Brent crude fell below $88 a barrel on Tuesday, returning to a nearly four-year low hit the day before, after the world's energy watchdog cut its estimates for oil demand this year and next.
The global oil benchmark has droppe
Opec's oil supply jumped to its highest in almost two years in September due to further recovery in Libya and higher output from Saudi Arabia and other Gulf producers in the face of sub-$100 per barrel oil prices, a report said.
Saudi Arabia produced 9.780 million barrels per day (bpd) of crude oil in June, up from 9.705 million bpd in May, an industry source familiar with the matter said on Wednesday.
The world's largest oil exporter and Opec heavywe
Iran put Opec on notice of its plans to raise output swiftly with the help of foreign investors immediately after any lifting of sanctions imposed over its nuclear programme.
Oil Minister Bijan Zanganeh said Iran could increase oi
Opec needs to pump more oil this year to reach its target of 30 million barrels per day and meet rising demand as China builds its reserves and stocks in industrialised countries remain low, the International Energy Agency said on Thursday.
Libya may have averted a state collapse by striking a deal with eastern rebels to reopen occupied oil ports, but technical delays and simmering federalist dissent threaten to disrupt production once again.
On Sunday, Libya's f
Saudi Arabia produced 9.819 million barrels per day (bpd) of crude oil in December, up from 9.745 million bpd in November, an industry source familiar with the matter said on Thursday.
The world's largest oil exporter also rai
Opec has trimmed its crude oil output towards next year's global requirement, the exporter group said on Tuesday, further whittling away at a supply surplus that could weigh on prices.
The monthly report from the Organization
Saudi Arabia produced 9.745 million barrels per day of crude oil in November, little changed from the previous month, when it pumped 9.75 million bpd, an industry source familiar with the matter said on Sunday.
The kingdom supplie