Saudi Arabian Oil Co. and Dow Chemical Co. expect to start production this year at their $20 billion Sadara chemicals venture in the desert kingdom as other projects planned in the region face the obstacle of falling crude prices.
Oil ministers from Kuwait and Algeria dismissed possible production cuts as crude’s slump to a four-year low prompted Venezuela to call for an emergency meeting of the Organization of Petroleum Exporting Countries.
Brent for October settlement gained as much as $1.24 to $101.58 a barrel, and traded at $101.47 at 1:32 p.m. on the London-based ICE Futures Europe exchange.
