S&P Global Platts quoted traders in the oil market stating that the global market has absorbed the growing and sudden surge of Libyan oil production, contrary to the expectations...

Oil markets may take advantage of the prospects of a coronavirus vaccine developed by Pfizer Inc. and BioNTech to stabilise, Bloomberg reported today. Last week, crude oil prices soared to their highest level...

Crude oil prices increased by more than six per cent on Monday following statements by Saudi Arabia and the Emirates about the possibility of amending the OPEC+ production cut...

Gulf OPEC producers the United Arab Emirates and Kuwait, as well as Iraq, are debating whether they should roll over existing oil supply cuts into 2021, as they struggle...

Saudi Arabia's oil exports declined 62 per cent in the second quarter of 2020, the state-run Saudi General Authority for Statistics announced yesterday. In an official statement, the authority said...

Iraq's commitment to a recent agreement by the Russian-led OPEC+ group will deprive the country of 750,000 barrels of oil per day (bpd), the former Iraqi oil minister warned...

Saudi Arabia has been encouraing members of the Organisation of the Petroleum Exporting Countries  (OPEC) and other producers such as Russia, known as OPEC+, to incerase output in the...

The Iranian Oil Minister Bijan Zanganeh said yesterday that OPEC has succeeded in raising crude prices and stabilising oil markets. "OPEC's performance has been successful because the price of...

The Iraqi Oil Marketing Company (SOMO) yesterday denied reports claiming it had violated the OPEC+ production cut agreement in July. Earlier this week, financial data site Refinitiv Eikon, Iraq's...

Saudi Arabia's exports of crude oil and petroleum products fell 41.2 per cent in May month on month, the Joint Organisations Data Initiative (JODI) revealed yesterday. According to JODI,...

The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, will ease oil supply cuts next month as global economies slowly recover from the effects of...

Iraq's Oil Marketing Company (SOMO) has significantly reduced oil output from the Basra crude supplies destined for Asia in July, in implementation of the OPEC+ agreement to reduce production, Reuters quoted...

Gulf countries will not continue a reduction of oil output by an extra 1.18 million barrels per day (bpd) in July as part of an agreement made by the...

OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the...

On Friday, the Iraqi Ministry of Oil reconfirmed its full commitment to the OPEC+ crude oil production cuts. Oil Ministry Spokesman Assem Jihad announced in a press statement: "Iraq reconfirms its...

OPEC+ members are considering extending the current oil output cut to stabilise global oil prices, Bloomberg reported yesterday. Members of the Organisation of the Petroleum Exporting Countries (OPEC) and Russia were...

OPEC President Algeria has proposed bringing forward the next meeting of the oil producing group and its allies, known as OPEC+, to June 4 from an earlier plan to...

Russian President Vladimir Putin and Saudi Crown Prince Muhammad Bin Salman agreed on Wednesday to strengthen coordination to cut oil production and stabilise the global oil market. The Kremlin...

A flotilla of five tankers carrying Iranian fuel for gasoline-starved Venezuela is approaching the Caribbean, with the first vessel expected to reach the South American country's waters on Sunday,...

Saudi Arabia has called on OPEC+ countries to respect their commitment to the agreed oil production cuts and to reduce production even further to help restore balance to global...

Saudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom's budget and global demand remains weak due to...

On Friday Iraq announced the start of implementing the decision of OPEC+ to reduce crude oil production by 23 per cent, aiming to stabilise prices in the international markets,...

On Thursday, Algerian Energy Minister Mohamed Arkab called on members of the OPEC+ coalition to abide by the agreement to cut oil production from Friday. Arkab, whose country holds the Organisation...

Saudi Arabia's oil output rose to a record high of 11.3 million barrels per day (bpd) in April, as the kingdom put pedal to the metal following the collapse...

On 6 March, the OPEC+ cartel failed to agree on a cut in oil production in the light of reduced demand due to the coronavirus pandemic affecting almost every...

Oil prices will reach $40 a barrel by the second half of this year, Anadolu Agency reported OPEC's president saying yesterday. The official who also acts as Algeria's Energy Minister, Mohamed...

Iranian President Hassan Rouhani said the falling oil prices will have the least impact on the Islamic Republic compared to other countries, because Tehran is less dependent than others...

Saudi Aramco, the world's largest oil-production company, has entered a decisive stage in its endeavour to obtain a $10 billion loan from a number of banks. Aramco chose HSBC and...

Oil prices have hit zero. Yes, oil was "sold" this week with producers only asking buyers to pay for transporting it to its final destination. This is the worst...

Some OPEC ministers had a conference call on Tuesday to discuss the oil price rout and possible extra measures to support the market but it took place without the...

An official Kurdish delegation arrived yesterday in the Iraqi capital Baghdad to discuss "oil output". "The delegation, led by the Kurdistan government's Finance Minister, Awat Sheikh Janab, will discuss...

When Saudi Arabia approached members of the Organisation of Petroleum Exporting Countries (OPEC) and its affiliates recently to cut oil production in an attempt to cushion the impact of...