Under the deal, Lebanon will receive one million tonnes of fuel oil in exchange for "goods and services", a statement issued by the Iraqi authorities has highlighted.

Energy Minister Abdulaziz bin Salman has said Saudi Arabia will pump out “every last molecule” of oil it has

Iran decided last month to cut power supplies to Iraq, saying the it owes it more than $6 billion in arrears. That has left Wataniya unable to keep up with soaring demand in the country.

The UAE’s oil production limit fixed by the OPEC+ in 2018 is not a reflection of its full production capacity, which rose from 3.17 million barrels per day in that year to over 3.8 MBPD in April 2020.

The OPEC+ meeting on Sunday agreed to raise output by 400,000 barrels per day (bpd) each month from August to help fuel a global economic recovery as the pandemic eases.

With the bloc pumping less than needed, prices are set to be volatile, says IEA Oil demand is expected to rise by another 3.3 mbd in the three months The UAE’s deliberations with OPEC+ regarding its position on an extension of an oil supply deal are still underway, the Gulf...

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 crude oil futures were up $1.43, 1.93%, at $75.55 Prices had dropped early in the week by the collapse of output talks between the OPEC and allies including Russia, together known as OPEC+ Falling US inventories, and signs of strong Asian demand from both China and India pushed up...

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...

The UAE on Sunday pushed back against a plan by the OPEC+ group to extend a pact to cut oil production beyond April 2022 There are concerns that if an agreement among the 23 member-states cannot be reached, the alliance could break apart The disagreement between Saudi Arabia and the...

Seeks the OPEC+ decision to extend global supply pact deferred to another meeting OPEC's Joint Ministerial Monitoring Committee (JMMC) makes production hike conditional to the extension of the agreement   The UAE said on Sunday it supports an increase in oil production in August and proposed that OPEC+'s decision on...

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...

Both targeting Japan, a key oil, gas importer Both also eager to get into green hydrogen, ammonia industry   Saudi Arabia and the UAE are competing to become blue hydrogen and ammonia exporters as their oil output capacity expands, s&pglobal.com reported. Saudi Aramco, the world's No. 1 listed oil and...

Russia is expected to favor increasing output Most investors are currently expecting a modest rise of some 500,000 bpd over the month of August   The OPEC+ group of oil-producing countries will meet on Thursday and are expected to agree to boost production in August to meet demand and dampen...

In March, India had directed refiners to diversify crude supplies after the OPEC ignored New Delhi's call to ease supply curbs Middle East's share dropped to 52.7%, the lowest since April 2019 and down from 67.9% in April, the data showed   The tanker data provided by trade sources to...

  ICAEW-commissioned report finds business confidence in the region has strengthened Higher oil revenues give Middle East governments more scope to support post-pandemic recoveries   Middle East's regional GDP will grow by 2.4% this year, a similar rate to the region’s average growth trajectory in the last decade, and an...

Also boosting oil this week was a slowdown in talks between the United States and Iran over Tehran’s nuclear program, which reduced expectations for a rapid increase in supply of Iranian oil to the market