Three UAE based companies are buying and shipping oil from Venezuela, a Latin American country facing harsh US sanctions since June last year.
Ministers of the cartel and outside nations led by Russia meet via video conference to adopt the measure, aimed at cutting the excess production depressing prices as global aviation remains largely grounded due to the pandemic.
Demand for fossil fuels has plunged amid the widespread lockdowns and traders are finding it difficult to store the oil flooding the market.
After the price of US benchmark crude set for May delivery fell as low as -$40 per barrel, we bring you answers to pressing questions ranging from what's a crude future, why are we short on oil storage and what it means for you, the consumer.
US West Texas Intermediate (WTI) crude for May delivery was up $38.73 at $1.10 a barrel by 0117 GMT after settling down at a discount of $37.63 a barrel in the previous session.
Asian stocks fell following a sell-off on Wall Street, with investor confidence continuing to be rattled by the coronavirus crisis.
Saudi Arabia's prioritising of profit over principle has grown exponentially under Crown Prince Mohammad Bin Salman.
Japanese PM Shinzo Abe’s government decided to send a warship and patrol planes to the region to protect its commercial tankers amid high tension in the region.
Pemex is aiming to extract 69,000 barrels per day from the site by next year, and reach 110,000 barrels per day by 2021, the chief executive of the company says.
Iran's President Hassan Rouhani says the field with over 50 billion barrels of crude stretches over 2,400 sq km in the oil-rich Khuzestan province.
Experts and observers warn US President Donald Trump's desire to keep Syrian oil could promote the view that the US involvement in the Middle East is to extort revenue.
President Hassan Rouhani says Tehran will continue to reduce its nuclear commitments until European parties to the pact save it by protecting Iran's economy from US penalties.
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