Massive oil discovery in Alaska is biggest onshore find in 30 years

Spanish oil giant Repsol (REPYY) and its privately-held U.S. partner Armstrong Energy announced the find on Thursday, predicting production could begin as soon as 2021 and lead to as much as 120,000 barrels of output per day, Joinfo.com reports with reference to

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 cut oil output to lowest in two years, predicts further decline

Energy Minister Khalid al-Falih said output had fallen below 10 million barrels per day - more than it had promised as part of a global output cut deal between OPEC and non-OPEC producers, Reuters reports. Such levels were last seen in February

OPEC agrees modest oil output curbs in first deal since 2008

"OPEC made an exceptional decision today ... After two and a half years, OPEC reached consensus to manage the market," said Iranian Oil Minister Bijan Zanganeh, who had repeatedly clashed with Saudi Arabia during previous meetings, Reuters reports. He and other ministers

OPEC unlikely to cut output in June

OPEC is very unlikely to cut output at its next meeting in June, even if prices remain extremely low, according to OPEC sources and delegates, as it will be too early to say how fast Iranian output is rising, Reuters reports. The

The U.S. crude futures fell below $40 on Monday after OPEC

Last week the Organization of the Petroleum Exporting Countries (OPEC) failed to agree on an output target to reduce the oil glut, which caused the prices decline by over 60 percent since 2014, Joinfo.ua reports with the reference to Reuters. Expecting the