Saudi Arabia has denied making any contact with Russia with the intention of balancing the oil market amidst the massive global price fall, RT reported on Friday. In a...

A group of US Senators from the ruling Republican Party have urged Saudi Arabia to leave the Organisation of Petroleum-Exporting Countries (OPEC), claiming that the kingdom along with Russia...

Yesterday Kuwait announced a government reduction in the country’s energy sector’s operating spending, due to the oil price collapse recently caused by the coronavirus outbreak. The CEO of the...

US Secretary of State Mike Pompeo has expressed concerns over instability in the global oil market in a call with Saudi Crown Prince Mohammed Bin Salman. The Saudis triggered...

US President Donald Trump has appointed a special energy envoy to Saudi Arabia, as the global oil industry confronts what analysts say is the worst crisis for the industry...

Forging an oil alliance between the United States and OPEC’s top producer Saudi Arabia is one of “many, many ideas” being floated by US policymakers but it is uncertain...

Russia never sought a sharp oil price fall or an end to cooperation with the Organisation of Petroleum Exporting Countries (OPEC), and the Gulf nations are to blame for...

The United States believes Saudi Arabia’s flooding of oil markets compounds the coronavirus-caused global economic crash and intends to send a senior official to Riyadh for months to boost...

The Saudi government has announced a cut of 50 billion Saudi riyals ($13.2 billion) to its 2020 state budget, following an unprecedented sharp plunge in oil prices. Finance and Economy...

Russia does not have any immediate plans for any contacts with the leadership of Saudi Arabia over the global oil strategy, Kremlin spokesperson, Dmitry Peskov, announced yesterday. Peskov told...

The UAE Minister of Energy and Industry, Suhail Al Mazroui, said yesterday that his country believes that a new agreement to reduce oil production is a necessary step to...

Saudi Arabia has been sharply rebuked by the head of the International Energy Agency over its decision to flood the oil market and start a price war with global...

The Kremlin said yesterday that it has not ruled out the possibility of resuming talks with Saudi Arabia, OPEC’s largest oil producer, to stabilise global energy markets. Kremlin spokesman,...

Saudi Arabia, the world’s top oil exporter, plans to raise its crude oil production to 12.3 million barrels per day (bpd) next month marking a dramatic escalation in its...

Oil prices have plunged to levels not seen in years. They are the lowest since 2016, but a crash of this size and nature has not been seen in...

Credit rating agency Fitch said yesterday that the collapse of oil prices will put pressure on the financial revenues of the Gulf Cooperation Council (GCC) countries. Fitch senior sovereign...

Saudi Arabia must coordinate on oil prices to avoid economic disruption to other countries, France’s Minister of the Economy and Finance, Bruno Le Maire, said yesterday. Oil prices plunged by more...

Plunging oil prices have increased the urgency for Algeria to reform its economy, politicians and business leaders said on Monday. Energy Minister Mohamed Arkab said the country had been...

Saudi Aramco shares fell ten per cent this morning after Saudi Arabia slashed its official selling prices for crude and set out plans for a dramatic increase in oil...

Saudi Arabia, the world’s top oil exporter, plans to raise its crude oil production significantly above 10 million barrels per day (bpd) in April, after the collapse of the OPEC...

A three-year pact between OPEC and Russia ended in acrimony on Friday after Moscow refused to support deeper oil cuts to cope with the outbreak of coronavirus and OPEC...

The Organization of the Petroleum Exporting Countries (OPEC) will consider making “substantial” further oil production cuts to lift prices that have dropped following the coronavirus outbreak, Algeria’s oil minister said...

OPEC could agree on deeper oil supply cuts this week, with or without Russia’s support, to halt the slide in crude prices triggered by the global spread of the...

The Organization of the Petroleum Exporting Countries (OPEC) and a non-OPEC technical panel have recommended extending a current agreement to reduce oil supply until the end of 2020, Algerian...

An OPEC, non-OPEC technical panel has recommended extending a current oil supply cut pact until the end of 2020 and more output reductions due to the impact of the...

Saudi Aramco has seen an increase in attempted cyber attacks since the final quarter of 2019, which the company has so far successfully countered, the state oil giant’s chief...

Saudi Arabia and Kuwaiti yesterday started preparing for the resumption of production from the Khafji oilfield jointly operated by the two countries. Kuwait’s Al-Rai quoted local sources as saying...

Crude oil prices were up early Thursday on a higher note as the global oil market awaits additional production cuts by OPEC and allies to take effect beginning on...

OPEC was advised to lower its oil production level by an additional 500,000 barrels per day (bpd), Russian Energy Minister Alexander Novak said Thursday, Anadolu Agency reports. “Global oil demand is...

With the Saudi Aramco IPO imminent, the kingdom is looking to deepen oil cuts in an effort to keep the price of crude high as it pushes ahead with...

OPEC oil output has fallen in November as Angolan production has slipped due to maintenance and Saudi Arabia has kept a lid on supply to support the market before...

Russian President Vladimir Putin said on Thursday that Saudi Arabia was taking a tough stance on the output deal between OPEC and its allies because of Saudi Aramco’s initial...