If Saudi Oil Minister Ali Al Naimi wants to stop speculation spreading before a crucial Opec meeting next week, it's too late.
Al Naimi's intervention last week after a two-month silence failed to addre
The Organization of the Petroleum Exporting Countries (Opec) needs to cut its oil output by up to 1 million barrels per day (mbpd) at its meeting next week, a delegate from one of Opec's smaller producers said, as oil prices that have slid
Brent crude held steady below $79 a barrel on Wednesday as data showed Saudi Arabia increased crude exports in September despite signs of an oversupplied market and divisions between Opec members seemed to grow ahead of a meeting next week.
Opec heavyweight Saudi Arabia's crude oil exports edged up in September by around 59,000 barrels per day (bpd) while volumes used by domestic refineries remained high, official data showed on Tuesday.
The world's top oil e
Opec producer Iraq expects to base its 2015 budget on an oil price of $80 per barrel, Oil Minister Adel Abdel Mehdi told parliament on Monday.
Oil prices have fallen to below $80 on abundant and weak demand from $115 a barrel in J
Iran's oil minister accused some countries on Sunday of making up excuses to justify their refusal to stabilise prices by cutting output, a possible reference to Saudi Arabia as a Saudi official insisted the issue should be left to market fo
Iraq's current southern oil output and export levels, given by the country's oil minister yesterday, indicate that fighting and unrest has not derailed an expansion of supplies from Opec's second-largest producer.
Leaders at the G20 Summit are seeking to lay the foundations for a new global energy trade regime to help ensure open markets and prevent oil and gas supplies being used as tools of foreign policy, the Australian newspaper reported on Saturday.
Brent crude edged above $78 a barrel on Friday but remained close to a four-year low because of concern over excess supply and uncertainty over whether oil cartel Opec would cut production at a meeting in two weeks.
Opec member Qatar expects to lower oil output to about 500,000 barrels per day (bpd) by the end of November, down from 650,000 at the end of last month and from 800,000 a month earlier, an industry source familiar with the matter said.