The global supply of oil continuing apace, despite demand softening, according to the International Energy Agency’s latest report

A significant discovery in West Texas’ Permain Basin has revealed Apache Corporation could be sitting on three billion barrels of oil

Second-quarter profits at oil giant BP have almost halved in a year, following a plummet in global oil prices and weak refining margins

ExxonMobil’s bid for control of InterOil has made it an intriguing three-horse race, with Total and Oil Search the other two players

Increased domestic oil production has led to a sharp decline in US demand for African oil. With many African states dependent on exporting oil, new markets in the east are being desperately sought

After 20 years in the role, Saudi Arabia’s powerful Minister of Petroleum and Mineral Resources has been dismissed from his role, in the midst of wider ministerial reshuffling in the country

The world’s major oil producers failed to reach an agreement on freezing output, after the Saudis refused to allow Iran an exemption

Despite maintaining near-record production levels, Saudi Arabia has seen its share of the world oil market contract

While plummeting oil prices have been felt around the world, they have brought about a couple of fundamental changes in Saudi Arabia

Speaking in Texas, the Saudi oil minister said the kingdom will not cut production and high-cost producers should leave the market first

After a meeting in Doha, leading OPEC members and Russia agreed to hold oil production at January levels

The Saudis and Venezuelans described their meeting as successful, despite no production cut agreement being formally reached