“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 ...

Benchmark Brent crude hit $50.22 per barrel at one stage on Thursday, its highest level since early November, BBC reports. The rise followed US data showing that oil inventories had fallen after supply disruptions due to fires in Canada. Brent ...

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 has risen about 50 percent from 12-year lows hit less than two months ago after Saudi Arabia, Qatar and Venezuela, along with non-OPEC exporter Russia, pledged to freeze supply at January’s levels if others cooperated. The U.S., Russia and ...

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 ...

Royal Dutch Shell Plc signed a five-year contract for oil and natural gas exploration in the deep waters of the Black Sea off the Bulgarian coast, Bloomberg reports. Shell plans to invest 18.6 million euros ($20.5 million) to explore gas ...

The Saudi, Russian, Qatari and Venezuelan oil ministers held a previously undisclosed meeting in Doha to discuss joint measures on tackling a growing oversupply of crude, Reuters reports. The participants announced the proposal on joint action to tackle a growing ...

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 ...

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 ...

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, Joinfo.ua reports with reference to Reuters. ...

January 7, oil prices continued sliding, falling below $33 a barrel for the first time since April 2004 Oil fell below $33 a barrel for the first time since April 2004 because of investors’ concerns of record production and massive ...

The slide of oil prices for more than 5 percent are caused by the row between Saudi Arabia and Iran, which made perspective cutting output even more unlikely, Joinfo.ua reports with reference to Reuters. A sharp rise in gasoline stocks ...

Brent crude prices have dropped by nearly 19 percent this month, their steepest fall since the collapse of the failed U.S. bank Lehman Brothers in October 2008, Reuters reports. The U.S. crude futures dropped 31 cents to $34.42 a barrel, ...

Oil prices declined for 4% on Monday, almost to their 11-year low, on growing fears that the global oil glut would worsen in the months to come in a pricing war between leading OPEC and non-OPEC producers, Reuters reports. Brent ...

Today, on the Moscow Stock Exchange Russian ruble dropped below the psychological mark of 70 rubles a dollar, the euro exceeded 77 rubles, Joinfo.ua reports. The euro rose to 77.14 rubles – 1.51 rubles higher than in the previous session, ...