Ships, trains, caves: Oil traders chase storage space in world awash with fuel
Oil traders are struggling to find enough ships, railcars, caverns and pipelines to store fuel as more conventional storage facilities fill up amid abundant supply...
oil prices
Cheaper electricity bills from February
Electricity bills will decrease by at least 3.6 per cent in February compared to December, the electricity authority (EAC) announced on Monday. According to the...
Electricity bills to rise by 6.72 per cent
The average household can expect an increase of 6.72 per cent on their bimonthly October electricity bill compared to their last bill in August, the...
Oil jumps after Saudis, Russia say supply cut to be extended
Oil prices jumped over 1.5 percent on Monday after the energy ministers of the world’s two biggest producers Saudi Arabia and Russia jointly said that...
UK approves Chinese-backed nuclear plant, sets tighter controls
Britain gave the go-ahead on Thursday for a $24 billion nuclear power plant, ending weeks of uncertainty that strained ties with China and France but...
Iran says crude market oversupplied, balance to be restored
Iran’s Oil Minister said on Monday the oil market was oversupplied but predicted balance between demand and supply will be restored, Iranian state television reported...
Oil prices top $50, Asian shares struggle as China sags
Brent crude oil rose above $50 a barrel for the first time in nearly seven months on Thursday but Asian shares struggled to gain traction,...
BP eyes more spending cuts after 80 per cent profit drop
BP said on Tuesday it could cut capital spending further after reporting an 80 per cent drop in profits in the first quarter of the...
IS income drops 30 per cent on lower oil, tax revenue: IHS
Islamic State‘s income and the population under its control have both fallen by about a third, a US-based analysis firm said, describing the declining revenue...
Al Jazeera network laying off 500 employees
Qatar’s Al Jazeera broadcasting network is laying off about 500 employees or more than 10 percent of its staff, it announced on Sunday reflecting financial...
Foreign governments press Saudi Arabia on workers’ delayed wages
By Katie Paul, Marwa Rashad and Karen Lema Foreign governments are pressing authorities and executives in Saudi Arabia to ensure that local construction firms make...
Saudis, Russia agree oil output freeze, talks with Iran to follow (Update 2)
By Rania El Gamal and Tom Finn Top oil exporters Russia and Saudi Arabia agreed on Tuesday to freeze output levels but said the deal...
Iraq needs $1.56 bln in 2016 for humanitarian response to Islamic State
Iraq needs $1.56 billion this year to finance its emergency response to the humanitarian crisis caused by the war against Islamic State, according to a...
US economy hits soft patch in Q4 as inventories, trade weigh
By Lucia Mutikani US economic growth braked sharply in the fourth quarter as businesses stepped up efforts to reduce an inventory glut and a strong...
Russia says Saudis proposing 5 per cent global oil cut
By Darya Korsunskaya and Rania El Gamal Russia said on Thursday that OPEC kingpin Saudi Arabia had proposed global oil production cuts of up to...
Asia rises after cold spell lifts oil, dollar stands tall
Asian stocks on Monday moved further away from four-year lows struck last week, as a cold spell in parts of the northern hemisphere pushed oil...
China shares follow Asian bourses lower as oil rally peters
By Pete Sweeney and Samuel Shen China’s fragile stock markets turned lower on Thursday afternoon as oil prices gave up the day’s rally and other...
Asian stocks slide to 4-year lows as oil spirals lower
By Wayne Cole and Saikat Chatterjee Asian stock markets slumped to fresh four-year lows on Wednesday as a relentless slide in oil prices snuffed out...
Arab winter has become markets’ chief worry
By Andy Critchlow For financiers, the Middle East has turned from a source of oil-rich clients to a major anxiety. That was the view of...
Oil plummets to $29, dragging world stocks lower
By Herbert Lash Oil prices plummeted to $29 a barrel on Friday on the likely resumption soon of Iranian oil exports into an already flooded...