The price of oil has dropped  30%   in the last two months. Photograph: Getty Images

Opec and its oil producing allies reached an agreement to cut production by 1.2m barrels a day, defying Donald Trump’s calls to keep output high and (...)

Russia’s largest oil producer Rosneft said on Tuesday its second-quarter net profit more than tripled to 228 billion roubles (€3.1 billion) on higher (...)

King Salman: Syria, Iran, oil and expanding commercial ties on the agenda. Photograph:  Bandar al-Jaloud/AFP/Getty Images

King Salman’s arrival in Moscow on Wednesday on a historic three-day official visit, the first ever by a Saudi monarch, signals the kingdom’s recognit(...)

Saudi Arabian Energy Minister Khalid al-Falih, Russian Energy Minister Alexander Novak, Kuwaiti Oil Minister Essam al-Marzouq and OPEC Secretary General Mohammad Barkindo attend a meeting of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg. (Reuters)

Oil rallied on Monday, erasing early losses after leading OPEC producer Saudi Arabia pledged to cut its exports to help speed up the rebalancing of gl(...)

Photograph: iStock

Oil headed for its highest settlement in a month as Russia signalled it is weighing an extension to Opec-led production cuts, offsetting concern risin(...)

Crude has retreated since  a 2016 high last month near $52 a barrel amid scepticism about the ability of Opec to implement a deal. Photograph: iStock

Crude held losses near $45 a barrel after US stockpiles rose and as Opec meets with Russia for informal talks without oil ministers from Iran and Iraq(...)

 Oil rose to the highest in more than a year on Monday after Saudi Arabia expressed optimism that Opec would work out a deal and Russia voiced its support. Photograph: Karen Bleier/AFP/Getty Images

Saudi Arabia, the biggest oil exporter, sees its crude reserves of 266.5 billion barrels lasting 70 more years and hasn’t sought an independent consul(...)

Saudi Arabian energy minister Khalid Al-Falih said  talks with members of Opec and other producers may result in action to stabilise the market

Oil climbed to the highest level in more than three weeks amid speculation that crude producers will revive talks to stabilise prices. Futures gained (...)

  A shipment of Iranian oil is delivered to a   refinery in Spain: Iran wants to boost output by one million barrels a day this year after international sanctions on its oil industry were lifted in January. Photograph: Luke MacGregor/Bloomberg

Iran plans to boost crude output to four million barrels a day before it will consider joining other suppliers in seeking ways to rebalance the global(...)

Russian Energy Minister Alexander Novak (l) and European Energy Commissioner Guenther Oettinger  leave a joint news conference after gas talks between the European Union, Russia and Ukraine at the European Commission headquarters in Brussels yesterday. Photograph: Francois Lenoir/Reuters

Ukraine, Russia and the European Union signed a deal last night that will see Moscow resume vital supplies of gas to its ex-Soviet neighbour over the (...)

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