The US state of California sued five of the world's largest oil companies on Friday, alleging the firms caused billions of dollars in damages and misled the public by minimizing the risks from fossil fuels, The New York Times reported.It follows nume...

By AFPShell net profit surged to a record $42.3 billion last year, the British energy giant said Thursday, as Russia's invasion of Ukraine sent oil and gas prices soaring.The post-tax figure was more than double the amount achieved in 2021, the group...

The “eternal” flames of Baba Gurgur have been burning for thousands of years. Baba Gurgur was thought to be the world's largest oil field before the Ghawar field in Saudi Arabia was discovered in 1948.HistoryFirst discovered in northern Iraq in 1927,...

By AFPKuwait's caretaker cabinet submitted a draft 2023-2024 budget on Tuesday projecting a growing deficit with bigger state spending and lower oil revenues.The budget deficit will swell to five billion dinars (more than $16 billion) for the year st...

By AFPSaudi Arabia is working to reduce its reliance on oil exports, Economy Minister Faisal Al-Ibrahim said Wednesday, as the Middle East powerhouse sent one of the largest delegations to the Davos summit to make its case.Despite its goal of achievi...

By AFPDespite joining industry groups committed to reaching carbon neutrality the world's top banks are continuing to finance new oil and gas projects incompatible with that objective, environmental activist groups warned Tuesday.The environmental gr...

AFPThe European Union embargo on Russia's oil and an international cap on the price of the country's crude is disrupting the maritime transport sector.The EUon Monday enforced an embargo on Russian crude shipments, the bloc's latest sanction in retal...

By AFPLibya's state energy firm urged its foreign oil and gas partners to resume exploration and production Tuesday assuring them security had begun to improve dramatically after clashes earlier this year.Rival administrations in east and west have v...

By AFPMajor oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting Sunday, ahead of fresh sanctions against Moscow coming into force.The alliance's Joint Ministerial Monitoring Committee (...

By AFPStock markets mostly rose Monday, extending last week's strong gains, while oil prices fell after China reaffirmed its commitment to its economically painful zero-Covid policy.The dollar was down against key rivals ahead of this week's US midte...

By AFPSaudi Arabia and the United Arab Emirates said the world needs higher oil production on Monday, just days before the COP27 climate summit aimed at curbing global warming.Saudi Arabia's energy minister said the neighbouring Gulf countries were i...

By AFPSaudi Arabia has rejected US accusations of aligning itself with Russia amid the Ukraine war by making oil production cuts to drive up crude prices, insisting it was purely a business decision."We are astonished by the accusations that the king...