OPEC approves output rise of about 1 Mn barrels

OPEC members have agreed on a combined increase in crude oil output of one million barrels per day, the oil minister of the cartel's kingpin Saudi Arabia said Friday.

Oil prices spike sharply after OPEC fails to deliver

Crude oil prices were soaring in early Friday trading after OPEC apparently disappointed with the terms of a consensus agreement on production.

New Shipping Regulations to Push Oil Prices to $90 by 2020 : Morgan Stanley

International efforts to reduce air pollution has lifted the hopes of oil traders, as new shipping regulations are expected to boost demand for lower sulfur fuels, raising demand for crude, as the bank’s analysts report. The current growth in oil prices already exceeds earlier predictions amid OPEC supply cuts and US sanctions against Iran.

Russia's Rosneft reaps rewards from higher oil prices

Russian oil company Rosneft said Monday its revenue increased more than 20 percent from last year, even as its production levels declined.

Alaska state poised to sell natural gas to China

The Alaska Gas Development Corp. (AGDC), a major energy developer in the US northwestern state of Alaska, is moving steadily toward a December deadline for agreements to sell liquefied natural gas (LNG) to Chinese buyers, an Alaska news outlet reported Friday.

Oil Prices Rise Amid Lower US Stockpiles, Rising Global Tensions

International oil prices are posting steady increases due to higher energy consumption in the US, Saudi Arabia's continued commitment to production cuts and rising global political uncertainty.

Ukraine is overpaying for European gas & wants Russia to foot the bill

Kiev was forced to buy expensive gas in Europe after Russia’s state-run company Gazprom severed contracts with Ukraine and refused to deliver the fuel in March. Now, Ukraine is demanding that Russia pays the price difference.

Norway to review oil and gas pension investments

Following advice from its central bank, the Norwegian Ministry of Finance said it would consider whether oil and gas stocks should be in a pension fund.

Libya out at least 70,000 barrels of oil per day

A Libyan company said it expects to be out at least 70,000 barrels of oil per day because of an explosion at a pipeline feeding the nation's largest oil depot.

OPEC ministers agree to extend oil production cut deal until end of 2018

OPEC ministers agreed at the meeting on November 30 to extend the oil production reduction agreement until the end of 2018, Oil and Gas Minister of Oman Mohammed bin Hamad Al Rumhy told TASS.

IMF predicts oil price plunge to $50 per barrel in 2017-2018

The International Monetary Fund expects global oil prices at around $50 per barrel, down from its April projection of $55 per barrel, according to the World Economic Outlook report published Tuesday.

Moscow, Riyadh to Propose Oil Output Cut Deal Extension for Another Nine Months

Moscow and Riyadh are set to propose the prolongation of the Vienna agreement on oil output cuts for another nine months, the joint statement of the Russian and Saudi energy ministers said Monday.

New York moves to raise cost of cigarettes to reduce smoking

New York City is pushing legislation to raise the minimum cigarette pack price to 13 from 10.5 US dollars as part of a larger effort to reduce tobacco use in the country's biggest city.

Crude Prices Jump after US Strikes on Syria

Oil prices rallied on Friday after the United States launched a missile strike against Syria, sparking fears that an escalation of the conflict in the crude-rich Middle East could disrupt supplies.

Gazprom to comply with EU norms to wrap up antimonopoly probe without fine

Gazprom is ready to abide by the EU standards in order to complete the antimonopoly probe without a fine, EU Competition Commissioner Margrethe Vestager said on Monday.

Russia to Create Monitoring Group to Control Oil Output Reduction

Russia and Kuwait would head a monitoring committee overseeing the oil output agreement between the Organizations of the Petroleum Exporting Countries (OPEC) and a number of other oil producing states, Azerbaijan's Energy Minister Natig Aliyev said Saturday.

Naftogaz CEO Claims Ukraine Has Enough Gas to Live Through Winter

Ukraine may need Gazprom's assistance in worst-scenario case, Andriy Kobolyev said Monday.

Russia ready to join OPEC's new output freeze deal

Russian Energy Minister Alexander Novak on Wednesday welcomed the OPEC's newly-clinched oil output freeze agreement, saying that Russia was ready to join the deal to stabilize global oil market.

Venezuelan proposal to freeze oil output can stabilize prices. A price of 80 $ benefits the global economic system

Venezuela's proposal for oil-producing countries to freeze oil output could stabilize prices in the next few months if adopted, President Nicolas Maduro said Friday.

Brent Oil Price Hits Highest Level in a Year

Brent North Sea crude rose to $53.45 a barrel on Monday — its highest price in a year after President Vladimir Putin indicated Russia was ready to join measures to limit global oil production.