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    Saudi Arabia, the world's central bank for oil, could become a net oil importer by 2030 according to a new study by Citigroup, the international financial conglomerate.

  • Five Oligarchs Whose Names You Need to Know Wednesday, 5 Sep 2012 | 3:53 PM ET
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    Oligarchs are the wealthy few who benefit from the government and for all intents and purposes call the shots behind the scenes. Oilprice.com considers five key oligarchs and oligarch families who will shape the future.

  • US Accuses BP of Gross Negligence in Gulf Tuesday, 4 Sep 2012 | 11:27 PM ET
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    The US Department of Justice intends to prove at trial that gross negligence or willful misconduct by BP caused the 2010 Deepwater Horizon disaster in the Gulf of Mexico, government lawyers have said, in the clearest statement yet that they are seeking the maximum possible penalties from the British oil group. The FT reports.

  • Oil Prices: Supply Worries Aren't What Matters Now Tuesday, 4 Sep 2012 | 3:41 PM ET
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    Geopolitical and economic issues are shaping the price of oil more than worries about supply.

  • Mexican Oil Company’s Alleged Drug Ties Probed Friday, 31 Aug 2012 | 4:26 PM ET
    ADT Petroservicios

    US companies and individuals have been prohibited from doing business with Mexican oil company ADT Petroservicios and the company’s U.S. assets have been frozen due to owner Francisco Antonio Colorado Cessa’s links to the Los Zetas drug-trafficking cartel.

  • Colombian Oil: Is It Time To Invest? Thursday, 30 Aug 2012 | 3:26 PM ET
    The Ecopetrol SA oil refinery stands in Cartagena, Colombia, on Tuesday, March 13, 2012. Ecopetrol SA, Colombia's largest oil company, plans to finish repairs this week to a pipeline sabotaged by guerrillas more than a dozen times this year.

    'Senior' Colombian oil stocks are just above 50 percent of their highs, and the rest are anywhere from 20-50 percent of their highs.

  • Q&A: The Real Reason Behind Oil Price Increases Wednesday, 29 Aug 2012 | 4:26 PM ET
    Off Shore Oil Rig

    Is our energy future one of falling prices and plentiful supply or should we prepare for declining supply and sky high prices?

  • Chavez Plans to Double Venezuela Oil Output by 2019 Tuesday, 28 Aug 2012 | 4:01 PM ET
    Venezuelan President Hugo Chavez speaks at Latin American summit

    The Venezuelan president pledged to invest $130 billion in Venezuela's Orinoco Oil Belt between 2013 and 2019 to boost national production from 3 million barrels per day to 6 million bpd, doubling output to make it OPEC’s second-largest producer after Saudi Arabia, knocking Iran into third place.

  • Tropical Storm Isaac moves toward the Florida coast on August 27, 2012 in the Atlantic Ocean. According to reports, Isaac, still rated as a tropical storm, is expected to strengthen into at least a Category 1 hurricane before making landfall August 29.

    As Tropical Storm Isaac continues its path toward the U.S. Gulf Coast, gasoline futures have surged to a five-month high while oil fell slightly and natural gas prices sank.

  • Hurricane Isaac bears down on Florida.

    US oil prices fell more than $1 on Monday after rising sharply overnight as Tropical Storm Isaac threatened the U.S. Gulf Coast and a deadly explosion shut down Venezuela's largest refinery.

  • The Real Factors Behind Gasoline Price Volatility Friday, 24 Aug 2012 | 5:19 PM ET
    A worker pumps gasoline into a car.

    Nothing infuriates Americans more than volatile, spiking gasoline prices. But often the causes given for gasoline price hikes seem contrived.

  • Isaac Threatens to Disrupt Drilling, Refining Friday, 24 Aug 2012 | 3:55 PM ET
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    Even before the winds from Tropical Storm Isaac hit the U.S., its approach is impacting the energy markets.

  • Demand Is Weak, So Why Are Oil Prices Rising? Tuesday, 21 Aug 2012 | 2:21 PM ET
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    Fundamentally, it seems, markets are well supplied, though it may be emotional factors driving certain aspects of the energy market.

  • India’s New Oil Find: Is It a Sea—or a Puddle? Monday, 20 Aug 2012 | 12:49 PM ET
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    According to the U.S. government’s Energy Information Agency, “In 2009, India was the fourth largest energy consumer in the world, after the United States, China, and Russia. Despite a slowing global economy, India's energy demand continues to rise. As vehicle ownership expands, petroleum demand in the transport sector is expected to grow in the coming years. While India's domestic energy resource base is substantial, the country relies on imports for a considerable amount of its energy use. According to the International Energy Agency, hydrocarbons account for the majority of India's energy use.”

  • Ignore Oil Prices, Buy Exxon Regardless: Pros Monday, 20 Aug 2012 | 12:22 PM ET
    An oil drilling rig in the Junin 10 field in the Orinoco Oil Belt, in Anzoategui, Venezuela on January 24, 2012.

    Energy investors remain bullish on ExxonMobil, even though the outlook for oil prices remain uncertain, two analysts told CNBC.

  • New Ray Gun Used to Fight High Sea Pirates Thursday, 16 Aug 2012 | 2:10 PM ET
    Raytheon's Silent Guardian Protection System

    Gulf states are planning to use ray guns to protect their oil and gas infrastructure and also dissuade pirate attacks.

  • Syrian Energy Sanctions Hammer on Assad Regime Wednesday, 15 Aug 2012 | 5:14 PM ET
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    The International Monetary Fund said Syria was one of the few countries in the Middle East whose economy is expected to contract in 2012. The IMF expected the regional economy to grow by more than 5 percent in 2012, an increase from last year. Economic problems for Damascus were compounded last week when the U.S. government extended sanctions on Iran to include the Syrian energy sector. Washington said the government in Damascus was generating millions in revenue through gasoline sales to Iran. With few political or military options available, economic warfare may be the best option for an international community frustrated with the bloodshed.

  • Sanctions Force Iranian Retreat From Global Stage Tuesday, 14 Aug 2012 | 1:48 PM ET
    Oil refinery and petrochemical complex, Mahshahr, Iran,

    Iran has struggled to find a reliable consumer base given international sanctions pressure, and its recent production levels suggest the Islamic republic is retreating somewhat from the international energy sector.

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    A major oil find by Canada’s Tethys Petroleum in Tajikistan comes at a bad time for the Central Asian country, as the security situation is about to skyrocket out of control in a restive province on the border with Afghanistan.

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    Struggling Australian steelmaker BlueScope Steel's nearly $1.4 billion joint venture with Japan's Nippon Steel signals the company is on the path to recovery, its CEO Paul O'Malley told CNBC on Monday after the deal was announced.