Major oil-producing countries led by Saudi Arabia and Russia agreed to maintain their current output levels. Representatives of 13 members of the Organization of the Petroleum Exporting Countries led by Riyadh, and their 10 allies headed by Moscow, decided to stick to a production cut of two million barrels per...

Vienna, Austria— Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting Sunday, ahead of fresh sanctions against Moscow coming into force. The 13-member Organization of the Petroleum Exporting Countries (OPEC) is due to consult with 10 other oil-producing nations, including...

Ukraine welcomed a US$60 price cap on Russian oil agreed by the EU, G7 and Australia, saying it would "destroy" Russia's economy. The price cap, previously negotiated on a political level between the G7 group and the European Union, will come into effect with an EU embargo on Russian crude...

LONDON, UNITED KINGDOM - Major oil producers are expected to stick to their current output strategy or even slash production further when they meet on Sunday in the face of falling prices, a potential Russian oil price cap and an embargo on Russian crude shipments. At their last ministerial session...

The "categorical denial" has come after the Wall Street Journal reported on Monday that Saudi Arabia, which co-leads the OPEC+ group along with Russia, and other members were considering an "increase of up to 500,000 barrels a day". The next OPEC+ meeting is scheduled for December 4.

AMMAN, JORDAN - Jordan imported about 405,550 barrels of crude oil from Iraq in October, an average of 13,000 barrels per day, the Kingdom's Minister of Energy and Mineral Resources Saleh Kharabsheh said Tuesday. He said in a press release that the Kingdom had imported roughly three million barrels of...

Commodities, meanwhile, trade mostly higher as the market's focus remain altered between optimism over China reopening after exiting its strict Covid-zero policies as well as raised worries about tightening supply driven by increased activity from Chinese buyers. and an extended rate hike cycle in the US, he adds.

BP, flush with cash, revealed a $2.5 billion share buyback.

Strength this week has been driven by a continued developing tightness in the fuel product market, US exports of crude and fuels setting a weekly record, the weaker dollar as well as strong buying from China as refineries there plan to boost fuel exports through the end of the year,...

Hike in profit was due to high oil, natural gas prices.

"People are depleting their emergency stocks ... its profound purpose was to mitigate the shortage of supply," says Prince Abdulaziz at an FII event in Riyadh.

The economic ties between the UAE and Egypt were strengthened this year by the signing of the Industrial Partnership for Sustainable Economic Growth, crowning a more than fifty-year long trade relationship between the two nations that has grown to $67 billion in the last twenty-two years.

The OPEC+ oil cartel will meet in Vienna next week for the first time since Covid curbs were introduced in 2020, the organization said.

The average price of a barrel of Brent crude oil is expected to be $101 in 2022 and $84 in 2023. However, Brent oil prices may fall to $75/b by 2025 and $70/b by 2027, says a report.

Earnings of many Gulf banks may hit nearly pre-pandemic levels by the year end, owing to high oil prices and rising interest rates that will support their creditworthiness.

Hungarian Prime Minister Viktor Orban wants EU sanctions on Russia over its invasion of Ukraine lifted by year end, a pro-government daily newspaper said. Orban, who has sought close ties with Russian President Vladimir Putin in recent years, has frequently railed against the sanctions, saying they are hurting Europe more...

Inflation-fighting measures, such as hiking rates and removing stimulus, was the main driver behind the recent correction in commodities that are likely to weather headwinds from an economic slowdown with supply of key commodities being equally challenged, he adds.

GCC countries have witnessed financial surpluses in their budgets for the first time in a long time on the back of increase in oil prices, strengthening their credit ratings.

The Kingdom has for several years imported Russian oil, which helps to reduce its need to refine crude for products and cut the amount of oil it needs to burn for power, leaving it with more unrefined crude to sell in globally at higher prices. In 2021, it imported 1.05MT...

Demand is set to grow to 101.6 million barrels per day in 2023, according to the IEA, which advises developed countries on energy policy.

New data from the Joint Organisations Data Initiative (JODI), a Riyadh-based international collaboration to improve the availability and reliability of data on petroleum and natural gas, shows that global oil demand surpassed pre-pandemic levels in March, while production of crude oil was stuck at 97 percent of the level before...

The IEA said "steadily rising" output from the United States and Middle Eastern members of the OPEC+ oil cartel will help offset losses from Russia.

Oil is the lifeblood of the North African country trying to move past a decade of conflict since the fall of dictator Moamer Kadhafi in 2011. But since mid-April Libya's two major export terminals and several oil fields have been held hostage to the country's latest political schism.

Yemen's Huthi rebels already agreed a "framework for cooperation" with the United Nations on the issue last month.

Indian government officials on Friday defended the continued buying of Russian oil, saying European countries were still purchasing hydrocarbons from Moscow and that high crude prices left New Delhi with little choice.

Brent North Sea crude oil for May delivery reached $139.13 shortly after electronic trading opened around 2300 GMT on Sunday.

Europe and UK gas prices hit record highs Friday and crude oil rallied, as Ukraine's invasion by key producer Russia continued to stoke supply fears. Europe reference Dutch TTF gas price struck 213.895 euros per megawatt hour in afternoon deals and UK gas hit 508.80 pence per therm. "There is...

Oil prices and safe havens surged Monday while the ruble plunged after world powers imposed fresh sanctions on Russia over its invasion of Ukraine.

In Europe, the three main indices all closed more than three percent higher, recovering most if not all of the previous day's losses, as Western nations held off from imposing sanctions that would cripple critical sales of Russian oil and gas.

The jump in oil prices is compounding worries about inflation around the world, with the US Federal Reserve coming under intense pressure to tighten monetary policy to prevent prices from running out of control.

Net profit stood at $20.1bn in 2021 after a loss of $21.7bn in 2020.

Turkey's state oil operator Botas said the fire at the pipeline had been fully extinguished late on Tuesday, but gave no indication for what caused the blast. It said early on Wednesday that ‘all the necessary precautions have been taken,’ and oil flows would resume later in the day.

Global demand for oil is expected to remain "robust" in 2022 and overcome short-term disruption caused by the Omicron coronavirus variant, the Organization of Petroleum Exporting Countries said on Tuesday. But the Saudi-led group of top oil producers warned future virus strains and pandemic-related travel restrictions could threaten the global...

Kuwait will increase its crude production by 27,000 barrels per day (bpd) to 2.6 million bpd from 1 Feb. 2022 in compliance with its new crude output quota after the OPEC and non-OPEC alliance's decision to upwardly adjust output level by 400,000 bpd as of next month. Deputy Prime Minister...

Total expenditures were budgeted at SAR955 billion, and revenues at SAR1.045 trillion, giving a surplus of SAR90 billion.

"On our pricing model, such a release would be worth less than $2/bbl, significantly less than the $8/bbl sell-off that occurred since late October," the bank said in a note.

KOC plans to hike capacity to 3.2 million bpd by 2025.

Kuwait is one of five countries that negotiated a higher baseline for its quota in a July 18 OPEC+ meeting.

The US imposed its harshest sanctions on Iran three years ago as Washington, under President Donald Trump, unilaterally abandoned an international nuclear deal that Tehran had with it and five other global powers.

At 1355 GMT a barrel of WTI, the main US contract, for October delivery was 5.0 percent higher at $65.26 dollars

Although its supply of crude oil fell ten percent on the month, Saudi Arabia still continued to be China’s top crude oil supplier for the ninth month in July, while Russian imports slipped by just 4 percent.

Iran produced 2.485 million barrels per day or bpd of crude oil in July, according to OPEC’s latest monthly report.

Iraq is confident about securing a $4 billion dollar loan from the International Monetary Fund (IMF) after it restarted talks with the world’s top lending institution.

Saudi Basic Industries Corp. (SABIC) has reported a big jump in second-quarter profit as it sold more chemicals at higher prices than the previous quarter amid an increase in crude prices.

Iran has started exporting crude through its first terminal in the Gulf of Oman, bypassing the Strait of Hormuz to the north

Thanks to a boost it received from higher oil prices, Fitch has revised its outlook for Saudi Arabia from negative to stable, and also reaffirmed the kingdom’s sovereign ratings.

Major OPEC producers Saudi Arabia and the United Arab Emirates have reached a compromise in a standoff over crude output quotas.

A public row between Saudi Arabia and the UAE has exposed the steadily diverging paths of once inseparable allies who are competing to profit from what may be the world's last oil boom. Wrinkles in relationships between the Gulf states are usually resolved behind palace walls, but a fiery debate...

Brent broke above $77 for the first time since 2018 Breakdown of talks raises the possibility of $100 a barrel Oil extended gains in Asian trade Tuesday after a gathering of top producers fell apart without any agreement on a plan to lift output despite stockpiles shrinking and demand surging...

UAE objects to extending of cuts to the end of 2022 as it seeks to grow production Members consider whether to continue reviving crude supplies gradually Major oil-producing countries on Thursday failed to agree to boost output in August to meet growing demand and limit recent price rises, adjourning their...