Oil dropped nearly 2 percent Tuesday as Saudi Arabia sought to knock back the price rise that has threatened the global economy, with the oil minister offering the most detailed argument to date that OPEC nation was prepared to meet any supply shortfalls.
March 21, 2012 1:57
Top oil exporter Saudi Arabia sought to soothe fears about high oil prices, saying on Tuesday that world supplies were well in excess of demand and that crude at $125 a barrel was not justified given the anaemic state of the world economy.
March 21, 2012 1:51
A strike by customs workers in Kuwait is not affecting oil exports, the country's oil minister said on Wednesday, a day after employees started industrial action at the Gulf state's ports, airport and borders.
March 14, 2012 1:45
Top oil exporter Saudi Arabia stands ready to fill any oil supply gap - "perceived or real" - as oil prices rally on fears of a potential loss of Iranian output.
March 14, 2012 1:33