Germany, France and the UK have pushed for an embargo to increase pressure on Iran over its nuclear programme. Western countries say the Gulf state may be seeking the capability to build nuclear weapons. Iran says it wants atomic power for civilian...

“The announcement that the EU sanctions would be delayed has had a major impact on the market.” Members of the Organization of Petroleum Exporting Countries including Saudi Arabia would be able to make up for a drop in Iranian supplies to Europe,...

Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, has oil in onshore storage and in tankers, Khelil said in an interview with Mark Barton on Bloomberg Television’s “On the Move” Friday. “It should be possible to...

Iran, the second-largest producer in the Organization of Petroleum Exporting Countries, pumped 3.58 million barrels of crude a day last month, according to Bloomberg estimates. OPEC’s other members would be able to make up for a drop in Iranian oil...

“It should be possible to replace, at least, the European consumption of Iranian oil,” he announced in an interview on Bloomberg television. “This year will be exceptional for global oil markets, partly because of disruption in Nigeria,” he stated. Oil...

They also warn that eventually oil prices would rise, threatening the shaky global economy. The gulf states “could replace the Iranian oil for about a month, and then you would have to look to the strategic reserves from the West, which could represent...

"I think they have to agree this time because they need to be credible," said former Algerian Oil Minister Chakib Khelil. If OPEC finds itself "battling a potential price collapse next year," said Washington consultancy PFC, "establishing the basis for...

"I think they have to agree this time because they need to be credible," said former Algerian Oil Minister Chakib Khelil ahead of the meeting of the 12-member cartel that pumps more than half the world's oil exports. Leading producer Saudi Arabia made...