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Economy

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.

Europe News

EU sets sights on boosting energy resilience

Preparing for disruption to energy services and reducing Europe’s dependency on Russia for supplies. That is the aim of a new EU energy security

Economy

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.

Business Series

Total bucks trend with better-than-expected profit numbers

Record upstream production and high refining margins in Europe helped Total report better-than-expected fourth-quarter net profit.

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Business Series

Oil write down hits Moller-Maersk profits

Danish shipping and energy group Moller-Maersk reports a loss of $2.5 billion for Q4 2015 as it writes down the value of its oil assets.

Economy

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.

Business Series

Royal Dutch Shell is latest to have profit hammered by low oil prices

Royal Dutch Shell has reported its lowest annual income in at least 13 years. There were also depressed numbers from Norway's biggest energy company Statoil as well as ConocoPhillips.

Economy

Russian recession set to deepen says central bank

Russia's economy is set to dip deeper into recession according to the latest central bank forecasts as the Kremlin looks at selling stakes in state owned companies.

Business Series

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.

Economy

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.

Business Line

Oil prices to stay low, Russia suffers

The World Bank has slashed its forecast for oil prices, saying the cost of a barrel of crude will stay near the current lows for the rest of 2016

Economy

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.

Focus

Davos: Kazakhstan seeks slice of new industrial age

As world economies struggle with global growth challenges, the Davos forum is a chance to share ideas and solutions. Amid plunging oil prices

Business Line

Iran's sanctions relief and what's up with WhatsApp

With the lifting of international sanctions against Iran, Business Line looks at the consequences for the country's people and the energy market.

Economy

Shell announces profit slump ahead of BG takeover vote

Royal Dutch Shell says it expects to report a near halving in profits in the last three months of 2015 following the further slide in oil prices. It release the information to shareholders who are due

Iran

Iran set to produce 1 million barrels of oil a day 'within months'

Iran’s oil sector will be the first to benefit from the lifting of sanctions against Tehran. As it re-enters the market, it eventually wants to

Economy

How low can it go? Oil price slump pressures Gulf Arab states

Brent crude oil fell below $28 a barrel for a while on Monday for the first time since 2003 before recovering slightly. Low prices mean austerity looms for producers

World News

'Congrats on this glorious victory!' Iran's Rouhani hails lifting of sanctions

Iran’s President Hassan Rouhani has taken the very 21st-century step of tweeting his congratulations to the nation following the implementation of a

World News

European and US stocks pummelled

The Dow Jones was down by 2.6 percent at the close of Wall Street on Friday after European shares fell to their lowest since December 2014. Nervous

Economy

BHP Billiton writes down US shale assets of 7.2 billion dollars

BHP Billiton has written down the value of its US shale assets by 7.2 billion dollars – around seven billion euros due to the dramatic fall in oil