ABU DHABI  – Saudi Arabia’s Energy Minister Khalid al-Falih said on Sunday the oil market is “on the right track” and will quickly return to balance, but oil producers are willing to do more if needed. “If we look beyond the noise of weekly data and speculators’ herd-like behavior, I remain convinced that we’re on […]

Qatar has announced it is pulling out of the Opec oil producers’ cartel, just days before the group meets in Vienna. The Gulf state, which joined Opec in 1961, said it would leave the cartel in January and would focus on gas production. Qatar, the world’s biggest exporter of liquefied natural gas, has been boycotted […]

LONDON – OPEC is struggling to add barrels to the market after agreeing in June to increase output, an internal document seen by Reuters showed, as an increase in Saudi Arabia was offset by declines in Iran, Venezuela and Angola. The Organization of the Petroleum Exporting Countries and allies agreed in June to boost supply […]

LONDON/DUBAI – OPEC has urged its members not to mention oil prices when discussing policy in a break from the past, as the oil producing group seeks to avoid the risk of U.S. legal action for manipulating the market, sources close to OPEC said. Proposed U.S. legislation known as “NOPEC”, which could open the group […]