Members of the Organization of Petroleum Exporting Countries including Iran and Saudi Arabia agreed that the group should set a production ceiling of 30 million barrels a day, an OPEC delegate said.  More »

High oil prices threaten to worsen a global economic slowdown and crude producers should consider boosting output, the chief economist for the International Energy Agency said today.  More »

Crude advanced as much as 3.6 percent after the state-run Fars news agency reported the military maneuvers will be “soon,” citing Parvis Sorouri, a member of the parliament’s national security and foreign policy committee. The Strait of Hormuz is a bottleneck for oil exports from the Persian Gulf. The Fed is scheduled to release a statement on monitory policy later today.  More »

Tougher international sanctions on Iran may lead to higher global crude prices and a decrease in output capacity for OPEC’s second-largest oil producer, the International Energy Agency said.  More »

Oil prices are reflecting “concerns over a eurozone debt crisis that may already be forcing a recession that could significantly inhibit oil demand,” oil trader analyst Jim Ritterbusch said.  More »

Natural-gas prices will move away from being linked to crude oil over the next three decades as the world becomes increasingly dependent on liquefied natural gas, BP Plc’s chief economist and vice president said.  More »

Oil prices fell below $98 per barrel today in Asia as uncertainty surrounded the outcome of a critical meeting of Europe’s leaders aimed at solving the continent’s debt crisis.  More »

The prospect of oil topping $150 a barrel within a year has become the biggest bet in the options market as the U.S. and Europe work to limit Iran’s crude sales.  More »

CME Group Inc., the world’s largest futures exchange, said it’s considering developing an oil futures contract for light, sweet crude brought to the U.S. Gulf Coast by the Seaway and Eagle Ford pipelines.  More »

Royal Dutch Shell Plc (RDSA), Europe’s largest oil company, expects growth in production next year to be curbed by a slowing economy in the region.  More »

The Middle East will need more help from international investors to keep the title of world’s biggest oil and gas producer because its remaining deposits are harder to get at.  More »

BP Chief Executive Officer Robert Dudley warned high oil price could endanger the fragile U.S. economy, and the world should be concerned about the consequences that might have on the global market.  More »