Crude oil prices are likely to bottom out in the first half of 2015, until a possible slowdown in US shale production counters a supply glut exacerbated by Opec's decision not to cut output, a Reuters monthly
Libya's internationally recognised government aims to set up a new payment system to receive oil revenues, bypassing the central bank based in Tripoli, the capital city that is no longer under its control, it
Gulf stock markets may stay firm on Monday after two days of strong gains, buoyed by hopes that oil prices have found at least a short-term floor and that Saudi Arabia will announce a 2015 budget that includes heavy government spending.
Saudi Arabia said on Sunday it would not cut output to prop up oil markets even if non-Opec nations did so, in one of the toughest signals yet that the world's top petroleum exporter plans to ride out the market's biggest slump in years.
Saudi Arabia's oil minister defended Opec's decision to keep output steady despite the biggest market slump in years, saying current prices would help global economic growth and petroleum demand, while Ar
One of the biggest reasons for the slide of oil prices is the "irresponsible" supply from producers outside Opec, the United Arab Emirates oil minister said in a speech on Sunday.
Suhail Bin Mohammed Al Mazroui was addre
Saudi Aramco is expected to keep crude oil supply to China under an annual contract largely unchanged next year, the second year of flat demand as Chinese refiners anticipate ample supplies in the spot market and lack of new refining capacity.