Oil prices are now around half their levels of a year ago

The global oil market should be more balanced next year as China and the developing world increase oil consumption while supply of shale oil from Nort(...)

Saudi Arabia’s oil output had been 10.31 million barrels a day in April. Last month it reached 10.33 million barrels a day, according to numbers submitted by Riyadh to Opec

Saudi Arabia increased its oil production to a record level last month in an attempt to win back more customers and meet demand for its crude. Output (...)

Prices for crude oil, gasoline and diesel jumped more than 3 per cent on Tuesday as bullish investors made bets across the oil complex for another weekly fall in US stockpiles.  Photograph: Jin Lee/Bloomberg

Oil prices rose on Wednesday as US inventories were set to drop further and after the Energy Information Administration (EIA) raised its 2015 oil dem(...)

Pumping oil in Texas. Opec may increase its supply of crude at next meeting.

There’s a risk OPEC will increase its crude- production target when it meets on June 5th, extending a strategy that helped prices to slump last year, (...)

Crude oil prices recovered on Thursday after a two-day slide, although high US stocks and strong global production, along with a firm dollar, were keeping markets under pressure. Photo: Bloomberg

Crude oil prices recovered on Thursday after a two-day slide, although high US stocks and strong global production, along with a firm dollar, were kee(...)

Crude inventories thought to have increased by 3.3 million barrels last week, before an Energy Information Administration report on Wednesday. Picture: Reuters.

Oil fell for the third time in four days before US government data forecast to show crude stockpiles expanded further from a record. Futures dropped a(...)

Houthi rebels hold up their weapons during a rally against Saudi air strikes in Sanaa, capital of Yemen recently. Photograph: Khaled Abdullah/Reuters

Oil prices rose sharply last week amid concerns that fighting in the Arabian Peninsula between a Saudi-led coalition and Houthi rebels in Yemen could (...)

Analysts have expected Opec’s biggest producer to eventually curb its output, but Saudi Arabia said over the weekend the kingdom would not unilaterally cut its output to defend prices. Photographer: Eric Taylor/Bloomberg

Oil prices dropped over a percentage point on Monday after Saudi Arabia said over the weekend that the market defined prices and the kingdom would not(...)

Venezuelan foreign minister Delcy Rodriguez told reporters Caracas would respond to the US sanctions move soon. Photograph: Carlos Garcia Rawlins/Reuters

The United States declared Venezuela a national security threat on Monday and ordered sanctions against seven officials from the oil-rich country in t(...)

With an economy that is expected to contract by seven per cent this year, inflation running at 68 per cent, a currency devaluation put at as much as 7(...)