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Business

Glut alert! Oil demand slowing, production still high

Oil prices were down again on Tuesday following pessimistic predictions about the growth in demand from the International Energy Agency.

Oil prices were down again on Tuesday following pessimistic predictions about the growth in demand from the International Energy Agency.

Business

Saudi Arabia and Russia signed an oil deal - but what does it mean?

Saudi Arabia and Russia have agreed to cooperate over oil, with a task force to recommend measures and actions, but no immediate action by the world's two top producers.

Saudi Arabia and Russia have agreed to cooperate over oil, with a task force to recommend measures and actions, but no immediate action by the world's two top producers.

Business

Oil production freeze speculation increases

A freeze of oil output by major producers is looking more likely as Saudi Arabia signals a change in approach ahead of an OPEC meeting in Algeria later this month.

A freeze of oil output by major producers is looking more likely as Saudi Arabia signals a change in approach ahead of an OPEC meeting in Algeria later this month.

Business

Oil dips below $50 a barrel as production limit hopes fade

Crude oil prices have slipped back after hitting an eight-week high following their longest run of gains in four years in the belief that a limit on output will not be agreed by producers.

Crude oil prices have slipped back after hitting an eight-week high following their longest run of gains in four years in the belief that a limit on output will not be agreed by producers.

Business

OPEC fails to agree on limiting output, denies it is 'dead'

OPEC has failed to agree on limiting output which would have boosted the price of crude but Saudi Arabia promised not to flood the oil market with extra barrels.

OPEC has failed to agree on limiting output which would have boosted the price of crude but Saudi Arabia promised not to flood the oil market with extra barrels.

Business

IEA oil forecast brightens

The International Energy Agency is no longer so concerned about the oil market "drowning in supply" this year and says unplanned disruptions to output could help run down the global glut of crude.

The International Energy Agency is no longer so concerned about the oil market "drowning in supply" this year and says unplanned disruptions to output could help run down the global glut of crude.

Business

Cheap oil and the music industry's digital revolution

In this edition of Business Line we look in depth at the major oil producers attempts to stop prices falling and why they failed, plus the good news for the music industry from the digital revolution.

In this edition of Business Line we look in depth at the major oil producers attempts to stop prices falling and why they failed, plus the good news for the music industry from the digital revolution.

Business

Iran cool on oil production freeze plan

Iran has said it supports in principle the freezing of oil production but stopped short of offering to limit its output in response to a Saudi and Russian proposal aimed at pushing up prices.

Iran has said it supports in principle the freezing of oil production but stopped short of offering to limit its output in response to a Saudi and Russian proposal aimed at pushing up prices.

Business

Saudi Arabia and Russia agree oil output freeze but only if others do the same

Saudi Arabia, Russia, Venezuela and Qatar have agreed to freeze their country's oil output, but only if other major producers do the same. There will now be talks with Iran and Iraq.

Saudi Arabia, Russia, Venezuela and Qatar have agreed to freeze their country's oil output, but only if other major producers do the same. There will now be talks with Iran and Iraq.

Business

International Energy Agency says oil glut is poised to worsen

The International Energy Agency thinks oil prices won't rise significantly this year as declines in US output take time and OPEC is unlikely to agree with other producers to cut output.

The International Energy Agency thinks oil prices won't rise significantly this year as declines in US output take time and OPEC is unlikely to agree with other producers to cut output.

Business

Oil price slump hits BP and Exxon

The bad news keeps pouring out of the oil industry. BP suffered its biggest loss in 20 years and Exxon Mobil has reported its smallest quarterly profit in more than a decade.

The bad news keeps pouring out of the oil industry. BP suffered its biggest loss in 20 years and Exxon Mobil has reported its smallest quarterly profit in more than a decade.

Business

Russia to talk to OPEC about pumping less oil to boost prices

Russian Energy Minister Alexander Novak has confirmed that Saudi Arabia had proposed oil producing countries cut production by up to 5 percent each in order to support weak oil prices.

Russian Energy Minister Alexander Novak has confirmed that Saudi Arabia had proposed oil producing countries cut production by up to 5 percent each in order to support weak oil prices.

Business

Hopes of a supply cut deal push up oil prices

Crude prices rose on Tuesday on hopes that OPEC and non-OPEC producers may be edging closer to a deal to pump less oil and address a supply glut.

Crude prices rose on Tuesday on hopes that OPEC and non-OPEC producers may be edging closer to a deal to pump less oil and address a supply glut.

Business

UK oil giant BP cuts jobs

UK oil company BP is set to pay the price for plummeting prices. It has announced it is to shed 4,000 jobs globally, 600 of which will be lost from

UK oil company BP is set to pay the price for plummeting prices. It has announced it is to shed 4,000 jobs globally, 600 of which will be lost from

Business

Oil prices tumble again to near 11-year low

Oil prices tumbled four percent on Monday, coming close to their 11-year low – amid fears that the global surplus could worsen in the coming months

Oil prices tumbled four percent on Monday, coming close to their 11-year low – amid fears that the global surplus could worsen in the coming months

Business

OPEC crude oil output rises to three-year high

Unfazed by tumbling prices, undeterred by low demand, OPEC raised its production of crude oil to a three-year high in November. Failure to agree a

Unfazed by tumbling prices, undeterred by low demand, OPEC raised its production of crude oil to a three-year high in November. Failure to agree a

News

UAE Energy Minister Suhail Al Mazroui: "We will not rely on oil"

Faced with the challenge of a declining oil market The United Arab Emirates, a major crude producer in the Gulf is striving to diversify its economy

Faced with the challenge of a declining oil market The United Arab Emirates, a major crude producer in the Gulf is striving to diversify its economy

Business

Saudi-led OPEC policy 'targets shale oil producers'

OPEC’s failure to agree new limits on oil production regardless of demand and tumbling prices is seen by some as a deliberate move to send rival

OPEC’s failure to agree new limits on oil production regardless of demand and tumbling prices is seen by some as a deliberate move to send rival

Business

Oil output to stay high as OPEC fails to agree ceiling

OPEC countries are to carry on producing current high levels of oil for the time being. This comes despite complaints that the huge global surplus is

OPEC countries are to carry on producing current high levels of oil for the time being. This comes despite complaints that the huge global surplus is

Business

Energy markets fall as reports say OPEC to maintain output policy

Energy markets fell following unconfirmed reports that OPEC has kept its policy of pumping near-record volumes of oil. Anonymous sources quoted by

Energy markets fell following unconfirmed reports that OPEC has kept its policy of pumping near-record volumes of oil. Anonymous sources quoted by

Business

Saudi Arabia unfazed as OPEC set to keep oil output high

OPEC members have been meeting in Vienna with the oil producers’ organisation widely expected to do nothing to tackle one of the worst crude gluts in

OPEC members have been meeting in Vienna with the oil producers’ organisation widely expected to do nothing to tackle one of the worst crude gluts in