“This is a commitment to reduce inventories, and whatever it takes for them to do it.”

Almost 200,000 barrels a day of the country’s post-sanctions oil sales could be undisclosed.

Iran may be left with few options beyond convincing China to buy more of its oil, risking over-reliance on what’s already its biggest custo...

“We are united, shoulder to shoulder,” Saudi Arabian Energy Minister Khalid Al-Falih said.

Prices are back below where they were when the Opec first struck its historic deal last year.

India is using the supply glut to put pressure on Tehran for securing development rights to the Farzad-B gas field in the Persian Gulf.

In April, an accord between Opec and Russia collapsed on the day it was to be signed when Saudi Arabia unexpectedly insisted that Iran had ...

Iran is reportedly unhappy with the $10 billion plan submitted by OVL,), for development of the 12.5 trillion cubic feet reserves in Farzad...

“Any agreement will still be contingent on Iran being able to increase market share or increase production from current levels,” said Harry...

The gas produced from the field will be converted into liquefied natural gas (LNG) for export to consuming nations like India.

The consensus among analysts and traders is that Tehran needs at least a year after sanctions are lifted to raise output to the level.

Yemen is not an oil producer of great significance but it is located geographically and politically in a very important part of Middle East.

Oil tumbled into a bear market this year as the US pumped the most in more than three decades and conflict in the Middle East and Ukraine f...

The drop in Brent crude, with the global benchmark trading at less than $80 a barrel last week, prompted speculation of an Opec cut.

Brent crude prices, the benchmark for half the world’s oil, will weaken for a second year in 2014 as US output expands.

Iran plans to attract $70 billion for investments in its oil and gas industry, the country's media reported Sunday.

NEW DELHI: Iran will continue to be a major supplier of crude oil to India and has promised to consider New Delhi’s request to grant some e...