Japan’s authorities decided in accordance with the arrangement among IEA member-states to sell 7.5 mln barrels of oil from the national reserve in order to reduce oil prices, Minister of Economy, Trade and Industry Koichi Hagiuda told reporters.
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.
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.
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.
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.
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.
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.
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 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.
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 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 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.
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 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 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.