Global oil demand may suffer as crude nears $80: IEA

Global oil demand may suffer as crude nears $80: IEA

The Paris-based IEA cut its forecast for global oil demand growth to 1.4 million barrels per day for 2018, from a previous estimate of 1.5 million bpd.

Opec winning battle to end oil glut, say ministers

Opec winning battle to end oil glut, say ministers

The Organisation of the Petroleum Exporting Countries, Russia and several other producers have cut production by about 1.8mn barrels per day since the start of 2017, helping lift oil prices by 15% in the past three months.

Iraq drills well in Huwaiza oil field near Iranian border

Iraq drills well in Huwaiza oil field near Iranian border

Iraq started drilling the first well in the Huwaiza oil field near the Iranian border, which may contain one billion barrels in reserves, the Iraqi oil ministry said on Sunday.

Kuwait says willing to extend oil cut deal beyond June

Kuwait says willing to extend oil cut deal beyond June

Kuwait wants to extend a global deal to cut oil supply beyond June to rebalance the market and bring crude prices to an acceptable level, its oil minister said on Monday.

Oil edges off 3-month low, but glut worries fester

Oil edges off 3-month low, but glut worries fester

Crude prices inched up on Friday after dropping to their lowest in more than three months the session before, pressured by concerns that a global supply glut is proving stubbornly persistent.

India awards drilling rights for new oil, gas fields

India awards drilling rights for new oil, gas fields

India has awarded drilling rights for 31 small oil and gas fields as it looks to reduce its costly dependence on energy imports.

Kuwait expects oil to climb to $60 a barrel

Kuwait expects oil to climb to $60 a barrel

Kuwait's new oil minister said on Thursday he expects crude prices to climb to $60 a barrel as output cuts agreed by Opec and non-Opec producers take hold next year.

Saudi 'makes $10.7bn of delayed payments to private sector'

Saudi 'makes $10.7bn of delayed payments to private sector'

Saudi Arabia's government has made payments of 40bn riyals ($10.7bn) that it owed to private sector companies, the kingdom's Arab News newspaper quoted a senior construction industry executive as saying.

Brent oil price hits highest level in a year

Brent oil price hits highest level in a year

Brent North Sea crude rose to $53.45 a barrel on Monday -- its highest price in a year after President Vladimir Putin indicated Russia was ready to join measures to limit global oil production.

Foreign institutions lift Qatar shares above 10,500

Foreign institutions lift Qatar shares above 10,500

Increased buying support from foreign institutions on Monday added 75 points to lift the Qatar Stock Exchange above the 10,500 mark.

Taiwan developer resumes $1bn Abu Dhabi project

Taiwan developer resumes $1bn Abu Dhabi project

Farglory Land has resumed work on a delayed $1bn real estate project in Abu Dhabi and now expects to complete the development's first phase in 2018, two years later than originally planned.

IEA says oil glut remains a major dampener on prices

IEA says oil glut remains a major dampener on prices

The global glut in oil is refusing to ease and acts as a major dampener on crude prices despite robust demand growth and steep declines in non-Opec production, the International Energy Agency said on Wednesday.