Instead of falling off as OPEC hoped, oil production has increased from where it was last year, and the world is still swimming in crude.» Read More
Oil prices fell Thursday as a big increase in U.S. natural gas stocks weighed on the energy complex, spurring profit-taking from recent highs.
U.S. light, sweet crude for June delivery fell $1.58 to settle at $124.22 a barrel Wednesday on the New York Mercantile Exchange.
Oil prices didn't set a Nymex closing record Tuesday, but they came very close.
Iran said on Monday it would not consider any incentives offered by world powers that violated its right to nuclear technology, ruling out a precondition that it suspend uranium enrichment.
Iranian Oil Minister Gholamhossein Nozari said in remarks published on Tuesday that the market was sufficiently supplied with crude and he saw no need for OPEC to raise production.
A senior Iranian oil official said on Thursday there was "enough" supply in the market at this time and blamed the high crude price on excessive liquidity in financial markets.
Turkmenistan has stopped natural gas exports to Iran, causing winter shortages in some parts of its neighbour, Iranian officials said on Monday.
Iran said China's Sinopec would invest around $2 billion under a deal signed on Sunday to develop the huge Yadavaran oil field, the kind of energy deal the United States has been trying to prevent.
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.
An oil price "bubble" was not due to any shortage but was fuelled by global political tensions, a leading Iranian oil official told the state broadcaster.
The unofficial transcript of an interview with Vice President Dick Cheney on "Kudlow & Company."
The Bush administration announced Thursday that it is imposing sweeping new sanctions against Iran's defense ministry, its Revolutionary Guard Corps and a number of banks.
Oil rose $2 to over $81 per barrel Tuesday, on concerns about consumer-nation supplies ahead of the coming Northern Hemisphere winter.
Energy futures fell in quiet holiday trading Monday as investors, questioning whether oil will keep surging to new highs, decided to cash in some of their recent profits.
Energy futures fell Friday, as traders expecting a weakening of demand in the coming months cashed in profits from the previous session's rally.
Oil ended trade at $79.97 per barrel on Wednesday, after weekly U.S. data defied forecasts and showed crude inventories rising.
Turkey will finance a $3.5 billion investment in Iranian gas production entirely from a state company of its own as U.S. opposition has put off foreign investors, Energy Ministry officials said on Wednesday.
Oil slipped toward $80 per barrel Tuesday, retreating for a third day as a strengthening dollar and concerns about the world economy prompted investors to take profits.
Oil prices closed down on Monday, as investors took profit from the near-record highs of last week and weighed the threat of a deeper economic slowdown in the United States, the world's top oil consumer.