Global oil demand growth to slow in 2016
The world's demand for oil is expected to slow in 2016 in response to a more pessimistic outlook for the global economy, the International...
Iran issues order to boost oil production by 500,000 bpd
Iran has issued an order to increase crude oil production by 500,000 barrels a day, the deputy oil minister was quoted as saying on...
Saudi-backed shipping line UASC resumes Iran business
United Arab Shipping Company is resuming business with Iran following the lifting of Western sanctions, despite the deep-seated political rivalry between the Islamic Republic...
Saudi Arabia gives assurances on supply as oil hits $80/barrel
Saudi Arabia said on Thursday it would make sure the world is adequately supplied with oil to support global economic growth just as top...
Gulf banks under pressure from low oil prices
Banks in the six-nation Gulf Cooperation Council (GCC) are being increasingly challenged by a liquidity squeeze resulting from low oil prices, Moody's Investor Services...
Saudi oil minister visits Sudan to cement improving ties
Saudi Oil Minister Ali al-Naimi visited Sudan on Wednesday promising increased investment in a major fillip for the impoverished African nation after its tilt...
Oil extends losses in Asia on strong OPEC output
Oil tumbled to fresh multi-year lows in Asia Friday after OPEC said output had surged, exacerbating concerns over a supply glut that is expected...
Oil prices dip on stronger dollar
Crude prices dipped further in Asia on Friday on a stronger dollar, dampening a rally that saw the commodity hit 11-month highs earlier in...
ISIS fighters hit with 50% paycut due to airstrikes
The Islamic State (ISIS) militant group has been forced to cut its fighters' pay by up to 50 percent because U.S.-led air strikes have...
Saudi Arabia: Low oil price threatens future supply crisis
Leading crude oil exporter Saudi Arabia warned on Monday of a supply crisis after massive energy investments were cancelled because of the sharp decline...
