Iran’s Oil Minister Bijan Zanganeh said on Wednesday that the oil market was facing a surplus and needed to be balanced, SHANA, the news site of the Iranian oil ministry, reported. “There is no doubt that there is an imbalance in the supply and demand of oil. Right now, the supply...

Stock markets in the energy-rich Gulf states rebounded Monday, after huge losses in the previous session driven by fears over the impact of the coronavirus which has sent oil prices below $50 a barrel. Kuwait Boursa, which suspended trading Sunday after shedding over 10 percent, led the...

Stock markets in the oil-rich Gulf states plunged on Sunday over fears of the impact of the coronavirus, which also battered global bourses last week. All of the seven exchanges in the Gulf Cooperation Council (GCC), which were closed Friday and Saturday for the Muslim weekend, were hit as...

Saudi Arabia, the biggest producer in OPEC, and some other members are considering agreeing an output cut of 1 million barrels per day (bpd) for the second quarter of 2020, more than an initially proposed cut of 600,000 bpd, the sources said. The Financial Times newspaper was first to...