AFP The OPEC cartel warned on Tuesday that the oil industry needs to step up investments to guarantee sufficient supply as low prices stimulate demand. “Given the demand and supply outlook, there is a need for significant investments across the entire industry,” the Organization of the Petroleum Exporting Countries said in its annual report on the sector. The 14-nation …

  AFP Iran signed a deal with France’s Total on Tuesday to develop a major offshore gas field, its first big contract with a Western energy firm since sanctions were loosened in January. Total will lead a consortium also including China National Petroleum Corporation (CNPC) and Iran’s Petropars to develop Phase 11 of the South Pars field under a 20-year …

  Reuters Saudi Arabia will settle all delayed payments to private businesses by the end of the year as it concludes a review of government projects that has saved tens of billions of riyals. The Council of Economic and Development Affairs approved the plan at a meeting late on Monday, the official Saudi Press Agency reported. The council authorized payments …