Saudi Arabia, the world's largest crude exporter, could phase out the use of fossil fuels by the middle of this century. The Financial Times reports.» Read More
Oil rose as Nigerian supply disruptions and escalating tensions between Israel and Iran outweighed Saudi Arabia's pledge to raise output and keep markets well-supplied.
The Saudis will increase oil production capacity gradually over the next year, a senior advisor to the Minister of Petroleum told CNBC's Melissa Francis in an exclusive interview.
Washington has been talking tough on oil prices on several fronts, calling for new trading regulations on speculators and reopening offshore oil drilling. But it's successful jawboning two of our major allies that seems to have had the biggest impact on prices this week.
The record run-up in oil prices over recent years is igniting fierce debate over the "peak oil" theory — that once the maximum rate of global production is reached, a steep decline ensues. Here we present two squarely opposed viewpoints on the issues from rivals who have been sparring for years.
Saudi Arabia has long been the world’s preeminent oil producer and the kingdom’s royal rulers want to keep it that way. But there is another possible narrative to the kingdom’s likely future – and ours too - which is far less comforting.
Eight-cylinder luxury cars will rumble along Jeddah's highways guzzling cheap Saudi gasoline as energy powers hold emergency talks in the Red Sea port this weekend to brake the free-wheeling rise in oil prices.
Just after the start of trading, today, it was announced that virtually all categories of transportation fuels would rise 1,000 to 1,500 Yuan per tonne. International measures of fuels are often represented in metric tonnes, as opposed to our more familiar gallons.
Venezuela will not attend a meeting of oil consumers and producers this coming weekend and sees no need to up output, the country's oil minister said on Wednesday.
Oil rose as a strike threat by oil workers in OPEC nation Nigeria stoked supply concerns ahead of a meeting of top producers and consumers aimed at tackling soaring energy prices.
Oil prices slipped from record highs on plans by top exporter Saudi Arabia to increase crude output to help curb soaring fuel costs.
Oil prices eased Monday as top world producer Saudi Arabia appeared poised to boost production to the highest level in decades to ease a record rally that has threatened global economic growth.
Saudi Arabia will host a meeting of oil producers and consumers on June 22 to discuss record-high prices that are unbearable, OPEC's Secretary General said on Tuesday.
Top oil exporter Saudi Arabia has boosted supply to help meet the world's need for fuel and may further increase output later if needed, a senior Gulf OPEC source said on Wednesday.
With crude prices gushing ever higher we can’t help but wonder why Saudi Arabia won’t help more. Aren’t they supposed to be our friend?
Crude oil prices once again set both intraday and Nymex closing record highs Tuesday, driving toward $130 a barrel mid-day and finishing above $129 amid deepening worries over tight global stockpiles.
Oil was above $127 a barrel seesaw trading Monday as crude prices were hit alternately by profit-taking and comments from OPEC's president that the producer group would not increase output at its next meeting in September.
Oil prices shot to new highs again Friday as traders, unimpressed by U.S. and Saudi efforts to boost supply, kept buying on the belief that prices had more room to rise.
President George W. Bush and Sen. John McCain went to bat on energy policy this week. And guess what? They both struck out. Bush went hat in hand to the Saudis to ask for more oil production in order to bring down world prices.
The Energy Department said Friday it will not add millions of barrels of oil to the Strategic Petroleum Reserve, a move sought by Congress to battle record fuel costs but in the end will likely have little impact on lowering prices.
Oil majors can't get ahead of production declines despite spending on unconventional sources, an energy sector investment banker says.