Business / Energy

Oil prices nearing 'capitulation', Goldman Sachs says 07 May 2017 - 09:36 am

NEW YORK: After falling nearly 5 percent Thursday to their lowest level in five months, crude oil prices are nearing a capitulation point,...

Iran says $55 oil price suitable, sees supply cut extension 06 May 2017 - 05:52 pm

DUBAI: Iran sees $55 per barrel as a suitable price for crude oil, and believes that OPEC and non-OPEC producers are likely to...

Oil trades near five-month lows despite Saudi cut assurances 05 May 2017 - 10:48 pm

Oil prices fell to five-month lows yesterday on concerns about a persistent glut despite assurances from Saudi Arabia that Russia is ready to...

Aramco splits IPO advisory roles & appoints Brunswick 05 May 2017 - 10:48 pm

London: Saudi Aramco has appointed advisory firm Brunswick to join FTI Consulting in running media and investor relations for what is set to...

Oil prices near $50 a barrel after US data 04 May 2017 - 11:21 pm

Oil prices fell for the fourth consecutive day yesterday, touching their lowest since March at just above $50 a barrel after US crude...

Oil rebounds from near 2017 lows 03 May 2017 - 10:19 pm

London: Oil prices rebounded from near 2017 lows on Wednesday after preliminary data showed a much larger-than-expected fall in US crude stocks, reviving...

Iraq's fuel oil exports soar despite OPEC supply cut 03 May 2017 - 11:42 am

DUBAI: Iraqi fuel oil exports have soared since January despite a reduction in the country's crude production in line with OPEC supply cuts,...

BP rebounds into profits 02 May 2017 - 10:31 pm

London: British oil giant BP rebounded back into net profit in the first quarter, energised by deep cost-cutting and rising crude prices, the...

Iran receives positive signals from OPEC, NON-OPEC countries for output 29 Apr 2017 - 06:20 pm

TEHRAN: Iran’s Oil Minister said on Saturday OPEC and non-OPEC countries had given positive signals for an extension of output cuts, which Tehran...

Oil prices fall after Libyan oilfields restart 27 Apr 2017 - 04:57 pm

LONDON: Oil prices fell on Thursday after news that two key oilfields in Libya had restarted, pumping crude for export into an already...

Oil slips, as investors fret about rising US drilling 24 Apr 2017 - 06:02 pm

LONDON: Oil prices dipped on Monday, reversing earlier gains as concerns about a pick up in U.S. drilling activity trumped expectations that OPEC...

Wall Street closes lower with oil decline 22 Apr 2017 - 11:56 am

NEW YORK: Wall Street closed lower Friday as crude oil prices continued to decline. The Dow fell 30 points to end the day...

Kuwait oil minister says expects extension of OPEC, non-OPEC deal 20 Apr 2017 - 09:47 am

ABU DHABI: Kuwait's oil minister Essam al-Marzouq said on Thursday he expected a global pact to cut oil supplies to be extended beyond...

Oil hits 11-day low on expected surge in US shale output 19 Apr 2017 - 12:02 am

London: Oil prices hit their lowest in 11 days yesterday on news that US shale oil output in May is expected to post...

Saudi oil exports drop on Opec deal 18 Apr 2017 - 10:43 pm

DUBAI: Saudi Arabia’s crude oil exports in February fell to their lowest level since mid-2015, official data showed on Tuesday, as the world’s...

Aramco CEO sees oil market closer to balance despite US boom 16 Apr 2017 - 12:17 am

London: The global oil market is moving closer to balance even as increases in US oil production push prices down in the short-term,...

Oil rises after IEA finds market nearing balance 13 Apr 2017 - 11:07 pm

London: Oil prices edged higher yesterday after the International Energy Agency (IEA) said the market was nearing balance, while US data showing higher...