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Saudi surplus tops $164bn in 2012Saudi Arabia's current account surplus rose to 149.8 billion riyals ($39.9 billion) in the fourth quarter of 2012 from 140.7 billion in the previous three months, central bank estimates showed More… |
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US oil boom 'will meet new global demand'US shale oil will help meet most of the world's new oil demand in the next five years, even if the global economy picks up steam, leaving the need for Opec crude barely changed from today' More… |
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Opec sees higher oil demand in second-half 2013The Opec will need to pump more oil than previously thought to balance the market in 2013 and expects global consumption to be much higher in the rest of the year, the group said in a report ahead of its meeting to set policy on May 31. More… |
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Saudi's Abdulhamid wins top Opec research postOrganization of Petroleum Exporting Countries (Opec) has appointed a Saudi Arabian candidate as its head of research over an Iranian, Opec delegates told Reuters on Tuesday fol More… |
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Brent falls 7pc in April on economy woesBrent crude benchmark fell more than 7 percent during April, its biggest monthly decline in 11 months, hurt by economic indicators in recent weeks suggesting the global economy remains in a fragile state. Brent crude futures below More… |
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Opec oil output rebounds from yearly lowThe crude oil output from Organization of the Petroleum Exporting Countries (Opec) has rebounded in April from its lowest monthly level in more than a year due to the resolution of export disruptions in Iraq and Libya and a rise in Iranian sales More… |
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Brent above $100 on Opec supply cut fearsBrent crude held above $100 a barrel on Wednesday, supported by fears that Opec could cut oil supply if prices fall more, although data from major economies pointing to slower growth and fuel demand capped gains. Oil has propped a More… |
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Libya wants higher oil quota in OpecLibya will seek to increase its oil output quota in the Organization of the Petroleum Exporting Countries (Opec), Oil Minister Abdelbari Al-Arusi said on Monday. Opec dropped individual allocati More… |
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Gulf Opec members not to trim outputThe Gulf oil producers in the Organization of the Petroleum Exporting Countries (Opec) do not see the need to change production levels to support crude prices, said the delegates after benchmark Brent touched nine-month lows on Friday. More… |
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Oil below $100 ‘not reasonable’ says IranIran wants oil prices to stay above $100 a barrel, its oil minister said on Sunday after crude touched nine-month lows near $101 on Friday and ahead of Opec's next meeting on May 31. "An oil price below $100 is not reason More… |
