crude oil

Russia overtakes Saudi Arabia as the world’s largest producer of crude oil

Russia pumped 10.49 million barrels a day in December, down 29,000 barrels a day from November, while Saudi Arabia’s output declined to 10.46 million barrels a day from 10.72 million barrels a day in November, according to data published Monday on the

Saudi Arabia plans to end ‘addiction’ to oil

Deputy Crown Prince Mohammed bin Salman said Riyadh would raise the capital of its public investment fund to 7 trillion riyals ($2 trillion) from 600 billion riyals ($160 billion) and would sell up to five percent of shares in state oil giant

Revoked Iran sanctions made oil prices drop to the lowest since 2003

On Saturday January 16, the U.S. and the European Union lifted sanctions against Iran, Reuters reported. Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), said on Sunday that it is ready to increase exports by 500,000 bpd. Brent

Brent futures fell below $29, further decline expected

On Thursday, U.S. and Brent crude futures slumped to new 12-year lows, taking this year's losses to more than 20 percent, the worst two-week decline since the 2008 financial crisis, Reuters reports. Brent futures for March delivery fell $1.94 to $28.94 a

Oil prices fell 3 percent to almost $30 on Tuesday

January 12, crude oil fell 3 percent to near $30 per barrel and levels not seen in over a decade, with analysts scrambling to cut their price forecasts and traders betting on further declines, reports with reference to Reuters. Oil prices