Oilman Harold Hamm says the Saudi hard line on production has turned the Russian "ruble into rubble" while also squeezing U.S. producers.» Read More
Citigroup's job cuts could reach 30,000 or more over the next year and a half because of increasing writedowns from subprime related debt, CNBC has learned
OPEC on Friday kept oil supplies unchanged and began a debate about whether or not to deploy production curbs in March to defend prices against a drop in demand should recession bite in the United States.
India's lucrative outsourcing industry struggled Thursday to overcome Internet slowdowns and outages after cuts in two undersea cables sliced the country's bandwidth in half.
Citigroup CEO Vikram S. Pandit is expected to resist calls from investors to break up the banking giant--including spinning off the Smith Barney brokerage firm-- as part of his review of Citigroup's operations, sources told CNBC.
U.S. President George W. Bush said on Tuesday oil prices were "very high" and tough for theU.S. economy to bear.
Citigroup plans to announce a writedown of as much as $24 billion and layoffs of up to 24,000 due to subprime and credit-related losses, CNBC has learned.
Saudi Arabian Prince Alwaleed bin Talal, Citigroup's largest individual shareholder, will inject new cash to help America's biggest bank grapple with heavy mortgage market losses, the Wall Street Journal reported on its Web site on Friday.
Saudi Arabia plans to establish a sovereign wealth fund that may exceed $900 billion, which would likely be the largest in the world, the Financial Times reported on its Web site without naming sources.
OPEC agreed on Wednesday to keep exports unchanged, rebuffing consumer country calls for more crude to rein in $90-a-barrel oil.
OPEC's big Gulf producers are keeping the door open for higher oil exports when the group meets Wednesday in Abu Dhabi.
European planemaker Airbus named on Monday Saudi billionaire Prince Alwaleed bin Talal as the first private buyer of an A380 superjumbo, the world's largest passenger airliner.
So there we have it. A long, drawn out battle has been won once again by the globe’s mightiest oil producer: Saudi Arabia.
OPEC weighed a push by some members Monday to modestly boost its production quota amid stubbornly high oil prices and expectations of a spike later this year in the global demand for crude.
Will oil slump to $60 a barrel or soar to above $80? Barring any unforeseen geopolitical events, Stanford Group Energy analyst picks $60.
The U.S. justice department has launched a corruption probe into Britain's BAE Systems, a potential headache for Gordon Brown just hours before he succeeds Tony Blair as British Prime Minister.
Dow Chemical is close to deal to build a $20 billion petrochemical plant in Saudi Arabia, the Financial Times reported late Thursday.
U.S. crude oil futures ended lower for the third day in a row after government data showed supplies last week rose within market forecasts.
U.S. crude oil fell 2% on Tuesday on expectations of rising supplies and a rebound in refinery throughput ahead of summer driving season in the United States, the world's biggest market.
Crude oil futures ended lower, sliding late in a choppy session that saw May RBOB gasoline futures up sharply ahead of its contract expiration, reaching an 11-month high at one point, amid refinery snags and supply concerns.
Saudi Arabia said it foiled an al Qaeda-linked plot to attack oil facilities and military bases, arresting more than 170 suspects, including some trainee pilots preparing for suicide operations.