Middle East oil industry bucks global trend

As the oil industry tightens its belt after the worst price slump in a generation, the state-owned giants of the Middle East are taking the opposite tack.

Saudi Arabian Oil Co, Abu Dhabi National Oil Co and Kuwait Petroleum Corp are using a record number of drilling rigs and boosting production, a contrast to international companies from Exxon Mobil Corp to Royal Dutch Shell Plc, which are shelving projects and slashing costs.

"While oil companies around the world are cutting capital and downsizing their investment programs, Saudi Aramco continues to take a long-term view," Chairman Khalid Al-Falih said.