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...

Russian President Vladimir Putin said before his first visit to Saudi Arabia in more than a decade that Moscow could play a key role in easing regional tensions given...

Russian President Vladimir Putin said in remarks aired on Sunday that global oil inventories need cutting to “reasonable levels” and that Russia would work with Saudi Arabia and other...

The United Arab Emirates (UAE) has the capacity to increase oil production should there be a disruption in global supplies, UAE Energy Minister Suhail Al-Mazrouei has said. In a press statement yesterday,...

Kuwait’s 90-year-old ruler has been admitted to a hospital in the United States for medical tests and postponed a meeting with US President Donald Trump planned for this week...

Saudi Arabia will relax its bug-damage specifications for wheat imports from its next tender onwards, it told Reuters on Thursday, opening the door to Black Sea imports and strengthening...

Iranian oil exports have dropped in July to as low as 100,000 barrels per day (bpd) due to sanctions and rising tension with the United States and Britain, according...

Kuwait’s navy and ports authority will prepare security plans to protect the key OPEC exporter’s ports, state news agency KUNA said on Saturday, amid heightened tensions between Iran and...

 Oil prices increased yesterday as US oil producers in the Gulf of Mexico cut their production by more than half due to a tropical storm, while tensions continue to...

Iranian Oil Minister Bijan Zangeneh said yesterday that Tehran will be exempt from the Organisation of the Petroleum Exporting Countries (OPEC)’s agreement to extend global crude production cuts for...

When Vladimir Putin announced at the weekend that OPEC would extend oil production cuts, broadcasting a deal before the group had even met to approve it, the move angered...

Iran’s Oil Minister Bijan Zanganeh said an alliance formed by Saudi Arabia and Russia could damage the Organisation of Petroleum Exporting Countries (OPEC). The minister told reporters ahead of...

OPEC and its allies look set to extend oil supply cuts next week at least until the end of 2019 as Iraq joined top producers Saudi Arabia and Russia...

Iran has no plans to leave the Organisation of the Petroleum Exporting Countries despite being treated like an enemy by some fellow members, Oil Minister Bijan Zanganeh said in...

Russia and Saudi Arabia are working towards an agreement under which they will cooperate in the oil market. Russian Energy Minister Alexander Novak made the announcement during a meeting...

Iran has told OPEC that it opposes delaying the oil producer group’s next meeting, setting the scene for another fight with fellow members as US sanctions put Tehran under...

Saudi Arabia’s energy minister said on Sunday he recommended driving oil inventories down and that global oil supplies were plentiful. “Overall, the market is in a delicate situation,” Khalid...

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....