OPEC

A joint committee of ministers from OPEC and non-OPEC oil producers recommended extending by six months a global deal to reduce oil output, a draft press release from their...

The oil minister of Kuwait has said that his country supports the extension of an OPEC agreement to cut crude oil production beyond June. "Kuwait supports the extension of...

Saudi Arabia will no longer "bear the burden of free riders" in the global oil market, Saudi Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih, said Tuesday. Since January, the...

Oil prices will remain within the range of $55 to $60 a barrel during 2017, a new report by the Qatar National Bank has predicted. The bank said that...

Oil prices inched higher on Monday, as investor optimism over the effectiveness of producer cuts encouraged record bets on a sustained rally, although growing US output and stubbornly high...

Iraq's oil reserves have increased to 153 billion barrels, from a previous estimate of 143 billion barrels, Oil Minister Jabar al-Luaibi said on Sunday. Iraq will ask the Organisation...

Saudi Arabia has been forced to return to the role of swing producer in the oil market, despite the country's insistence for three decades it would never play the...

The state-run Kuwait Oil Company (KOC) announced a state of emergency on Sunday following an oil leak in the southwest of the country, Kuwait News Agency (KUNA) reported, quoting a...

OPEC is unlikely to deliver fully on its target to cut production despite Saudi Arabia reducing oil output to its lowest in 2 years. Under the deal, every OPEC...

Saudi Arabia has cut oil output to its lowest in almost two years, its energy minister said today, as the world's largest oil exporter leads OPEC's drive to eradicate...

Oil prices fell by $1 a barrel today as increased exports from Iran undermined efforts by other oil producers to curb a global fuel supply. Iran has sold more...

Iran has sold more than 13 million barrels of oil that it had long held on tankers at sea, capitalising on an OPEC output cut deal from which it...

Iraq has begun implementing measures to reduce national oil output in keeping with an OPEC decision, the Minister of Oil, Jabar Ali Al-Luaibi, said yesterday. "Iraq affirms its commitment...

A group of oil guards in Libya said on Thursday they had reopened a long blockaded pipeline leading from the major oil fields of Sharara and El Feel, but...

Protesters blockading pipelines to Libya's Sharara and El Feel oil fields have promised to reopen them and production could restart in the coming days, security officials and an oil...

Oil prices surged 4 percent on Thursday, with Brent crude at its highest in about 16 months, extending gains after OPEC and Russia agreed to restrict output to reduce...

Oil prices increased to its highest in months after the Organisation of the Petroleum Exporting Countries (OPEC) agreed to curb production for the first time since 2008. In a...

OPEC countries are close to clinching a deal to limit oil output, despite their differences. If a deal is reached, it will be OPEC's first production cut in eight...

Tension between the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers is threatening a new deal that was to be agreed by the end of this...

Russian Energy Minister Alexander Novak said that Russia is engaged in talks with Saudi Arabia regarding oil production. Russia's Sputnik news quoted the Russian Energy Minister, who replied with...

Energy Minister Khalid Al-Falih said today that OPEC should cut oil output to 32.5 million barrels per day (bpd), the lower end of a previously agreed range, to balance...

Oil prices eased in volatile trading on Wednesday as the market gave more weight to a bigger-than-expected US crude inventory build than Russia's comments about a possible meeting with...

President-elect Donald Trump is very unlikely to restrict imports of crude oil from Saudi Arabia despite threats to do so issued during the election campaign. Trump is first and...

A number of energy ministers from OPEC oil-producing countries are likely to meet informally in Doha, Qatar, on Friday to try to build consensus over decisions taken by the...

Oil prices fell in early trading on Friday, as the market refocused on a persistent fuel supply overhang that is not expected to abate unless OPEC and other producers...

Oil prices steadied today as markets recovered from their initial shock at US President-elect Donald Trump's victory, but investors were cautious ahead of a key Organisation of the Petroleum...

Disputes between Saudi Arabia and rival Iran resurfaced at a meeting of OPEC experts last week, with Riyadh saying it could raise oil output steeply to bring prices down...

A report by OPEC shows that Saudi Arabia, Iraq and Kuwait control about 30 per cent of global oil reserves, Quds Press reported on Sunday. The monthly report said...

Kuwait began operating its first-ever solar power plant on Wednesday at the Umm Gudair oil field, a landmark for the OPEC member country as it seeks to diversify its...

Oil prices came under pressure today as Iraq said it wanted to be exempt from an OPEC deal to cut production, Reuters reported. Losses, however, were capped by Iran...