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....

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...