The global oil production deal clinched at the weekend will help establish a price floor and save millions of jobs in the United States, senior Russian officials said on Monday. Having been in a stand-off with western nations - most notably the United States - from 2014 on everything from...

 Iranian President Hassan Rouhani said U.S. sanctions against Iran and Venezuela were unjust in a telephone call with Venezuelan President Nicolas Maduro on Monday and called for the two countries to cooperate together within the OPEC+ group. Washington reimposed sanctions on Iran in...

Oil prices rose Monday after top producers agreed to massive output cuts, but gains were capped as doubts grew about whether the move was enough to stabilise coronavirus-ravaged energy markets. U.S. benchmark West Texas Intermediate was up about five percent at $23.94 a barrel in Asian...

OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record amount, representing around 10 percent of global supply, to support oil prices amid the coronavirus pandemic, sources said. The group, known as OPEC+, agreed to reduce output by 9.7 million barrels per...