Saudi Arabia’s economic growth for 2019 is expected to be higher than original estimates as its non-oil sector expands faster than the wider economy, according to Reuters.   “We...

The market value of US drilling companies has increased by billions of dollars, after Washington announced that it will not renew sanctions waivers granted to eight countries allowing them...

American middle-class consumers are enjoying the most robust wage growth in a decade, but higher gasoline prices are eating a good chunk of that increase for many, and it...

Oil prices hit their highest in about six months on Tuesday as sources said Gulf OPEC members were ready to raise output only if there was demand before offsetting...

China and Turkey have both said that they will continue to import oil from Iran in defiance of the Trump administration, which has threatened to impose sanctions on any...

Oil prices rose to a record high for 2019 reaching above $72 a barrel yesterday, thanks to China’s economic growth and an unexpected decline in US inventories. By 11.30...

Oil prices rose yesterday thanks to the cuts led by the Organisation of the Petroleum Exporting Countries (OPEC), as well as US sanctions imposed on Iran and Venezuela. Global...

Saudi Arabia, the world’s largest oil exporter, yesterday denied media reports claiming the kingdom intends to sell its oil in currencies other than the US dollar. The Saudi Energy...

US President Donald Trump and the Saudi government have closely aligned views on most issues but they disagree significantly on the desirable level for oil prices, which could become...

Iranian Oil Minister Bijan Zanganeh said on Saturday frequent US comments about oil prices had created market tensions, the ministry’s news website SHANA and Reuters reported. US President Donald...

A Democratic US senator and his Republican counterpart on Friday asked Congress’ investigative arm to probe Trump administration talks with Saudi Arabia over sharing nuclear power technology, Reuters reports....

Oil prices increased on Thursday amid OPEC-led supply cuts and the US sanctions on Venezuela and Iran, the two main petroleum exporting countries. However, price gains were limited due...

For a proposed statute still at the first stage of the legislative process, with only a handful of sponsors in the US Congress, the “No Oil Producing and Exporting...

Saudi Energy Minister Khalid al-Falih said on Wednesday that OPEC and its partners were “taking it easy”, in response to a tweet from US President Donald Trump requesting that...

US President Donald Trump expressed on Monday his concern over rising oil prices, criticising the Organization of the Petroleum Exporting Countries (OPEC). “Oil prices getting too high. OPEC, please...

Saudi Arabia has resumed its traditional role as the swing producer, sharply reducing its output to tighten the oil market and push prices higher, Reuters reports. The de facto OPEC...

Iran has become self-sufficient in gasoline production, Iranian Oil Minister Bijan Zanganeh said on Monday after the inauguration of the third phase of the Persian Gulf Star Refinery in...

Eastern forces loyal to commander Khalifa Haftar have launched a military operation in southern Libya to secure oil and gas facilities and fight extremists, a spokesman said on Tuesday,...

Iranian Oil Minister Bijan Zanganeh said today US sanctions against his country were “fully illegal” and Tehran would not comply with them, Reuters reported. “We believe that we should...

Iraq has announced it will reduce its oil production by three per cent, in line with OPEC’s decision to limit output. Iraqi Oil Minister Thamer Al-Ghadban said yesterday that...

Algerian Energy Minister said that OPEC and non-OPEC producers will again reduce oil production if necessary during their meeting in April 2019. Speaking at a press conference in the...

The Organisation of the Petroleum Exporting Countries (OPEC) yesterday announced that its crude production dropped by 11,000 barrels per day (bpd) in November. In a monthly report, OPEC said...

A general cooperation agreement between OPEC and non-OPEC countries will be signed in three months’ time in Saudi Arabia, the UAE’s energy minister said on Monday, reports Reuters. “By...

A Gulf Arab summit called for regional unity as Bahrain and Qatar traded barbs over the Qatari emir’s decision not to attend the gathering in Saudi Arabia on Sunday...

OPEC and its allies announced on Friday cuts in crude output of 1.2 million barrels per day (bpd) to balance the global oil market. Members agreed the group will...

Iran gave OPEC the green light today to reduce oil output by around 0.8 million barrels per day from 2019 after finding a compromise with rival Saudi Arabia over a...

Saudi Arabia said Thursday it is unsure if a deal will be reached with fellow OPEC members on oil output cuts. After the conclusion of the 175th meeting of the...

The decision by the State of Qatar to leave the Organisation of the Petroleum Exporting Countries (OPEC) by January 2019 has raised eyebrows and set off speculation as to...

Iran will not discuss its production quota in the Organisation of Petroleum Exporting Countries (OPEC) as long as US sanctions are imposed on it, the Iranian oil minister said...

Saudi Energy Minister Khalid al-Falih met with US special representative for Iran Brian Hook in Vienna on Wednesday, sources familiar with the meeting said, reports Reuters. Hook, a senior...

  Qatar has announced that is withdrawing from OPEC in January, ending a near-six decade long membership of the oil price cartel. The emirates’ oil minister, Saad Sherida Al-Kaabi,...

Saudi Crown Prince Mohammed bin Salman arrived in Algeria on Sunday from Mauritania, resuming a tour of Arab countries after attending the G20 summit in Argentina, Reuters reports. Prime Minister...