Trying to forecast world oil demand growth is a tricky job at the best of times. This year abnormal levels of uncertainty about the global economy are making the job even more difficult.
Venezuela's opposition coalition confirmed on Sunday that Miranda state governor Henrique Capriles had won a primary before the South American nation's presidential election.
The International Energy Agency lowered its forecast for global oil demand for the sixth consecutive month because of the continuing weakness of the global economy, sending shares of crude oil down with it.
Thanks to expansive oil fields and a reservoir of millions of barrels of crude, Nigeria is the third-richest country in Africa. But due to corruption, poor wealth distribution, and lack of infrastructure, the nation's people suffer from staggering rates of poverty.
China is scouring the world for alternative oil supplies to replace a fall in its imports from Iran, as it seeks to negotiate lower prices from Tehran, and has been drawing heavily on Saudi Arabia.
Iran's oil minister said the Islamic state would not retreat from its nuclear program even if its crude-oil exports grind to a halt, the official IRNA news agency reported on Saturday. But Rostam Qasemi also called on the European Union to review its recent decision to ban Iranian oil imports as of July 1.
Faced with international political tensions, disruptive weather and natural disasters and global economic woes, oil companies in the U.S. and Europe reported overall declining earnings for the fourth quarter, even as they earned. The good news is that the U.S. became a net energy exporter for the first time since 1949.
Donald Trump officially endorsed Mitt Romney for president on Thursday, praising the Republican front-runner for his business sense and stance on foreign policy.
The EU's embargo on Iranian oil exports will add upward pressure to oil prices, OPEC's secretary general said on Monday, even though there is no shortage of oil on the market.
Iran warned its Arab neighbors on Sunday not to raise crude output to replace Iranian oil in the event of an embargo by the European Union, Tehran's governor for the Organization of the Petroleum Exporting Countries was quoted as saying.
Goldman Sachs said it expected upside in prices of oil, gold and copper this year, citing greater supply risks and stronger fundamentals.
Dictator buddies President Mahmoud Ahmadinejad of Iran and Hugo Chavez of Venezuela met to discuss serious matters on Monday, but they lightened up the conversation with jokes about having a “big atomic bomb” at their disposal.
Venezuelan President Hugo Chavez said Sunday that his country would not recognize a ruling by a World Bank tribunal in a multibillion-dollar arbitration case with Exxon Mobil.
Concern about the appetite for Eurozone sovereign debt pushed European stocks lower and hit the single currency on Thursday, with the first French bond auction of 2012 set to test how much progress policymakers have made in easing tensions.
The government also warned the public not to hoard fuel or buy on the black market.
An arbitration panel has awarded U.S. oil giant Exxon Mobil Corp $908 million in compensation for Venezuela's 2007 nationalization of its assets, less than 10 percent of what the company sought in a long legal battle with the OPEC nation.
Persian Gulf oil producing nations are prepared to compensate for any loss of oil in the world market, a senior Saudi official said after Iran amped-up its rhetoric Tuesday about blocking the Strait of Hormuz, a key supply route for the world’s oil.
Business mogul Donald Trump has some harsh words for President Obama, China, and a whole slew of others in his book Time to Get Tough: Making America #1 Again.
Cold War militant Carlos the Jackal was sentenced to a second life term by a Paris court on Thursday after being found guilty of a number of bombings in France three decades ago.
Crude oil prices advanced in Europe trade on Thursday, after plunging to their lowest level in more than five weeks in the previous session.
With oil prices already high at/near $100 per barrel and the global economy no where near its GDP output potential, OPEC is once again in the catbird seat as it heads into its December meeting.
OPEC began negotiations on Monday on a new production deal aimed at healing the rift caused by a bad-tempered failure to agree an output target when it last met in June.
