Iraq increased its annual oil production by 750,000 barrels per day in 2015, while Saudi Arabia pumped an additional 510,000 bpd.
Saudi Aramco President and CEO, Amin Nasser, wants closer collaboration with China as the opportunities for mutual growth between Saudi Arabia and China are vast.
Despite growth potentially returning in 2016, investment and consumption would likely remain sluggish due to sanctions on Russia's access to global finance.
Despite having the largest proven reserves in the world, Venezuelan oil is relatively expensive to produce, with the vast majority of it being located in deep-water offshore reservoirs. The fall in international oil prices has hit Venezuela very hard.
Move seen as part of bigger drive by King Salman to replace various key serving members with new successors to throne.
Al-Naimi said that the current policy of freezing production levels should reduce the current supply glut, provided that other producers sign up to the agreement.
International sanctions had capped Iran’s oil exports to just 1 million barrels per day. However, since the lifting of sanctions earlier this year, Iran’s crude exports have risen sharply. Iran is now believed to be exporting around 2 million barrels of o......
Iraq’s deputy oil minister, Fayadh al-Nema, told journalists from the state run Iraqi Media Network that the country’s crude oil export levels were currently at a record breaking 3.9 million bpd.
With international sanctions against Iran now being lifted, the Islamic Republic is looking to increase its exports to key customers in Asia Pacific.
Khalid Al-Falih reveals low oil price now forcing world's biggest oil company to renegotiate and postpone some projects in kingdom.
Announcement comes as other regional OPEC members cut crude export prices to Asia in March.
Saudi Aramco-Sinopec JV, YASREF ships first ever cargo of petcoke, a crude oil derivative from Saudi Arabia’s Red Sea coast.
His Excellency Suhail Mohamed Faraj Al Mazrouei explains the UAE's future energy aims, describes the country's role within OPEC and its ambitions for utilising renewable energy.
High oil prices could squeeze US oil production by almost half a million barrels per day in 2016
Demand for low carbon fuels will grow faster than demand for carbon intense fuels, as users attempt to reduce their carbon footprint.