Top Oil News

The Minister of Energy Sam Bodman said at a press conference in Jeddah (Saudi Arabia) that high oil prices are primarily caused by insufficient production, not speculation in the market. Saudi Arabia, which is currently the largest oil exporter in the world, can increase production “black gold” to 12.5 million barrels a day by the [...]

Tags: Oil Prices, Saudi Arabia

China raised prices for fuel by as much as 18 percent on Friday in a move that could cool the nation’s surging energy consumption. Cars line up at a PetroChina gas station ahead of expected price increase in Chengdu, China.
Demand for the energy needed to fuel China’s booming economy has contributed to unheard of prices [...]

Tags: China, NDRC, PetroChina