agency (BNA) said that Prime Minister Khalifa bin Salman Al Khalifa will leave for Doha tomorrow (Tuesday, February 28, 2017) to visit the State of Qatar and meet Qatar Amir Tamim bin Hamad Al-Thani.

Gulf Arab states are poised to continue to spend billions of dollars on defence despite low oil prices causing severe budget deficits forcing Gulf States to introduce austerity measures and cut spending.

The Kuwaiti government on Monday approved the 2017/2018 budget with a projected huge deficit for the third year running due to the sharp fall in oil prices.

Kuwait is set to begin importing up to 200 million cubic feet of gas daily from neighboring Iraq, oil ministers from the two Arab nations said after talks Wednesday.

Saudi Arabia reported major progress on Thursday in cutting a huge state budget deficit caused by low oil prices, and said it would increase government spending next year to boost flagging economic growth.

Saudi Arabia, Kuwait and Bahrain raised interest rates within minutes of the U.S. Federal Reserve's decision to do so on Wednesday as they scrambled to avoid downward pressure on their currencies due to low oil prices.

Kuwait's Emir Sheikh Sabah al-Ahmad Al-Sabah opened the new parliament Sunday by declaring that a reduction in public spending is "inevitable" in the face of weak oil prices.

State-run Bahrain Petroleum Company (Bapco) has received bids from international construction companies to expand its Sitra oil refinery, industry sources said.

Hundreds of foreign workers rallied outside two construction sites, in protest against the delay in salary payment by one of the biggest construction companies in Bahrain.

An official at the Bahrain Petroleum Company (BAPCO) confirmed that a fire broke out at the company on Saturday night (November 26, 2016). He however reduced the size of the fire and described it as “minor”.

News were circulating on social network accounts that a big fire broke out in Bahrain’s Petroleum Company (BAPCO).

The government objected to a parliamentary proposal to impose fees on remittances abroad, estimated at 2.5 billion dinars annually.

Bahrain's foreign reserves have more than halved since the end of 2014 as low oil prices slash the value of the country's exports, the prospectus for the kingdom's sovereign bond issue this week shows.

Iran has sold its first cargoes of natural gas condensate and crude oil to British companies, the director of international affairs at National Iranian Oil Company (NIOC) said on Monday.

OPEC agreed on Wednesday modest oil output cuts for the first time since 2008, at time when group's leader Saudi Arabia softens its stance on arch-rival Iran.

Chances to reach deal to freeze oil outputs at Algeria meeting on Wednesday became weak, after significant disagreements between Iran and Saudi Arabia.

Saudi Arabia will cut ministers' salaries by 20 percent and scale back financial perks for public sector employees in one of the most drastic measures yet by the energy-rich kingdom to save money at a time of low oil prices