Kuwait announced last month that it planned to invest more than $6 billion in exploration over the next five years to increase production to four million barrels a day, from 2.4 million now. This month, the United Arab Emirates, a major OPEC member that produces four million barrels of oilContinue Reading

Oil prices fell to their lowest level in months on Monday, after signs emerged that China’s economy is faltering. The price of West Texas Intermediate crude oil, the U.S. benchmark, dipped below $88 per barrel, down more than 5 percent on the day, hitting its lowest level since January. TheContinue Reading

BERLIN — Hungary’s main oil conglomerate said on Wednesday that it would pay an outstanding bill owed by Russia’s oil pipeline operator to the Ukrainian authorities, clearing the way for Russian oil deliveries to resume to three Central European countries. Analysts described the financial arrangement as an unexpected boomerang effectContinue Reading