The Organization of the Petroleum Exporting Countries’ (Opec) 2015 oil export revenues slumped 46 percent to a 10-year low, the group said in a report published on Wednesday, underlining the impact on producers' income from a collaps
Russian Energy Minister Alexander Novak has a contrarian message for those who question the wisdom of freezing global levels of oil output.
Despite the collapse of talks on restraining production among Opec and
The Organization of the Petroleum Exporting Countries (Opec’s) full-year 2016 oil export revenues will probably fall 15 per cent, down for the third straight year and possibly the lowest in more than a decade before rising in 2017, the U
Crude oil futures fell in Asian trade on Tuesday, as investors ignored signs of market tightness to focus on concerns over global growth and overnight declines in stocks on the impending vote on Britain's possible European Union exit.
Opec has forecast that the world oil market will be more balanced in the second half of the year as outages in Nigeria and Canada help erode a supply glut that has weighed on prices more quickly than expected.
Oil prices edged lower on Thursday as traders took profits after three sessions of gains, though prices remained close to their highest this year thanks to a fall in US crude inventories and supply disruptions.
Opec's strategy of letting the oil market balance itself is working as investment in the industry is falling and any recovery will take time to bring new supplies, a senior Iraqi oil official said on Friday.
The Organisation o
Russian oil billionaire Vagit Alekperov isn't easily swayed, but Saudi Arabia's new Energy Minister Khalid Al-Falih achieved it this week.
Intense diplomacy by the soft-spoken Falih at his first Opec meeting - with his spe
Global oil markets are heading toward rebalancing, Qatar's Energy Minister told reporters in Moscow on Friday, a day after the Organization of the Petroleum Exporting Countries failed to agree a clear oil output strategy at a meeting in Vien
Saudi Arabia promised on Thursday not to flood the oil market with extra barrels even as Opec failed to agree on output policy, with Iran insisting on the right to raise production steeply.
Tensions between the kingdom and Iran ha