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Oil hits $62 as OPEC, allies agree to cut production

The Organisation of Petroleum Exporting Countries (OPEC) and its allies agreed yesterday to cut oil production by 1.2 million barrels per day, owing to a record global crude glut and the need to halt the price slump.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

OPEC waiting for Russia before deciding how much oil to cut

The Organisation of the Petroleum Exporting Countries has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russia, delegates said on Thursday as the group gathered in Vienna for a meeting aimed at supporting battered oil prices.

OPEC works on deal to cut output, still needs Russia on board

The Organisation of Petroleum Exporting Countries (OPEC) and its allies are working toward a deal this week to reduce oil output by no less than 1.3 million barrels per day, four sources said.
Saudi Crown Prince Mohammed bin Salman

Saudi crown prince in Algeria on tour of Arab nations

Saudi Crown Prince Mohammed bin Salman was holding meetings in Algeria as he continued his tour of Arab nations after attending the Group of 20 summit in Argentina.
Saad al-Kaabi, then-chief executive of Qatar Petroleum, gestures as he speaks to reporters in Doha on July 4, 2017. Naseem Zeitoon, Reuters-File Photo

Qatar to quit OPEC next month

Qatar is to leave OPEC next month, the Gulf state’s new energy minister, Saad al-Kaabi, announced on Monday.

Slump in oil price threatens government’s economic forecast

The downward slide of crude price may hamper current economic prospects in the country, particularly if the development refuses to abate, oil and gas analysts have said.

Alexander Novak: Russia plans to sign OPEC partnership deal

Russia is planning to sign a partnership agreement with the Organisation of the Petroleum Exporting Countries (OPEC), Energy Minister Alexander Novak said on Monday.
US crude oil

Saudi Arabia’s production cut hikes oil prices

Oil prices climbed on Monday as the world’s biggest supplier Saudi Arabia announced plans to cut production, in the face of fears of oversupply.

Major oil producers to consider cuts after price slide

Major oil producers meet in Abu Dhabi on Sunday to consider reverting to output cuts after a sharp slide in crude prices revived fears of a 2014-style crash.
Supa Mandiwanzira

Robert Mugabe’s ministers in court on corruption charges

Two former ministers under Robert Mugabe appeared in court in Harare on Wednesday on corruption charges, nearly a year after Zimbabwe’s long-time ruler was ousted from power.

Russia says US sanctions ‘illegal’, will help Iran trade oil

Russian Energy Minister Alexander Novak has said Moscow will support Iran to counter US oil sanctions.
Yusuf bin Alawi bin Abdullah

Oman denies mediator role in Israel-Palestine conflict

Oman is offering ideas to help Israel and the Palestinians to come together but is not acting as mediator, Yusuf bin Alawi bin Abdullah, the sultanate's minister responsible for foreign affairs said.

Oil prices steady after stock markets plunge

Oil prices steadied on Thursday, recovering from an early sell-off after Asian and European stock markets plunged in the wake of Wall Street’s biggest daily decline since 2011.
Saudi Crown Prince Mohammed bin Salman attends the Future Investment Initiative (FII) conference in the Saudi capital Riyadh on October 23, 2018. - Saudi Arabia is hosting the key investment summit overshadowed by the killing of critic Jamal Khashoggi that has prompted a wave of policymakers and corporate giants to withdraw. (Photo by FAYEZ NURELDINE / AFP)

Saudi crown prince to make first speech since Jamal Khashoggi murder

Saudi Arabia's crown prince is scheduled to address an investment forum in Riyadh Wednesday, his first public speech since the murder of critic Jamal Khashoggi plunged the kingdom into crisis.
U.S. Secretary of State, Mike Pompeo

US cancels visas of Jamal Khashoggi killers, slams cover-up

The United States said Tuesday it was revoking visas of Saudis involved in the murder of journalist Jamal Khashoggi, as President Donald Trump ridiculed the kingdom’s response as “one of the worst cover-ups” in history.

Oil prices dip amid expectations of higher US inventories

Oil prices dipped on Tuesday amid expectations of an increase in U.S. crude inventories, but signs of a fall in Iranian oil exports this month kept losses in check.

Crude prices rise to $81 on signs Iranian oil exports are falling further

Oil prices rose on Tuesday on signs Iranian oil exports this month have fallen from September ahead of US sanctions against Tehran that are set to start in November.

Oil prices rise towards $90 as Iran sanctions loom

Oil traded above 85 dollars a barrel on Wednesday, supported by expectations that U.S. sanctions on Iran will tighten supply and strain the ability of Saudi Arabia and other producers to pump more.

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