OPEC's new monthly report showed the total output fell by 221,000 barrels per day (bpd) to 33.1 million bpd from November.
A new UN report says sluggish world growth threatens to disrupt UN's plan to end poverty.
General Motors joins other companies including Ford to announce plans to create jobs in the US.
President Xi tells the World Economic Forum that blaming the world's problems on economic globalization is counterproductive.
According to the US Justice Department, the car parts maker has already pleaded guilty to a single criminal charge.
Turkey’s President Recep Tayyip Erdogan says the recent plunge in the value of the lira is a result of a conspiracy to weaken the country.
Saudi Arabia’s Energy Minister Khalid al-Falih says the kingdom has reduced its oil production to less than 10 million barrels a day – the lowest level in two years.
Gold has hit highest level since December 5 amid concerns over weaker dollar and Brexit.
A new report warns about consequences of US-China trade tensions for global economy.
Turkey's central bank has adopted new measures to stop lira further falling.
China’s foreign exchange reserves dropped by $320 billion in 2016 with Chinese authorities seeking to support the yuan against a soaring dollar.
US automaker will cancel a planned factory in Mexico under harsh criticism from President-elect Donald Trump.
Kazakhstan has lifted visa requirements for many countries to boos tourism.
Most of the European and Asian stock markets have risen in the early days of 2017.
Official data show that Japans' consumer prices fell for 9th straight month in November.
Russia’s fourth largest oil producer has decided to decrease planned oil production for 2017.
Britain could be forced to pay former EU workers over 62 billion dollars in pensions as soon as Prime Minister Theresa May begins the official two-year Brexit negotiation process.
Crude prices have edged up ahead of the Christmas with the global markets waiting to see how OPEC’s planned output cuts will affect oil prices in 2017.
Saudi Arabia has projected an increased spending in its budget for 2017 but has slightly reduced its military budget.
The Italian government has approved a bailout plan to rescue the country's struggling banks including the world’s oldest surviving bank - Monte dei Paschi di Siena (MPS).
With just one week in power, the Italian new government is seeking to increase sovereign debt to support the country's fragile banking system.
Etihad airline has laid off an unknown number of its staff amid a weakened global economy.
A new study says China is set to face economic challenges next year including low growth.
A report says Saudi Arabia may stop new investments in the US because of shifts in the American political landscape.
Moscow and Tokyo have inked numerous trade deals during Russian President Vladimir Putin’s visit to Japan.
Russia says it is working on a plan to set up a joint Islamic bank with Iran.
Iran and Indonesia signed 14 basic cooperation agreements during the visit of Indonesia’s President Joko Widodo to Tehran.
UK inflation jumped to its highest level in November in more than two years.
Malaysia and Singapore have signed an agreement to build a high-speed railway that would cut travel time between two sides to just 90 minutes.
Nearly two weeks after OPEC decision to cap output, oil companies in Qatar and Kuwait have announced their decision to reduce production levels as of beginning of 2017.
Iran’s President Hassan Rouhani attended a ceremony to celebrate the country’s self-sufficiency in production of wheat.
Russia’s Energy Minister Alexander Novak will arrive in Tehran on Monday to discuss expansion of economic relations particularly cooperation in the area of energy.
The Organization of the Petroleum Exporting Countries (OPEC) is expected to clinch a deal with non-OPEC producers to reduce oil output.
Iran is preparing to switch its national currency from the rial to the toman - a move that could boost the value of the country’s national currency against the US dollar.
Iran's Minister of Communications and Information Technology Mahmoud Vaezi says the country is ready to transit optical cables from Russia to China and India.
Crude prices have soared after the Organization of the Petroleum Exporting Countries agreed to cut crude output.
The agreement by OPEC to exempt Iran from a much-debated oil freeze plan has been praised by the country’s media as a victory.
OPEC last slashed output in 2008 due to a slump in oil demand and prices amid the global financial crisis.
The company’s hopes of a major sales deal with Iran have dimmed following US presidential election results.
Indonesia has invited Iran to make refineries in the country.
Iran’s Petroleum Minister Bijan Zanganeh says he is hopeful that OPEC will reach a deal to cut its collection crude oil production.
Iran says Germany’s state-run lender KfW IPEX will provide the country with the credit line for the development of the Tehran-Mashhad railway.
Oil prices have fallen sharply amid uncertainty over whether the Organization of the Petroleum Exporting Countries will reach an output cut deal.
Claudio Descalzi, the CEO of Italy’s oil giant Eni, says his company is considering to return to Iran’s oil industry once it is reimbursed for the previous investments.
Iran says imports of cars from the US are authorized as long as they have been produced by non-American brands.
Qatar’s Energy Minister Mohammed Al-Sada says discussions are underway with Iran and Iraq to freeze their oil production at “current levels”.
Figures show Iran overtook Saudi Arabia in October to become the top supplier of crude oil to India.
Pakistan has inaugurated its strategic Gwadar port that has been developed by China as the heart of the China-Pakistan Economic Corridor (CPEC).
The International Energy Agency says OPEC members keep pumping oil at record levels despite agreements to curb production.
Investors are panicked over uncertainties on trade, immigration and geopolitical tensions.
Experts are warning that the worst of the economic slump for Saudi Arabia is yet to come.
The International Monetary Fund (IMF) says the political uncertainty and debt are taking serious tolls on the Turkish economy.
Official figures show Russia’s oil production in October reached 11.2 million barrels per day (mb/d) – the highest level in the post-Soviet era.
Volkswagen is expected to cut 25,000 jobs in the near future as it switches to the production of electric cars.
As part of its anti-foreigner backlash, Kuwait is reportedly preparing to sack expats from public sector jobs.
The International Monetary Fund (IMF) has called on Saudi Arabia to reduce its reliance on oil.
OPEC is trying to build consensus around the need to trim production and stabilize the market ahead of its Nov. 30 meeting.
Russia's Energy Minister Alexander Novak says Moscow will reach a deal with OPEC over a solution to stabilize oil prices.
Two Saudi officials have warned that the kingdom could go bankrupt unless further spending cuts are implemented to trim the public sector.
Figures released by the US Energy Department show that the country’s imports of crude oil have increased for the first time in six years.
Insurance firms say they expect to see a major opening in the Iranian market in 2017.
The European Central Bank (ECB) has kept its interest rates at record lows.
Saudi Arabia has launched the sale of $17.5 billion of debt in what would be the largest emerging-market bond issue.
French automaker PSA Peugeot Citroen is preparing to slash over 2,000 jobs at its home market next year.
Iran has told its banks that the US Treasury has effectively cleared the way for doing dollar-dominated transactions with Iranian individuals and companies.
The 8th BRICS Summit resumed in India on Sunday with meetings and a closed-door dinner attended by leaders of Brazil, Russia, India, China and South Africa.
Kuwait’s Ministry of Commerce and Industry (MCI) has approved a plan to set up what is expected to be the country’s biggest oil company.
HSBC has issued a ‘red alert’ for an imminent sell-off in stocks worldwide, warning of a global market meltdown similar to 1987 ‘Black Monday’ crisis.
OPEC says it plans to invite Russia and other key non-member oil producers to a technical meeting later this month to discuss efforts needed to stabilize prices.
Toyota has recalled 340,000 units of its Prius hybrid sedans over a potentially deadly brake defect.
Samsung fails to fix the issue with the exploding batteries of Galaxy Note 7 smartphone in what could deal a major blow to the tech giant's repuation.
US oil prices finished at their highest level of 2016 at the end of trading on Monday.
Russia and Turkey have signed a major deal for the construction of a pipeline that would take Russia natural gas under Turkish waters in the Black Sea towards Europe.
Russian President Vladimir Putin says his country supports an OPEC plan to freeze oil production as a way to support oil prices.
Mohsen Qamsari, the director for international affairs of the National Iranian Oil Company (NIOC), says talks are underway to sell oil to Poland through long-term deals.
Norway’s Foreign Minister Børge Brende says Oslo has approved a decision to provide $1 billion for Iran export activities by Norwegian companies.
The International Monetary Fund (IMF) says the global debt has risen to an all-time high of around $152 trillion.
PSA Chairman Carlos Tavares says his company has serious plans to make Iran “central” production hub in the Middle East.
The sale to BP marks another milestone in NIOC’s efforts to win back its former customers around the world after the lifting of sanctions.
Oil market sources say Iran’s total exports of heavy and ultra light oil have reached pre-sanctions peak of around 2.8 million barrels per day.
Peter Ramsauer, the chairman of the economics committee of the German parliament, says the US has waged an ‘economic war’ against Deutsche Bank over its alleged sales of mortgage-backed securities.
The Saudi stock market has been hit by fears that the government could introduce more austerity measures to curb a big budget deficit caused by low oil prices.
Iran’s Deputy Economy Minister Mohammad Khazaei says investors in the country’s hotel industry will be given a tax break of 13 years in what appears to be part of a plan to boost Iran’s tourism industry.
The Russian energy minister says the recent deal reached by the OPEC countries on curbing oil production was “positive.”
OPEC has reportedly reached a deal to cut its production to 32.5 million barrels per day from November.
The World Trade Organization (WTO) says the global trade will expand by merely 1.7 percent in 2016, downgrading a previous estimate of 2.8 percent that it had announced in April.
Iran’s Petroleum Minister Bijan Zangeneh says the country has no intention to forge an agreement with other producers to freeze its oil output at current levels.
Iran’s Foreign Minister Mohammad Javad Zarif says the country has received assurances from the US that European banks will not be punished for doing business with Iran.
The Central Ban of Iran (CBI) has for the first time introduced the country’s first credit cards that have been devised based on Murabahah Islamic financing structure.
Figures show China took over Japan last year to become the world’s second-biggest cross-border investor after the US.
Iran plans to establish an oil swap scheme with Iraq’s Kurdistan Regional Government (KRG) which will be similar to a similar scheme it has previously established with several Caspian states.