On the Arabian peninsula, U.S. oil giant Chevron has launched a $340-million pilot project to extract heavy oil from beneath the desert sands. WSJ's Ben Casselman reports from Wafra, Kuwait.

The plunge in oil prices since mid-2014 has pushed energy-rich Gulf Arab states to rein in lavish public spending. Saudi Arabia racked up a record budget deficit of nearly $100 billion last year ...

Saudi Arabian Oil (SASE:2222) is navigating a dynamic period with recent fixed-income offerings, including a $3 billion unsecured bond, highlighting its financial strategy amid challenges like ...