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 U.S. won a seat on the U.N. Human Rights Council for the first time Tuesday along with four countries accused of serious human rights violations — Cuba, Saudi Arabia, China and Russia.

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.