Russia said on Thursday that OPEC's largest producer Saudi Arabia, had proposed oil production cuts of up to 5 percent in what would be the first global deal in over a decade to help clear a glut of crude and prop up sinking prices.

• January 28, 2016

Iran, boosting oil exports after the lifting of sanctions, is talking of a need to recoup its market share, making the OPEC member a challenge to any deal among producers to fix a supply glut, OPEC sources said on Thursday.

• January 28, 2016

Oil futures surged on Wednesday after Russia indicated there was a possibility of co-operation with OPEC, fanning hopes for a deal to reduce a global oversupply that sent prices to the lowest levels in over a dozen years last week.

• January 27, 2016

Russian officials have decided they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster oil prices, the head of Russia's pipeline monopoly said on Wednesday, remarks that helped spur a sharp rise in world prices.

• January 27, 2016

OPEC kingpin Saudi Arabia and top non-OPEC producer Russia are showing signs of flexibility about agreeing to tackle an oil glut that has pushed prices to 12-year lows, the oil minister of Iraq said on Tuesday.

• January 26, 2016

U.S. oil prices recoiled 6 percent on Monday, slipping below the pivotal $30-a-barrel threshold in post-settlement trade, after news that Iraq's output reached a record last month returned attention to a market glut that sent prices to 12-year lows last week.

• January 25, 2016

Senior OPEC and Russian oil industry officials stepped up vague talk on Monday of possible joint action to remedy one of the worst supply gluts in decades, while Saudi Arabia signaled its resolve to allow the market to balance itself.

• January 25, 2016

Ukraine's state antimonopoly agency has imposed a $3.5 billion fine on Russia's Gazprom for allegedly abusing its monopoly control of Ukraine's natural-gas transit system.

• January 23, 2016