Archive

OPEC

Global oil prices decline as China’s economic data disappoints

SINGAPORE: Oil prices fell on Monday after reports that China’s third-quarter economic growth did not rise as much as expected, underscoring concerns that surging coronavirus cases globally are impacting demand in the world’s largest oil importer. The world’s second-largest economy

Saudi cabinet urges OPEC+ countries to further reduce oil production

RIYADH: Saudi Arabia’s cabinet has urged OPEC+ countries to further reduce oil production rates to restore balance in global crude markets, state news agency reported on Wednesday. Saudi Arabia urged oil-producing nations not only to adhere to agreed cuts to

Crude price surge as top oil producers agree historic cuts

LONDON: Global crude prices went soaring on Monday as oil-producing countries agreed on historic output cuts to prop up prices hammered by the coronavirus crisis and a Russia-Saudi price war The US benchmark WTI climbed 7.7 percent to $24.52 a

Saudi Arabia appoints new Energy Minister amid low oil prices

RIYADH: Saudi Arabia’s King Salman has appointed his son, Abdul Aziz bin Salman, as the new energy minister, on Sunday, state media said, in a major shakeup as the OPEC overlord reels from low oil prices. The appointment of Prince