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Kuwait has unveiled a plan to privatise parts of the state-controlled oil industry as a senior oil executive said the emirate will pump at least $64 billion into the sector. 
Saudi Arabian Oil Minister Ali al-Naimi has urged consumer countries to build more refineries amid warnings that OPEC could do little to stem high oil prices.
Kuwaiti Energy Minister Shaikh Ahmad Fahd al-Sabah has ordered a judicial probe into allegations that officials have profited from a deal with US oil services giant Halliburton to supply fuel to the US military in Iraq.
Kuwait's Energy Minister has said OPEC's plans to cut output by 900,000 barrels a day from 1 November would proceed despite prices being still high.
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