Both Brent and US West Texas Intermediate crude oil have declined by around 20 percent from the four-year highs they reached in early October, with Brent expected to fall below $70 per barrel for the first time since April.
Iranian President Hassan Rouhani said the country will continue selling its oil and break the second batch of sanctions the US administration reinstated since President Donald Trump unilaterally pulled out of the nuclear deal in May.
The UN humanitarian chief says the conflict in Yemen has left 11 million people dependent on emergency food assistance and 75 percent of its 22 million people require some form of aid.
Turkish energy minister Fatih Donmez says Ankara would continue to import natural gas in line with its long-term supply deal with Tehran, and hopes the planned Turkey-US talks in Washington could produce a solution for the issue.
"It has no meaning for Iranian oil not to be exported, while the region's oil is exported," says Iran's President Hassan Rouhani ahead of a planned meeting with the five global powers that are still party to a 2015 deal.
Iraq's parliament on Saturday adopted an $88.5 billion budget for 2018, with Kurdish lawmakers boycotting the vote to protest against a cut in the amount allocated to their autonomous region.
Iraq's oil ministry says the new pipeline will allow oil exports to resume from the northern province of Kirkuk to neighbouring Turkey.
Venezuela's President Nicolas Maduro says that the new currency will be called the "petro" and will be backed by the OPEC nation's abundant oil, gold and mineral reserves.
According to reports, four ships were found carrying coal, seafood and iron ore, exports banned by a UN resolution brought by US in August.
Venezuela's President Nicolas Maduro warns opposition will be investigated for supporting Trump's warnings of "possible military option" after the Latin American leader installed a new all-powerful assembly in the face of violent protests.
Iranian President Hassan Rouhani announces that Iran and South Korea will increase their annual trade volume from around $6 billion to $18 billion.
Un chief Ban-ki Moon urges rival South Sudan leaders to form transitional government quickly to prevent violence
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