The oil price collapse over the past 16 months has forced the world’s biggest energy companies to cut hundreds of billions of dollars in future spending to bolster their balance sheets. But Ali al-Naimi — oil minister and architect of the Saudi strategy to maintain output and keep prices low to hobble its rivals — voiced a commitment to press on with investments in exploration, production and refining.

The fund’s half-yearly fiscal monitor report shows that in the past three years a hefty budget surplus in Saudi Arabia has been turned into a deficit of more than 20% of GDP – double the shortfalls seen in the UK and the US during the worst of the global slump of 2008-09.

Saudi Aramco president and CEO Amin H. Nasser expressed his profound gratitude to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, Crown Prince Mohammed bin Naif and Deputy Crown Prince Mohammed bin Salman bin Abdulaziz, chairman of the Saudi Aramco Supreme Council for the trust bestowed upon him to preside over Saudi Arabian Oil Company (Saudi Aramco).

Top oil exporter Saudi Arabia sees no need to hold a summit of producing countries' heads of state if such discussions would fail to produce concrete action toward defending oil prices, sources familiar with the matter said on Thursday.

In the first half of 2015, Saudi Arabia exported on average 4.4 million barrels per day (b/d) of crude oil to seven major trading partners in Asia, making up more than half of Saudi Arabia's total crude oil exports over that period. Even as global crude oil prices fell in 2014 and 2015, Saudi Arabia increased production and kept its export levels high, enabling it to maintain its market share in these countries. However, long-term trends within Saudi Arabia's energy sector may reduce its global crude oil market share.

Saudi Aramco, the kingdom's state oil giant, is talking to banks about raising a $5 billion loan related to a refinery it built in collaboration with China's Sinopec.

Although OPEC's statutes say support from a simple majority of the 12 members can trigger an extraordinary meeting, none will occur without support from Saudi Arabia, which has yet to give its blessing, OPEC delegates say.

Most Middle Eastern stock markets declined amid mounting concern the region’s largest economy will cut spending after oil prices slumped to the lowest since 2009.

Stock markets in Saudi Arabia and Dubai closed around 7 percent lower on Sunday on the back of a further slide in oil prices.

Oil production from the Organization of the Petroleum Exporting Countries (OPEC) totaled 31.4 million barrels per day (b/d) in July, up 120,000 b/d from the June level of 31.28 million b/d