Opec Members

In a bid to reverse a dramatic fall in income, Russia and 10 other non-OPEC states on Saturday said they will reduce their production by more than half a million barrels per day (bpd), the Organisation of the Petroleum Exporting Countries announced.

Oil tops $55 for 1st time in 16 months as OPEC deal fuels buying

LONDON (Reuters) - Brent crude oil prices rose above USD55 a barrel on Monday, trading at a fresh 16-month high, on rising prospects of a tightening market after OPEC members agreed on a landmark deal to cut production last week.

OPEC says members investing heavily to ensure oil supply

Mohammed Sanusi Barkindo, addressing delegates at India's flagship energy event, Petrotech, said Asia will have a big role to play in global demand growth.

Iran supports 'any decision' to stabilise oil market: Minister

"Iran supports any decision by oil producers to return stability to oil markets. The desired price for most OPEC members for oil is between 50 and 60 dollars," said Bijan Zanganeh, according to the ministry's Shana news agency

Fed may 'sneak in' rate hike in December: Nick Parsons

The Fed will hike not because it is concerned about inflationary pressures but more because it wants to signal that there is sufficient strength in the US economy to warrant a hike, said Nick Parsons of National Australia Bank.

Qatar says OPEC members will meet in Algeria in September

Mohammed al-Sada, Qatar's energy minister, is the current president of the OPEC conference.

Kuwait oil workers call off strike, return to work

"In respect for the emir and in loyalty to him... we have decided to cancel the total strike," an official statement by the union said, ending action that had given support to oil prices.

European stocks choppy as oil pares gains after 6% surge

Oil prices had rallied earlier with internationally traded Brent crude surging over 6 percent as the world's biggest oil producers including Saudi Arabia and several key OPEC members met in Doha.

Oil and unrest: what's the worst that could happen?

Oil industry experts believe major Gulf oil nations have enough cash and military support to avoid Egypt-style civil uprisings, which emerged as the key fear factor for volatile oil markets.