OPEC, Allies Will Stabilise Oil Market, Says Saudi Minister Saudi Arabia’s Energy Minister, Khalid Al-Falih, has said that member countries of the Organisation of Petroleum Exporting Countries (OPEC) and its allies led by Russia still have a lot of work to do to balance global...

The Organisation of Petroleum Exporting Countries (OPEC) agreed to cut its oil output for the first time since 2008, with Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices, reported AFP. Nigeria, Iran, Libya may be allowed to produce...

The prices of crude oil in the international market yesterday reached their highest levels in more than five weeks due to heightened speculation that the Organisation of Petroleum Exporting Countries (OPEC) would embark on output cuts to prop up prices. According to Reuters, the global...

Global oil benchmark, Brent crude, rose on Monday to its highest level in a month on rising speculation that major producers may work out ways to support prices in an oversupplied market. Brent, against which half of the world’s oil is priced, rose by 2.6...