Oil market oversupply likely to go up

2014-11-26 15:33

A global glut of oil will rise further next year, Iran's oil minister says on the eve of Opec's meeting to decide on whether to cut its output.

Saudi sees oil market stabilising itself'

2014-11-26 11:40

Opec leader Saudi Arabia has signalled it was unlikely to push for a major change in oil output at the producer group's meeting.

Ministers to monitor markets at Vienna oil talks

2014-11-26 11:09

Oil producers Mexico, Venezuela, Russia and Saudi Arabia have agreed to constantly monitor international markets, citing a slide in oil prices.

Rosneft cuts output citing market conditions

2014-11-25 20:19

Russia's oil giant Rosneft says it has cut its daily output by 25 000 barrels because of "market conditions" that have seen the price of crude shrink.

Venezuela set for oil talks

2014-11-25 19:45

Venezuela will discuss oil-market coordination with Opec heavyweight Saudi Arabia and major oil producers from outside the group.

Oil market firms with Opec on horizon

2014-11-25 15:27

Oil prices have ticked up as many dealers bet that the Opec cartel is unlikely to agree on any cuts at a key output meeting this week, analysts say.

Saudi sights set on US shale

2014-11-25 10:13

Opec's biggest crude producer Saudi Arabia will have its sights set on the upstart US shale oil business at a crucial cartel meeting to debate possible output cuts.

Ghana inks $6bn deal with oil giant Eni

2014-11-24 20:45

Ghana has accepted a bid from Italian oil major Eni to develop its offshore oil and gas resources, part of an effort to boost the country's energy sector.

Oil prices mixed ahead of key Opec meeting

2014-11-24 07:32

Oil prices have been mixed in Asia ahead of a crucial meeting of the Opec cartel later in the week that will discuss whether to trim output, analysts have said.

Russia has no plan to cut oil output

2014-11-23 13:20

Russia, the world's biggest energy exporter, does not plan to cut oil production to shore up prices, says Energy Minister Alexander Novak.

Statoil takes $350m hit on exploration halt

2014-11-21 19:35

Statoil says it is halting exploration in Angola after poor drilling results, retreating from an offshore area it had high hopes for.

Global oil prices rally

2014-11-21 15:38

Global oil prices edge up on hopes that the Opec cartel will overcome internal resistance to cut output.

Nigeria to endure oil price shock - minister

2014-11-21 09:26

Nigeria will have to adjust to oil prices heading lower for some time to come, says Finance Minister Ngozi Okonja-Iweala, on the 2015 economic growth outlook.

Oil market drops as Opec holds output ceiling

2014-11-20 15:07

Global oil prices have fallen as traders deemed that the Opec cartel was unlikely to trim output at its key production meeting next week.

Oil rebounds before US energy report

2014-11-19 15:40

Global oil prices have rebounded slightly as traders awaited key US stockpiles data and eyed next week's crucial Opec output meeting.

Nigeria oil bill hits another delay

2014-11-18 19:45

Nigeria's petroleum industry bill is only expected to be voted on by parliament after the February 2015 polls, says Finance Minister Ngozi Okonjo-Iweala.

Oil prices down in Asian trade

2014-11-18 07:30

Oil prices have extended their losses in Asia after Japan's economy slumped to recession, while prospects for an Opec output cut dimmed, analysts have said.

Oil prices resume retreat

2014-11-17 16:24

Oil futures have fallen after a brief rebound, as the market focused firmly on whether Opec is likely to cut output to tackle recent price slumps.

Statoil in test case over seabed areas

2014-11-17 10:45

Norway's Statoil risks millions of dollars in extra costs in Canada in a test case that could spell problems for other oil firms.

Oil prices down in Asian trade

2014-11-17 07:40

Oil prices have slipped in Asia but losses were limited by speculation that the Opec cartel would be forced to cut output to prevent further big losses.

Oil prices rebound after fresh lows

2014-11-14 14:59

Oil prices have bounced back after diving to fresh lows caused by expectations that Opec is unlikely to cut production levels to counter a global supply glut.

US judge upholds BP 'gross negligence' ruling

2014-11-14 09:06

A US judge weighing how much BP should be punished for the 2010 Gulf of Mexico oil spill has refused to overturn his finding of negligence.

Russia gas flows still frozen

2014-11-13 18:00

Ukraine has signalled it may hold off paying Russia's big gas invoice in the hope mild weather can help it last out longer as it grapples with near-bankruptcy.

Brent crude hits new four-year low

2014-11-13 12:13

Brent oil has slumped to a new four-year low on expectations that Opec will unlikely cut production levels to counter the global supply glut.

Oil prices extend losses in Asia

2014-11-13 07:40

Oil prices have fallen further in Asia on a stronger greenback and expectations that Opec is unlikely to cut production levels to counter a global supply glut.


Saudi Arabia signals no push for oil cut

2014-11-26 14:10

Opec leader Saudi Arabia has signalled it is unlikely to push for a major change in oil output at the producer group's meeting this week.

Non-Opec should join output cut - Iran

2014-11-26 11:20

Iranian Oil Minister Bijan Zangeneh says Opec needs to show unity in the face of growing oversupply in oil markets.

Oil tanks on expectation of no Opec cut

2014-11-26 07:31

Oil prices have tumbled on expectations that the Opec cartel will not agree to cut output despite ample global supplies.

Price of crude oil not good - minister

2014-11-25 20:00

Venezuelan Foreign Minister Rafael Ramirez says that Opec members and non-member producers agreed that the price of crude oil "is not good".

Total faces trial on Iran corruption charges

2014-11-25 18:51

French oil giant Total has been ordered to face trial over charges it bribed officials in Iran to acquire oil and gas concessions, according to a judicial source.

Vienna turns focus to Opec

2014-11-25 11:15

Many Opec ministers meeting in Vienna may be giving quiet thanks that world powers who have just met in that city failed to reach a nuclear accord with Tehran.

Oil drops as hopes dim for Opec output cut

2014-11-25 07:41

Oil prices have edged lower in Asia as dealers bet that the Opec cartel is unlikely to agree on any cuts at a key output meeting this week, analysts have said.

Oil starts week with gains

2014-11-24 15:15

Global oil prices have firmed, making a positive start in a week that will be centred on the Opec cartel's output meeting.

Oil price fall challenges US shale boom

2014-11-23 17:18

The US shale boom, which has challenged the rules of the global petroleum market, could soon face its own day of reckoning due to the supply glut it helped unleash.

Opec divided on oil output ahead of meeting

2014-11-23 12:30

The Opec cartel will hold one of its toughest and most significant meetings in recent years as its members must contemplate whether to cut output.

Nigeria must adjust to oil prices - minister

2014-11-21 19:07

Nigeria will have to adjust to oil prices heading lower for some time to come, Finance Minister Ngozi Okonjo-Iweala says.

Russia mulls oil output cut, no decision yet

2014-11-21 15:05

Moscow says it may cut oil production to shore up flagging prices, but its ability to change output is limited and no decision has been made yet.

Oil prices rise on fresh hopes of Opec trim

2014-11-21 07:30

Oil prices have lifted in Asia on fresh hopes that Opec will overcome internal resistance to trim output, while upbeat US economic data also provided support.

Oil prices down in Asian trade

2014-11-20 07:35

Oil prices have fallen in Asia as dealers anticipated Gulf members of Opec would reject production cuts unless they are guaranteed market share, analysts said.

Oil mixed as hopes dim for Opec output cut

2014-11-19 07:31

Oil prices have been mixed in Asia as dealers predicted Saudi Arabia will resist pressure from other Opec members to lower poroduction in a bid to prop up prices.

Oil prices rebound slightly

2014-11-18 15:30

Oil prices have recovered slightly as the prospect of Opec cutting its output dimmed, say analysts.

Putin's oil tsar flying to Vienna as Opec meets

2014-11-17 19:33

Rosneft says chief executive Igor Sechin will fly to Vienna for an energy summit, just two days before Opec meets in the city to debate the plunge in oil prices.

Halliburton to acquire Baker Hughes

2014-11-17 15:35

Halliburton, the world's second biggest oil services company, will acquire rival Baker Hughes for $34.6bn in cash and equity, the two companies announced.

Opec to keep production ceiling at summit

2014-11-17 10:15

Opec will keep its production ceiling steady at its "toughest ever" meeting this month, after global crude prices hit a four-year low.

Oil mogul's ex-wife not happy with $1bn

2014-11-14 18:35

The ex-wife of Oklahoma oil magnate Harold Hamm who was awarded cash and assets worth more than $1bn in the couple's divorce plans to appeal it.

Oil price rout not over, says IEA

2014-11-14 12:27

Oil prices are expected to keep sliding well into 2015, held down by weak demand and increased shale production, the International Energy Agency says.

Oil prices rebound in Asia

2014-11-14 07:42

Oil prices have bounced back in Asia after diving to fresh lows on expectations that Opec is unlikely to cut production levels to counter a global supply glut.

Low oil prices to boost global growth

2014-11-13 13:55

The fall in oil prices to their lowest levels in more than three years should give a boost to the sagging world economy, says the International Monetary Fund.

Shell says Nigeria spills bigger than thought

2014-11-13 09:01

Royal Dutch Shell has said two 2008 oil spills in Nigeria were larger than earlier thought, ahead of a compensation court case in England's High Court.

Saudi's Naimi sees no oil price war

2014-11-12 19:30

Saudi Arabia wants stable oil markets and talk of an oil price war is a sign of misunderstanding and has no basis in reality, says Saudi Oil Minister Ali al-Naimi.

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