Saudis won’t give up oil market share, says prince

Saudi Arabia’s influential royal Prince Turki al-Faisal al-Saud has said the kingdom would only consider cutting oil production if Iran, Russia and the US agreed to match those cuts because it wants to protect its market share. Speaking in London, the Prince who is a senior Saudi royal and the former head of the country’s […]

Oil at $40 Possible as Market Transforms Caracas to Iran

Oil’s decline is proving to be the worst since the collapse of the financial system in 2008 and threatening to have the same global impact of falling prices three decades ago that led to the Mexican debt crisis and the end of the Soviet Union. Russia, the world’s largest producer, can no longer rely on […]

Oil prices fell sharply as OPEC decides against output cut

Oil prices fell sharply Thursday after the powerful oil collective OPEC said it would’t intervene in global markets and cut production levels to stem oil prices that have fallen 30% since June. Saudi Arabia’s oil minister Ali Al-Naimi delivered the news as he left a meeting of the cartel in Vienna. Crude oil prices plummeted […]

The “market will stabilize itself,” says Saudi oil minister at OPEC meeting

Saudi Arabia’s oil minister said crude prices will stabilize while the United Arab Emirates said OPEC will do what it takes to balance the market. Angola predicted the 12-nation group will reach a consensus when it meets tomorrow. The “market will stabilize itself,” Ali Al-Naimi, the Saudi minister, told reporters in Vienna today. The world’s […]

Opec under pressure to cut output as price of crude continues to drop

Oil fell for a second straight day on Tuesday as traders looked beyond price defense attempts by Russia and Venezuela and toward Saudi Arabia and OPEC for fresh leads on whether the group will cut output when it meets later this month. Saudi Arabia, the most powerful member of the Organization of the Petroleum Exporting […]

Energy independence is no longer a US pipe dream

Williamsport, Pennsylvania, used to be celebrated for its past — as the 1938 birthplace of Little League Baseball, which still plays its annual World Series nearby. Then natural gas was found. Now this once-sleepy chunk of north-central Pennsylvania is a star on the map of an emerging national energy rush.