The CEO of Crescent Petroleum also lamented the current lack of investment by the oil industry.
De-facto OPEC leader Saudi Arabia is pushing for the 14-member oil cartel to increase crude production by 1 million barrels per day (bpd) this week.
Oil-producing nations appeared to be on the brink of securing a landmark output agreement in Vienna on Thursday.
Analysts are growing more optimistic that OPEC will reach a deal to increase oil production when they meet on Friday.
U.S. travelers will hit the roads, rails, and airports in record numbers this Fourth of July holiday.
OPEC holds its biannual meeting in Vienna on Friday and is widely expected to agree to pump more.
Total CEO Patrick Pouyanne says he cannot risk losing access to U.S. financing and shareholding by doing business in Iran.
Index provider MSCI said on Wednesday it will reclassify Argentina as an emerging market and start including Saudi Arabia in that classification in a move that could be supportive of their local equities.
The U.S. trade dispute with China, in a roundabout way, could determine how successful the U.S. will be in sanctioning Iran's oil this time around — and that uncertainty is also playing out at OPEC.
Life expectancy increased by five years between 2000 and 2015, the fastest increase since the 1960s. With healthcare costs set to rise as much as twenty one percent per GDP in Europe by 2050, the healthcare system is under an unsustainable strain.
OPEC kingpin Saudi Arabia is struggling to convince some of the world's largest oil producers over the need to increase oil output ahead of a key meeting on Friday.
Iranian Oil Minister Bijan Zanganeh said OPEC could leave Vienna without agreeing on a path forward for their 18-month-old deal to limit oil output.
India is the world's third-largest oil consumer, and sources about 86 percent of its crude oil and 75 percent of its natural gas from OPEC countries.
Oil prices seesawed on Wednesday as OPEC members sparred over output policy and rising US fuel stocks offset falling crude inventories.
Jim Cramer sits down with Carrizo Oil & Gas President and CEO Chip Johnson for an update on key U.S. oil markets.
President Donald Trump's attempt to politicize the oil market should be castigated by OPEC, according to Iran's energy minister.
The Zagreb-based business develops manufactures "electric super sports cars."
OPEC heavyweights including Iran and Iraq have opposed such a move.
OPEC kingpin Saudi Arabia appears to have altered its approach to oil production in the wake of repeated Twitter attacks from President Donald Trump, RBC's Helima Croft told CNBC.
China has emerged as the biggest Asian market for U.S. crude, but Beijing's tariffs could halt the purchases by making American oil too expensive.