The drop in oil prices to their lowest in two years has caught many observers off guard, coming against a backdrop of the worst violence in Iraq this decade, heightened tensions between the West and Russia, and sanctions against Iran.
A substantial increase in Iranian oil storage capacity will give the sanctions-hit country more flexibility to export crude, the International Energy Agency (IEA) said.
The US and the European Union have impose
Iraqi Kurdistan has shipped a total of 11.2 million barrels of crude oil since May via a pipeline to Turkey's Mediterranean port of Ceyhan, Turkish energy minister Taner Yildiz told a conference in the southeastern city of Gaziante
Brent crude dropped to a two-year low below $97 a barrel on Thursday, falling for a sixth straight session as worries over mounting supply and weak demand outweighed concerns that conflicts in the Middle East could curb oil production.
World oil demand growth is softening at a remarkable pace as the European and Chinese economies falter, the West's energy watchdog said on Thursday, while supplies grow steadily, particularly from North America.
Sometimes they came pretending to buy things. Sometimes they texted, sometimes they called, but the message was always the same: "Give us money."
Months before they took control of the Iraqi city of Mosul in June, Islami
The oil market's price setting agencies have avoided being linked to the kind of regulation trained on financial benchmarks, in a report by international regulators.
The decision by the International Organi
Top oil exporter Saudi Arabia told Opec it reduced its oil output in August by 400,000 barrels per day (bpd), a cutback coinciding with a drop in oil prices towards the kingdom's preferred level of $100 a barrel.
Kuwait Opec Governor Nawal Al Fuzaia said that a recent drop in oil prices was due to a rise in supply and slower summer demand and that she expected prices to rise again and maintain the $100 per barrel level.
Abu Dhabi National Energy Company's (Taqa) chief financial officer Stephen Kersley has resigned and Ryan Wong will take over as acting head of finance effective October 1, the company said.
Kersley, who had been CFO since May