Australia will consider recognising Jerusalem as Israel’s capital and shifting its embassy there from Tel Aviv, Australia’s Prime Minister said on Tuesday, Reuters reports. The status of Jerusalem is one...

Hedge fund managers have continued to take profits on their bullish positions in crude oil as the late summer rally has faded and fears about oil consumption and the...

Saudi Arabia and its allies are not expected to make any major political decisions at the meeting of the Organisation of the Petroleum Exporting Countries (OPEC) this weekend. However,...

OPEC’s leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, ruled out on Sunday any immediate, additional increase in crude output, effectively rebuffing US President Donald...

Algerian President Abdelaziz Bouteflika has been dismissing generals to tighten his grip on power ahead of him possibly seeking re-election next year and to diminish the power of the...

About 150 protesters gathered at the main entrance to Iraq’s giant Nahr Bin Omar oilfield in the southern oil hub of Basra on Sunday, police said, amid growing unrest in...

Reuters news agency has reported that Saudi Arabia has scrapped plans to list shares of the state-owned energy giant Aramco on international stock exchanges. The report further alleges that it...

Iranian Oil Minister Bijan Zanganeh said some members of oil producer group OPEC were acting in accordance with US policies, Iran’s Khaneye Mellat news agency reported on Friday. “Some members...

A senior Iranian diplomat urged OPEC’s secretary general to keep the group away from the political agenda of some members and said none should be allowed to take over another’s...

The shift in oil market power away from OPEC towards a bilateral relationship between Saudi Arabia and Russia is the culmination of structural changes in oil production over the...

Oil prices decreased yesterday after OPEC production was raised. September Brent crude futures fell by seven cents to reach $74.90 a barrel at 01:09 GMT after rising 68 cents,...

Senior Iranian officials on Tuesday rejected US President Donald Trump’s offer of talks without preconditions as worthless and “a humiliation” after he acted to reimpose sanctions on Tehran following his...

Iran’s supreme leader on Saturday backed President Hassan Rouhani’s suggestion that Iran may block Gulf oil exports if its own exports are stopped, according to his official website. “(Ayatollah...

In the light of retreat of consumption and increasing produce by its competitors, OPEC yesterday said it expects a decrease in international demand for its oil in 2019, RT...

Algeria’s foreign exchange reserves declined to $94.53 billion at the end of March, according to data from the Bank of Algeria. The foreign exchange reserves, excluding gold, were estimated...

The president of OPEC defended the oil producer group on Monday against US President Donald Trump’s recent demands for higher oil output, sayingOPEC does not shoulder the blame, Reuters reports. “OPEC alone cannot be...

Libya’s national oil production fell to 527,000 barrels per day (bpd) from a high of 1.28 million bpd in February following recent oil port closures, the head of the...

Iran’s oil minister on Saturday accused US President Donald Trump of insulting OPEC by ordering it to increase production and reduce prices, adding that Iranian output and exports had...

If Gulf countries do not increase oil outputs to cover the shortfall left by Iran, America may not defend them, US President Donald Trump has warned in a tweet....

The White House can drive Iran’s oil exports to zero, or it can have moderate US gasoline prices, but it probably cannot have both. The awkward tension between the...

Russia and Saudi Arabia will face “dire consequences” if they increase their oil production, the head of the state energy firm said. “Member nations of the Organisation of Petroleum...

Iranian Oil Minister Bijan Zangeneh has said that any increase in production by any member of the Organization of the Petroleum Exporting Countries (OPEC) beyond previously agreed commitments  will...

Kuwait will raise oil output by 85,000 barrels per day (bpd)starting on Sunday, part of an agreement between OPEC and non-OPEC producers to increase production by one million bpd,...

President Donald Trump, who has long been a critic of high oil prices, said Saturday that he asked Saudi Arabia to increase its oil production in order to reduce...

Libyan oil production could face protracted disruption as factions in the east have sought to seize control of crude exports, adding pressure to a tight global market. Eastern factions...

The head of Russia’s sovereign wealth fund, Kirill Dmitriev, said on Monday that the joint agreement between OPEC and its other oil producers allies to increase production indicates the...

Algeria’s lower house of parliament approved on Monday a government plan to lift a largely ineffective ban on imports of many goods and replace it with customs duties of...

Iran said on Saturday the world will see little extra oil reaching the market if OPEC and its partners adhere properly to a supply pact, underlining a disagreement with...

The Organisation of the Petroleum Exporting Countries (OPEC) looks to have agreed to a 1 per cent increase in world oil production after believing that it has overcome differences...

OPEC scrambled on Thursday to agree on raising oil output, with Saudi Arabia warning of shortages but Iran holding out against a deal amid the prospect of lower exports...

Iran’s representative to the Organisation of the Petroleum Exporting Countries (OPEC) said that his country as well as Iraq and Venezuela will reject any proposal from Saudi Arabia and...

At least three OPEC members disagree with Saudi Arabia and Russia on the need to pump more oil, OPEC sources said, complicating any official decision to boost supply just...