Economy

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.

12/05/2016

Business Line

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.

20/04/2016

Economy

Disappointment over oil supply cap failure pushes crude prices down

Oil price tumbled on Monday and OPEC's credibility has been seriously undermined with the failure of talks to try to freeze the production of crude.

18/04/2016

Economy

Oil prices drop as Iran still not part of production freeze

Oil prices continue to be pulled down by the lack of a deal between OPEC and other countries to freeze production.

14/03/2016

Economy

OPEC oil output cut very unlikely at June meeting, Iran's situation unclear

OPEC is very unlikely to cut oil output at its next meeting in June, even if crude prices remain extremely low, according to OPEC sources and delegates

01/03/2016

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.

17/02/2016

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.

16/02/2016

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.

09/02/2016

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.

02/02/2016

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.

28/01/2016

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.

26/01/2016

Business Series

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

12/01/2016

Economy

Calls for an emergency meeting of OPEC countries as oil prices slip

Volatile trading in oil has prompted calls for an emergency meeting of the Organisation of the Petroleum Exporting Countries. Benchmark Brent crude

12/01/2016

Economy

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

14/12/2015

Economy

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

10/12/2015

World

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

09/12/2015

Economy

Brent crude oil dips below $40 a barrel for first time since 2009

US crude fell below $37 (34 euros) a barrel on Tuesday, and Brent below $40 (36.7 euros) for the first time since early 2009. Oil prices then

08/12/2015

Business Series

OPEC: After the latest acrimonious meeting, where now for oil prices?

On Business Middle East this week we analyse the repercussions of the latest OPEC meeting decision. According to analysts it’s clear from the meeting

08/12/2015

Economy

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

07/12/2015

Economy

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

04/12/2015