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Oil Prices Surge Hoping OPEC Slashes Production

February 5th, 2020 - 01:18 GMT

Oil Prices Surge Hoping OPEC Slashes Production

Crude oil prices were up on Wednesday as the global oil market and investors hope that the Organization of Petroleum Exporting Countries (OPEC) would make deeper cuts in crude production to support low prices. The international benchmark Brent crude was trading at $54.20 per barrel at 0723 GMT for a 0.7% increase after closing Tuesday at $53.81 a barrel. American benchmark West Texas Intermediate was at $49.77 a barrel at ...

Iran possesses the world’s second largest reserves of natural gas and the world’s fourth largest reserves of crude oil.

May 26th, 2014 - 12:37 GMT

If you say so: Iran affirms that oil prices won't drop below 100$

As Saudi Arabia’s influence over the Persian Gulf further erodes, the Kingdom must continue to invest in projects that diversify its revenues and resources.

February 17th, 2014 - 03:28 GMT

With Iran re-rentering the scene, should Saudi Arabia be waving goodbye to its reign over oil markets?

In a message to members of the Organization of Petroleum Exporting Countries (OPEC), Zanganeh also said that unconventional oil production from shale reserves by non-OPEC countries will not be a threat to OPEC.

January 7th, 2014 - 03:55 GMT

Desperate for a comeback, Iran's oil minster sends a loud and clear message to OPEC's giants

Increase in global supply will result in a drop in oil prices. (Image credit: Shutterstock)

December 11th, 2013 - 06:55 GMT

Investor alert: Oil to drop by $10 in 2014

Saudi Arabia is the largest shareholder of the 56-member Islamic Development Bank which provides members with funding for development projects (File Archive)

December 10th, 2013 - 06:55 GMT

Saudi sizes up Islamic Development Bank share, increases holding to $6.85 billion

Previously, Iran has dealt with foreign companies through “buybacks”. According to sources, the meetings in London will allow Iran to present the findings of a review of these contractual terms.

December 3rd, 2013 - 10:53 GMT

European oil giants ready for business with Iran

OPEC provides 35 percent of the world's oil supply and expects total demand to reach approximately 90.78 mbpd next year (Shutterstock)

November 13th, 2013 - 06:17 GMT

OPEC forecasts "growing" oil demand despite recent price dips

“To meet the projected domestic and global demands by 2020, Saudi Arabia will have to pump between 12.5 million and 15 million bpd.” (Photo credit: Shutterstock)

October 13th, 2013 - 08:37 GMT

Time to catch up: Saudi Arabia taking the fast track to shale production

Al Bawaba

August 17th, 2013 - 12:37 GMT

A Sinai Spring

Beijing’s growing commercial ties with Arab countries are challenging the US for regional influence, at a time Washington is eager to wind down military involvement in the region.

August 15th, 2013 - 12:02 GMT

China invested in the Arab Spring

Iran's economy declines as sanctions bite

May 2nd, 2013 - 12:28 GMT

Sanctions hurting Iran's economy

Iran is to halt oil and gas export to Europe, a spokesman for the Iranian Oil Ministry said.

January 28th, 2013 - 01:34 GMT

Iran halts oil and gas exports to Europe