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Oil has fallen almost 60 per cent since June 2014 on a global supply glut.
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Country may run huge budget deficit of $120b
However, a source in the Gulf oil industry said that Saudi officials were "seriously" thinking about reducing fuel subsidies gradually.
Four identical reactors being constructed simultaneously at UAE's nuclear energy location in Barakah.
The market has been flocking between the bulls and the bears, causing huge volatility in oil prices, says analyst
The PMI for China's key manufacturing sector slumped to a three-year low of 49.7 in August.
Once an energy exporter, declining oil and gas production and increasing consumption has forced Egypt to divert energy supplies to the domestic market.
International benchmark Brent crude climbed 10 per cent last week but was still heading for its fourth straight monthly decline.
In its monthly price adjustments, the Ministry of Energy lowered domestic prices for petrol and diesel for September. While diesel price was slashed by 18 per cent, the price for a litre of petrol was reduced by 8.5 per cent, in line with developments on the international oil market. Dubai residents speak... Videographer: Nida Sohail/ Khaleej Times
