Petroleum Development Oman (PDO) Company announced that it has signed an agreement with the International Energy Agency (IEA) for boosting cooperation in energy transitions and policy dialogues.

Rising crude demand is rebalancing the oil market.

OPEC compliance with the oil-production agreement implemented in January between OPEC and major, non-OPEC oil producers is at 86%.

The head of the Oil Industry and Markets Division at the International Energy Agency (IEA) told CNBC that he believed both Russia and Saudi Arabia will continue to "pump as much oil as possible."

The International Energy Agency (IEA) released its annual “World Energy Outlook” report. Among the most interesting statistics was that almost half of new power plants built worldwide in 2014 were built to utilize renewable energy. The IEA claimed that this is “clear sign that an energy transition is underway.”

The strength of the US dollar against Asian currencies is leading to a surge in remittances from migrant workers in the Gulf Arab region

International industry leaders will come together in Dubai this month to debate the increasingly critical issue of global oil storage and its impacts on the Middle East oil and gas industry, as countries around the world reach critical capacity levels.

The International Energy Agency’s governing board confirmed the appointment of Fatih Birol as the agency’s next executive director. Birol succeeds Maria van der Hoeven, who will complete her 4-year term on Aug. 31.

Iraq, the nation adding more new oil to global markets than any other supplier in OPEC, said it needs to boost production and exports of crude to compensate for collapsing prices.