Libya Crude Output Drops as Conflict Cuts Power at Oil Fields

Libya’s crude production dropped below 400,000 barrels a day as the conflict in the divided North African country cut electricity supply at oil fields, according to the state-run National Oil Corp.

U.S. Oil Drillers Add Rigs for Second Straight Week

Drillers put rigs in U.S. oil fields back to work for a second straight week, suggesting the end of an unprecedented retreat from the country’s prolific shale formations.

Vladimir Putin: oil price decline has been engineered by political forces

Recent tumbles in the value of oil on global markets have been the creation of politicians, Vladimir Putin, President of Russia, suggested on Thursday.

Iraq Follows Saudi Cuts as Brent Slides to 4-Year Low

Iraq will sell its Basrah Light crude to Asia at the biggest discount since January 2009 as it follows Saudi Arabia and Iran in cutting prices amid a slump in Brent futures to the lowest in almost four years.

Oil price hits two-year low after Saudi price cut

Global oil prices have fallen to their lowest level in more than two years after Saudi Arabia cut its official selling price.