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IEA To Release 60-Mln Barrels of Oil To Alleviate Shortages

Oil futures are plunging as the International Energy Agency (IEA) said that the U.S. and 27 other nations will release a total of 60-million barrels of oil from strategic reserves.

Saudi Arabia May Use Economic Clout To Squeeze Iran: Prince

Saudi Prince Sattam Bin Abdul Aziz (R) and Prince Turki Al Faisal

Saudi Arabia may be forced to use its oil policy and enormous economic clout as a way to foil Iran’s nuclear power program and regional ambitions, according to a report in The Wall Street Journal.

Saudi Arabia Follows Through on Threat to Pump More Oil

Oil prices fell on Friday as Saudi Arabia reportedly followed through on its threat to defy OPEC and unilaterally increase oil production.

Iran says Saudi crude increase will not change market

An increase in crude output by Saudi Arabia will not change market conditions as demand is for lighter oil than it provides, Iran's OPEC governor was on Saturday quoted as saying, reiterating Tehran's stance that there is no need to boost production.

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Workers walk at Rumaila oilfield in Basra, 420 km (260 miles) southeast of Baghdad

Why OPEC Is Dying

OPEC just had a meeting that failed to produce any agreement. Saudi Arabia, the biggest producer of the cartel, admitted it was one of the worst meetings in OPEC history.

OPEC oil talks collapse, no output deal

OPEC talks broke down in acrimony Wednesday without an agreement to raise output after Saudi Arabia failed to convince the oil cartel to lift production.

US STOCKS-Wall St retreats for sixth day, S&P may test 1,250

U.S. stocks slipped for the sixth straight day on Wednesday after Federal Reserve Chairman Ben Bernanke's assessment of the economy kept investors worried about the recovery.

Wall Street retreats for sixth day, S&P may test 1,250

U.S. stocks slipped for the sixth straight day on Wednesday after Federal Reserve Chairman Ben Bernanke's assessment of the economy kept investors worried about the recovery.

Wall Street starts sixth day of losses

Stocks mostly fell on Wednesday in a sixth day of losses as investors worried about the bleak economic outlook and technical market indicators pointed to more weakness ahead.

OPEC talks break down, no deal on output

OPEC talks broke down in acrimony on Wednesday without an agreement to raise output after Saudi Arabia failed to convince the cartel to lift production.

OPEC inching toward deal to raise oil output

OPEC producers worked at a deal on Wednesday to raise oil supplies for the first time in four years to support the fragile world economy.

OPEC to hike output, Iran proposes compromise

OPEC producers on Wednesday hammered out a deal to raise oil supplies for the first time in four years to support the fragile world economy.

Markets head into sixth day of losses

Stock index futures fell on Wednesday, pointing to a sixth day of losses in an enduring downtrend as investors worry about the bleak economic outlook and technical market indicators point to more weakness ahead.

OPEC Likely to Lift Oil Production

The Organization of Petroleum Exporting Countries (OPEC) meeting would likely end with a decision to increase crude production levels to reduce international concerns about the high price of oil.

OPEC divided as Saudi pushes for oil increase

Saudi Arabia faced resistance on Wednesday from OPEC producers opposed to an increase in oil supplies that may help ease crude prices.

Saudi to push OPEC to lift oil output, cut prices

Gulf Arab OPEC members led by Saudi Arabia will push for an increase in supplies at a meeting of the oil cartel this week in an effort to support flagging world economic growth by bringing crude prices back below $100 a barrel.

Shokri Ghanem, Libya's former oil minister

Libya to send representative to OPEC meeting, following oil minister’s defection

The Libyan government said it will send a representative to the next OPEC meeting in Vienna on June 8, following the recent defection of the country’s former oil minister, Shokri Ghanem.

Output increase in the air as OPEC tackles turmoil

OPEC could next week agree its first formal increase in supply targets since 2007 when it meets to hammer out its response to Arab world turmoil, extreme market volatility and pressure from the West for action.

OPEC mulls oil supply target hike to calm prices

OPEC is considering raising oil supply targets for the first time since 2007 in a move that could weaken $100 oil prices and lessen the drag of high energy costs on global economic growth.

Despite ongoing turmoil in Middle East, crude oil prices stabilizing

Oil prices, which have risen by as much as 20 percent this year due to fears of supply disruption caused by Middle Eastern and North African unrest; appear to be stabilizing in recent weeks.

U.S. oil off highs on home sales data, OPEC

U.S. oil prices were well off early highs on Friday after data showed U.S. home sales plunged in April, adding to the latest crop of weak economic signals, and wiping away most of the day's early gains sparked by a weaker dollar.

Emerging economies strain tight commodity supplies: Glencore

Buoyant commodities demand from emerging economies is straining tight supplies and putting more pressure on producers to ramp up output, Glencore's chief executive said on Wednesday.

Why is Iran's Ahmadinejad not attending OPEC summit?

Many theories are floating around the dramatic withdrawal of Ahmadinejad who usually likes world stages to whip up controversies and hog limelight through incendiary rhetoric.

Oil bounces up 2 percent as Goldman raises forecast

Oil rose nearly 2 percent on Tuesday after Goldman Sachs raised its price forecasts for Brent crude, saying demand from economic growth will eat into stockpiles and OPEC spare capacity.

West's oil agency urges OPEC: pump more, or else

The West's energy watchdog urged oil producers to boost supply to cut fuel costs, to protect economic recovery, and appeared to suggest its members could release emergency stockpiles if OPEC does not act.

Oil up over $2 at $111, helped by bargain hunters

Oil rebounded by more than $2 on Monday due to bargain hunting after Brent crude lost almost $17 last week, but earlier bigger gains were pared after S&P cut Greece's debt rating and the dollar rallied against the euro.