Feb 2, 2015

Kidnapped Libyan oil official released, minister says

A kidnapped senior Libyan oil official has been released after more than two weeks of captivity, a senior official said on Sunday. Libya’s Oil Ministry and energy sector is caught up in a power struggle between the two rival governments that now control different ...

Death of Saudi king unsettles oil market; prices waver

Jan 24, 2015

Death of Saudi king unsettles oil market; prices waver

Oil prices rose initially on news of the death of Saudi Arabia’s powerful King Abdullah, but the increase was moderate and short-lived. The king’s death is unlikely to lead to a change in the kingdom’s immense crude production or change the course of oil ...

Oil prices and Saudi democracy

Dec 30, 2014

Oil prices and Saudi democracy

by John Kemp

Saudi Arabia's top policymakers deny they have deliberately sought lower oil prices, and there are good reasons to doubt the kingdom is wielding the oil weapon as part of some grand geopolitical strategy.

Oil extends slide below $60

Dec 12, 2014

Oil extends slide below $60

Oil extended losses below $60 a barrel amid speculation that OPEC’s biggest members will defend market share against U.S. shale producers. Brent also slid after closing at the lowest price since July 2009. West Texas Intermediate futures fell as much as 1.9 percent in ...

Nov 28, 2014

OPEC maintains oil output level, triggering price collapse

OPEC on Thursday decided against cutting the amount of oil it produces despite a glut in global supplies, triggering a fresh collapse in crude prices. The cartel pumping out one-third of the world’s oil opted to stick by its output target, even after prices ...

Oct 17, 2014

Oil market is proving mightier than OPEC

by John Kemp

The only sensible oil-pricing strategy for Saudi Arabia and OPEC — in light of U.S. shale output — is to focus on market share and allow prices to decline to the point at which they slow the growth in non-OPEC output and lessen the ...

Oct 17, 2014

Falling oil prices shaking up global economies

A sudden plunge in the price of oil is sending economic and political shockwaves around the world. Oil exporting countries are bracing for potentially crippling budget shortfalls and importing nations are benefiting from the lowest prices in four years. The global price of oil ...

Oct 14, 2014

Saudi Arabia's oil enigma

by John Kemp

Saudi Arabia is sometimes likened to a central bank managing the global oil market, adding or withdrawing supplies to control prices. But that vastly overstates the degree of influence, let alone control, that the kingdom exercises over the market.