Business / Energy

Oil rises as output talks turn to Iran 17 Feb 2016 - 12:19 pm

By Ron Bousso LONDON: Oil prices rose on Wednesday as efforts led by Russia and Saudi Arabia to broker a deal to freeze...

Azerbaijan refuses to freeze oil production levels 17 Feb 2016 - 12:00 am

Oil derricks in the Caspian Sea. Responding to the cables, BP says it cannot comment on confidential discussions with Azerbaijan's government or the...

Iraq's Kurds say independent oil sales higher than Baghdad transfers in 2015 16 Feb 2016 - 06:37 pm

BAGHDAD: Iraq's Kurdistan Regional Government (KRG) said on Tuesday it had generated more revenue in the second half of 2015 by selling oil...

Oil edges ahead on news of output freeze 16 Feb 2016 - 01:24 pm

An oil refinery is silhouetted against the setting sun in Kawasaki, near Tokyo. (file photo / Reuters) London: Oil crept higher Tuesday on...

Saudi, Russia agree oil output freeze in Doha, talks with Iran to follow 16 Feb 2016 - 12:37 pm

Saudi Arabian Oil Minister Ali al-Naimi before a meeting of OPEC oil ministers at OPEC's headquarters in Vienna in this file picture taken...

Four oil producers agree to freeze output at Jan levels: Qatar energy minister 16 Feb 2016 - 12:15 pm

DOHA: Qatar, Saudi Arabia, Russia and Venezuela have agreed to freeze their oil output at January levels providing other major producers follow suit,...

Oil prices rise on expected Russia-Saudi meeting 16 Feb 2016 - 08:41 am

Singapore: Oil prices rose on Tuesday with Brent breaking past $34 a barrel on expectations that energy heavyweights Russia and Saudi Arabia will...

Oil extends rally on prospects OPEC could act to counter low prices 15 Feb 2016 - 03:28 pm

A motorist fills his car with gas February 12, 2016 in Oklahoma City, Oklahoma. (J Pat Carter/Getty Images/AFP) By Karolin Schaps LONDON: Oil...

OPEC members increasingly keen to end oil glut: Nigeria oil minister 15 Feb 2016 - 10:04 am

Nigerian Oil Minister Emmanuel Ibe Kachiwku speaks during an interview in Abuja, Nigeria, February 12, 2016. Reuters/Afolabi Sotunde By Julia Payne ABUJA: The...

Oil gives up gains as Iran loads shipment for Europe 15 Feb 2016 - 08:34 am

Singapore: Oil prices turned lower again Monday after soaring at the end of last week as Iran prepared to ship its first consignment...

BP extends scope of Khazzan gas field development in Oman 15 Feb 2016 - 12:00 am

Signage for a BP petrol station is pictured in London, in this file picture taken July 29, 2014. Reuters/Luke MacGregor/Files LONDON: Britain’s BP...

Dubai Petroleum says gas leak occured at Fateh oilfield Thursday, operations now resumed 13 Feb 2016 - 03:22 pm

ABU DHABI: Dubai Petroleum said on Saturday a gas leak had occurred at its offshore Fateh oilfield on Thursday but that the situation...

Iran exporting 1.3mln bpd of crude, set to increase: Shana 13 Feb 2016 - 01:03 pm

Dubai: Iran is exporting 1.3 million barrels a day (bpd) of crude oil, and will be pumping 1.5 million barrels a day by...

Oil jumps 12 percent from 12-year lows on renewed OPEC cut hopes 13 Feb 2016 - 12:00 am

BY BARANI KRISHNAN NEW YORK: U.S. crude prices jumped 12 percent on Friday after a report once again suggested OPEC might resort to...

Venezuela proposes OPEC, non-OPEC producers “freeze” oil supply 11 Feb 2016 - 05:06 pm

By Rania El Gamal, Alex Lawler and Dmitry Zhdannikov DUBAI: Some OPEC countries are trying to achieve a consensus among the group and...

US oil prices dive below $27 a barrel 11 Feb 2016 - 08:21 am

Singapore: US crude tumbled below $27 a barrel in Asia Thursday as the oversaturated market struggled to cope with high inventories in the...

OPEC points to larger oil surplus in 2016 as it pumps more 10 Feb 2016 - 02:45 pm

LONDON: OPEC pointed to a larger oil supply surplus on the world market this year than previously thought as Saudi Arabia and other...

US crude rebounds in Asia but supply glut worries weigh 10 Feb 2016 - 08:22 am

Singapore: Oil prices rebounded on bargain-buying in Asia Wednesday after the previous day's plunge but analysts warned any gains would be limited as...