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U.S. Energy Information Administration latest

EIA expects crude oil prices to continue to rise in late 2019 and early 2020 because of an increase in refinery demand for light-sweet crude oil (Shutterstock)

January 17th, 2019 - 10:46 GMT

Brent Oil Estimated at $61 per Barrel in 2019

World benchmark Brent crude oil will average $61 per barrel in 2019 and $65 in 2020, according to the U.S. Energy Information Administration’s January Short-Term Energy Outlook released on Wednesday.

Sometime in 2018, the US oil industry will do something it has not done in almost 50 years - produce more than 10 million barrels of oil in one day. (AFP)

January 31st, 2018 - 12:14 GMT

First Time in 50 Years: US Oil Production to Hit 10 Million Barrels a Day

OPEC members will meet on Thursday to discuss the prolongation of the oil cut deal. (AFP)

May 24th, 2017 - 05:00 GMT

Oil Prices Stall Ahead of Pivotal OPEC Meeting

In a statement Friday from OPEC on the outcome of the meetings in Istanbul, Russian Energy Minister Alexander Novak said support was growing from non-member states. (Shutterstock)

October 16th, 2016 - 04:09 GMT

Crude oil prices dip despite positive OPEC sentiment in Istanbul

Saudi Deputy Crown Prince Muhammad bin Salman at the G20 Summit in Hangzhou. (AFP/Nicolas Asfouri)

September 6th, 2016 - 05:13 GMT

Saudi, Russian statement lifts oil prices despite lacking specifics of action plan

Unplanned oil production outages in a number of OPEC countries also contributed to lower export earnings. (AFP/File)

August 28th, 2016 - 05:00 GMT

OPEC earnings drop to lowest level since 2004

For the British energy sector, Oil & Gas U.K. said in a statement the industry is "at a critical juncture." (Shutterstock)

June 26th, 2016 - 05:00 GMT

Oil prices suffer one of worst slides in recent history following Brexit vote

The Organization of Petroleum Exporting Countries said in its latest monthly market report it estimated about $290 billion was cut from spending plans across the globe in the last year. (AFP/File)

May 15th, 2016 - 11:30 GMT

Oil exploration and production spend to be halved over next two years: OPEC

Besides harming bilateral ties, Trump's proposed plan would force US companies to increase production by 36 million bpm or find another supplier, according to one economist. (AFP/File)

March 29th, 2016 - 11:50 GMT

Energy analysts shoot down Trump's statements on Saudi oil imports

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October 15th, 2015 - 05:01 GMT

Iran supports Indonesia's return to OPEC

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June 18th, 2015 - 12:08 GMT

Middle East production spikes US crude oil imports in June

Dubai’s index dropped 3.6 percent to a 10-week low of 3,408 points. All major stocks fell sharply and only a handful of small-caps closed higher.

March 19th, 2015 - 12:11 GMT

Panic sell-offs: Gulf markets slide after U.S. oil hits six-year low

U.S. crude oil futures fell about 60 percent from a high over $107 a barrel in June to a six-year low under $43 Tuesday.

March 18th, 2015 - 09:53 GMT

Are the good times of shale oil gas over?

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