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The UAE Minister of Energy and Industry Suhail Bin Mohammed Al Mazrouei has said that a new agreement between OPEC members is essential to support a balanced and less volatile market. Al Mazrouei said, via a series of tweets, “OPEC and OPEC+ played an important role in delivering market stability. …

Iran’s Parliament Speaker Ali Larijani in separate telephone conversations with Kuwaiti and Omani counterparts on Tuesday called for regional cooperation to counter the new coronavirus outbreak. Larijani briefed his counterparts on the measures taken by Iran to combat the epidemic in the country. He said that further regional cooperation as …

International Energy Agency Executive Director Fatih Birol on Monday denounced oil producer countries he said were playing “Russian roulette” with markets, adding that an apparent price war was an attempt to “kill” the US shale sector, but was unlikely to succeed and could have “grave consequences” around the world, Platts …

Oil prices bounced 8 per cent on Tuesday from the biggest one-day rout in nearly 30 years, as investors eyed the possibility of economic stimulus amid a price war between Russia and Saudi Arabia and as new virus cases slowed in China. President Donald Trump on Monday said he will …

Already grappling with risks from the spreading coronavirus, markets around the world found themselves opening Monday with yet another shock – Saudi Arabia firing the first shot of an oil price war. The move lead Brent crude to drop by almost a third at one point Monday, sinking the global …

The oil market turmoil dragged down Russia’s national currency, which fell sharply against the US dollar and the euro.

Oil has plunged nearly 30% as Saudi Arabia cut its official selling price (OSP) after OPEC’s supply cut pact with Russia collapsed. Over the weekend, Saudi Arabia had cut its OSP for April for all crude grades to all destinations by between $6 and $8 per barrel. The world’s second-largest …

A member of Iranian Parliament’s economic commission says the move by the Financial Action Task Force (FATF) to place Tehran on its blacklist has no impact on the country’s economic ties with others. Speaking to Mehr correspondent on Monday, Mohammadreza Pourrahimi, a member of the Iranian Parliament’s economic commission, said …

The OPEC+ alliance’s dramatic failure to reach an output deal is most obviously being felt in oil futures, which plunged the most since 2008 in London. A look at the less-conspicuous corners of the market reveal the scale of the impact. The potential collapse of the group led by Saudi …

Prices will fall until either Moscow or Riyadh call off the endurance contest.