Indonesian Minister of Energy and Mineral Resources Sudirman Saeed said on Thursday that he would visit Iran, Iraq, Kuwait, Russia and Azerbaijan Republic for consultations to acknowledge the Indonesian decision to rejoin OPEC after six years.
The Organization of the Petroleum Exporting Countries (OPEC) has decided to maintain the amount of the oil it produces at the current level, amid an oversupply of crude and plummeting prices
The Organization of the Petroleum Exporting Countries (OPEC) says it will hold on to its current output ceiling at 30-million barrels per day (bpd).
Iran's oil output could reach 4.0 million barrels per day in "less than three months" if Western sanctions are lifted over its nuclear energy program, Oil Minister Bijan Zanganeh says.
Opportunities for the West to hurt the Russian economy are limited, Russian President Vladimir Putin says.
Baghdad, as a model city in the Arab world in 1970s, after decades of seemingly endless conflict, is now the world's worst city, a consulting group says.
Iraq is poised to flood the oil market by tripling its capacity to pump crude by 2020 and is collaborating with Iran on strategy in a move that will challenge Saudi Arabia's grip on the Organization of Petroleum Exporting Countries (OPEC), a report says.
Indian refiner Hindustan Petroleum Corp is actively considering resumption of Iranian oil purchases after western sanctions against the OPEC member are eased, its head of refineries said on Monday.
A Saudi prince has warned about the negative impact of decreasing oil demands in the global markets due to the rise of US shale energy supplies.
Iran Oil Ministry spokesman says Tehran is discussing the drop in crude oil prices with all OPEC member states particularly Saudi Arabia, reiterating that prices below $100 a barrel would be unreasonable.