Saudi Arabia derives 80 percent of its revenue from oil and has a budgetary "break-even" point almost double the current per-barrel price of $40.» Read More
Oil traders should not lose too much sleep worrying about what OPEC, often unpredictable and quarrelsome in the past, will do when it meets next week.
The Iraqi government and Kurdistan authorities put together a deal that could see the Kurds resume oil exports to Iraq in return for a revision of the Iraqi 2013 budget.
A dramatic shift in how energy is being produced and consumed around the world could lead to far-reaching changes in the geopolitical order.
A decade has passed since the U.S. invaded Iraq in pursuit of weapons of mass destruction. CNBC goes over some of the memorable sights and sounds from that conflict.
Just hours after across-the-board spending cuts officially took effect, Barack Obama pressed Congress to work with him on a compromise to halt a fiscal crisis he said was starting to "inflict pain" on communities.
Iran's crude exports to its biggest customer, Asia, fell by a quarter in 2012 and shipments this year are expected to drop by at least 12 percent under U.S. sanctions pressure, but ample alternative supplies will keep refiners flush with oil.
Just two weeks before his second inauguration, President Obama is acting as if he believes he has a big mandate for his next term. The latest sign: his decision to defy a concerted campaign against his choice for defense secretary.
OPEC agreed on Wednesday to hold its oil production limit unchanged at 30 million barrels a day, delegates at the meeting said. Ministers of the Organization of the Petroleum Exporting Countries continued in closed session to debate who should be the group's next secretary general. They were divided over candidacies from Saudi Arabia and Iraq.
A new report says Susan Rice's portfolio includes companies doing business with Iran, with Michael Rubin, American Enterprise Institute.
Read ahead to see the most expensive U.S. military programs currently under way.
Nov 2- The health of the U.S. economy has been central to the campaign for the White House, with both President Barack Obama and Republican challenger Mitt Romney seeking to convince voters they have a plan to usher in faster growth and job creation.
WASHINGTON, Nov 2- The long, bumpy road to America's ``fiscal cliff'' has been traced over many years by Congress and successive U.S. presidents. Now, crucial deadlines loom at year-end on major budget and tax issues, a convergence of problems Federal Reserve Chairman Ben Bernanke dubbed a ``fiscal cliff.'' Will lawmakers rise to the challenge?
DUBAI, Nov 1- The United Arab Emirates' Dana Gas failed to repay a $920 million Islamic bond on maturity, prompting a source close to holders of the bond to say they will stake claim to the natural gas producer's extensive Egyptian assets.
*Super storm Sandy seen impacting fuel demand on US East Coast. LONDON, Nov 1- European oil futures fell on Thursday as investors continued to analyse the aftermath of super storm Sandy, while U.S. futures gained as U.S. markets geared back up after the severe battering to the east coast delivered by Sandy.
*India imported about 294,400 bpd from Iran in September. NEW DELHI, Nov 1- India's oil imports from Iran fell about 19 percent in the first half of 2012/ 13 to about 257,000 barrels per day, even lower than planned, data available to Reuters show, potentially helping New Delhi win a renewal of a waiver from U.S. sanctions.
SINGAPORE, Nov 1- Brent crude hovered around $108.50 a barrel on Thursday as investors focused on concerns that storm Sandy's rampage across the U.S. East Coast could reduce fuel demand, although data pointing to recovery in China offered some support.
SINGAPORE, Nov 1- Brent crude edged down toward $108 a barrel on Thursday as investors focused on concerns that storm Sandy's rampage across the U.S. East Coast could reduce fuel demand and shrugged off data pointing to a recovery in China.
*Supply rises by 60,000 bpd, led by Iraq, Angola, Libya. LONDON, Oct 31- OPEC oil output has risen slightly in October as extra supplies from Iraq, Angola and Libya have offset disruptions in Nigeria and a further decline in Iran to its lowest in two decades, a Reuters survey found on Wednesday.
LONDON, Oct 31- OPEC oil output has risen slightly in October as extra supplies from Iraq, Angola and Libya offset a further decline in Iran to its lowest in two decades and disruptions in Nigeria, a Reuters survey found on Wednesday.
*OPEC crude oil output rises slightly in October- survey. LONDON, Oct 31- Brent crude rose above $109 a barrel on Wednesday as the U.S. East Coast began to pick itself up from a massive storm, but gains were capped by concerns over the demand impact on the world's largest oil consumer.