Saudi Arabia's oil minister, Ali Al-Naimi, tells CNBC's Hadley Gamble that no one can set the price of oil except Allah.» Read More
The world’s top oil exporter, Saudi Arabia, appears to have cut both its oil production and export in December, according to the latest update by the Joint Organizations Data Initiative (JODI), an official source of oil production, consumption and export data.
China is scouring the world for alternative oil supplies to replace a fall in its imports from Iran, as it seeks to negotiate lower prices from Tehran, and has been drawing heavily on Saudi Arabia.
An "element of fear" over Iran is playing into the price of oil despite higher supply and decreasing demand, Saudi Prince Alwaleed bin Talal al Saud told CNBC Monday.
Iran has indicated that its threat to cut oil supplies to European states in order to pre-empt a European Union oil embargo that comes into effect in July may be only a symbolic one.
A series of tit-for-tat statements between Iran and the European Union showed no signs of abating on Saturday, with the Iranian Oil Minister saying that oil exports “will certainly be cut to some European countries.”
CNBC's Sharon Epperson discusses the day's activity in the commodities markets and looks ahead to where oil, natural gas and precious metals are likely headed next week.
The tensions over Iran and threats from the West to apply sanctions on Iranian oil will see crude prices facing more of an upside risk in the near future, a commodities analyst told CNBC.
A senior Iranian official on Tuesday delivered a sharp threat in response to economic sanctions being readied by the United States, saying his country would retaliate against any crackdown by blocking all oil shipments through the Strait of Hormuz, a vital artery for transporting about one-fifth of the world’s oil supply.
CNBC's Sharon Epperson discusses activity in the commodities markets and looks ahead to where oil and precious metals are likely headed next year.
Saudi billionaire Prince Alwaleed bin Talal and his investment company say they are investing a combined $300 million in Twitter.
Now that the "Arab Spring" is turning into the "Arab Winter" the former prime minister writes, "the challenge emerging from the changes taking place is so big that we had better put in place a common Western strategy or we'll find that national approaches are totally irrelevant to shape events there."
T. Boone Pickens discusses his outlook for energy and how easy it is for the United States to develop its own energy and the benefits of getting off of OPEC's oil.
CNBC's Brian Shactman discusses the day's activity in the commodities markets and looks ahead to where oil and precious metals are likely headed next week.
CNBC's Bertha Coombs discusses the day's activity in the commodities markets and looks ahead to where oil and precious metals are likely headed next week.
The death of Saudi Arabia’s Crown Prince Sultan brings into play the system for choosing a new heir to the country's throne, and as one of most high-profile governments still resisting changes brought on by the Arab Spring, the importance of communicating stability affects investor sentiment across the Arabian Peninsula and energy markets around the world.
Oil market traders often deal with contrasting sources of information in their quest to find real production numbers and the slightest hint of where prices may be headed. Another case in point is the release of the latest August production and intake data by the producer-consumer energy dialogue, known as the Joint Data Initiative (JODI).
Saudi Arabia's sovereign wealth funds are examining acquisitions around the world, but are waiting for greater economic stability before making any definite moves, Dr. Ibrahim Al-Assaf, the country's finance minister, told CNBC Thursday.