OPEC published a stinging critique of oil-producing countries that refused to follow its lead in holding back supply in an effort to boost prices.» Read More
Canada has proven oil reserves of more than 170 billion barrels—second only to Saudi Arabia. Much of that crude lies beneath the tundra of Alberta in a thick oil, sand and water mixture called bitumen, more commonly called oil sand.
Saudi Arabia, the world’s fourth-largest holder of foreign exchange reserves, is sitting on more than twice as much gold as previously thought, according to new estimates.
Israel perhaps has more to gain than anyone else from going clean and green. Right now, Israel is almost fully dependent on fossil fuels that pollute the country. Israel still gets its oil from secondary sources, because Arab nations won't sell to Israel directly.
What many Westerners may know about the Middle East falls far short of what the vast region has to offer investors.
While America took a big hit during the financial crisis, many Middle Eastern economies grew. Click to see where these countries rank globally and regionally.
The CEO of the world's largest oil company says crude prices will remain steady and will not change dramatically in the months to come.
Alcoa said Monday it and the Saudi Arabian mining company, Ma'aden, will invest $10.8 billion in a joint venture to develop an aluminum industrial complex in Saudi Arabia.
Saudi Arabia is trying to enlist other oil-producing countries to support a provocative idea: if wealthy countries reduce their oil consumption to combat global warming, they should pay compensation to oil producers.
Maxis, Malaysia's biggest telecom firm plans to list on the stock market by mid-November, media reports said.
Russia has beaten the Saudis in the global crude market for the first time, according to new figures from the Russian Oil Ministry.
Prince Alwaleed bin Talal says a sale this year will boost investor confidence.
OPEC is unlikely to cut output at its upcoming meeting, Saudi Arabia's oil minister said in comments published Tuesday, as indications mounted that the oil producing bloc would resist a temptation to tighten the taps despite wanting higher crude prices.
The recent resilience shown by the oil markets is not because of any improvement in the global economy or rise in oil consumption. Instead, analysts said, oil is once again being sought by investors as a refuge against a slumping dollar and rising inflation.
The global economy has crashed and so has the price of oil. The same countries that used billions from crude exports to subsidize gasoline at home, even as prices hit record highs elsewhere in the world, are now under tremendous strain.
Saudi Arabia's domestic development efforts could provide a much-needed financial boost to firms outside of the Kingdom.
The developments show how the global financial crisis has torn through the Arab Peninsula, until recently thought immune due to massive sovereign savings and earnings from energy exports, with almost the same violence as in Europe and North America.
Markets think this weekend's meeting of the G-20 is going to be a non-event, but sources have told CNBC that there could be at least one important development: the potential for creditor nations to pledge hundreds of billions of dollars to support aid programs for countries caught up in the credit crisis.
Top oil exporter Saudi Arabia provided the most visible evidence yet of adhering to OPEC's deal to curb output by telling refiners in Asia that it would cut December supplies by 5 percent, term lifters said on Monday.
Top oil exporter Saudi Arabia has already cut significantly crude supplies to some of its customers, industry sources said on Tuesday, quelling doubts OPEC would stick to its latest output deal.
You know the oil markets are in touble when even a hurricane can't stop prices from falling.