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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.

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

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

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

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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

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

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

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

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

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

Economy

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

Economy

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

Economy

Saudi Arabia hints it may back oil output cut - if others do too

Are there more signs of a chink in the Saudi armour over oil production? OPEC’s effective leader has been softening its stance against cutting

Economy

OPEC 'set to keep pumping oil' despite global glut

OPEC is determined to keep pumping oil despite the financial consequences on the policy’s main architect Saudi Arabia, according to Reuters. The news

Economy

IEA says oil glut could worsen through 2016

The International Energy Agency has estimated that slowing demand growth – as well as resilient non-OPEC supply – could worsen the oil surplus well

Business Series

No hurry to hike: pessimism from BoE on rates and OPEC on oil

The Bank of England met on what was dubbed “Super Thursday” on hopes that Bank Governor Mark Carney would have something positive to say on interest

Economy

Oil producers meet amid little hope of agreement

The price of oil fell again ahead of a meeting on Wednesday of OPEC and non-OPEC producers in Vienna. Reuters reports that of eight non-member

Economy

Global oil oversupply to persist in 2016, says IEA

The global oversupply of oil will persist through next year, according to the International Energy Agency, as growth in demand slows and

Economy

Russia 'ready to meet' other oil producers over market trouble

The price of oil rose on Monday after Russia – one of the world’s top three producers – said it was ready to meet others to discuss the market. Brent

Economy

OPEC predicts higher demand for its crude oil

OPEC has predicted a higher demand for its crude oil next year, cutting its forecast of supplies from non-member countries. It is sticking to its