OPEC

A worldwide glut has damaged the oil-rich nation’s economy, which is heavily dependent on petroleum exports.

With crude prices tumbling, the industry needs to cut capital expenditures and staff if it hopes to survive, a risk management firm says.

In sync with crude oil prices, Asian markets recovered briefly Thursday morning before falling as oil prices slid again.

Singapore reversed earlier-day losses of as much as 3 percent.

Besides the country’s 500,000-barrel-per-day production boost, the crude it has in storage is estimated to be enough to fill 24 supertankers.

On Saudi Arabia's headline index, 167 stocks fell as investors feared the easing of Iranian sanctions raised the prospect of a surge in oil supplies.

As Iran prepares its oil industry for sanction relief that will come very soon, record-low oil prices could significantly hinder its financial success.

The slowdown in China’s growth has hit oil prices hard from the demand side, but supply issues could still bring more shocks.

There were concerns that renewed tensions between Saudi Arabia and Iran could affect the oil market.

BP CEO Bob Dudley says the bottom in oil prices could be reached in the first quarter, good news for consumers, bad news for producers.

The oil giant announced Monday an $87 billion deficit for next year, down from a record $98 billion in 2015.

A late U.S. rally fueled by Apple, Microsoft and other technology companies also boosted investor sentiment.

A sharp decline Friday gave Wall Street its worst week in months as oil prices tumbled and investors braced for a Fed rate hike.

As crude oil prices dip to seven-year lows, it appears global oil markets will remain oversupplied at least until the end of 2016 as demand growth slows and OPEC output booms. Grace Pascoe reports the warning from the International Energy Agency comes after a bad week for markets.

Low petroleum prices are hurting capital spending and inflation prospects, raising questions about global growth.

“They are seeing the writing on the wall,” environmental activist Wael Hmaidan told the Guardian.

The S&P materials index fell 2 percent, its steepest fall in three weeks, with Dow Chemical and DuPont both declining.

The global oil group has raised its production limit to reflect more accurately how much oil it has sent to global markets.

OPEC's top producers, like Saudi Arabia, Iran and Iraq, won't cut output, virtually guaranteeing bargain basement petroleum at $40 a barrel ... or less.

Saudi Arabia has maintained that a cap on oil production would not work if non-OPEC producers like Russia and Mexico do not agree to output cuts.

OPEC is not expected to agree to production cuts that would boost prices when it meets starting Friday.