As the U.S. seeks to stockpile oil, China has been doing the same, observers say, and is expected to quicken the pace -- a development that already may be helping to boost oil prices.... [more]

Venezuela's international reserves were $42.2 billion at the end of 2008, the highest level on record because of lofty oil prices for most of the year.... [more]

PDVSA has more than tripled its net profit in the first nine months of the year, taking in billions of dollars in additional gains due to record high oil prices through Sept. 30.... [more]

At the 29th annual GCC summit, the Omani Sultan stressed that a mechanism is needed to stabilize oil prices and maintain a balanced economic development.... [more]

Crude oil prices rose Friday to more than $36 a barrel on the New York Mercantile Exchange in a holiday-shortened trading week.... [more]

Gulf Arab leaders will discuss the collapse in oil prices and their affect on the region's economies at their annual summit next week, Oman's foreign affairs minister said.... [more]

The top executive at Exxon Mobil asked president-elected Barack Obama to have a realistic, long-term energy policy and confirmed the company will continue to spend as planned despite declining oil prices.... [more]

Oil prices have fallen so far this autumn that Russia, a country that has never before cooperated with OPEC on a production cut, is now preparing to announce that it will coordinate a reduction in output with the cartel later this month.... [more]

Oil prices may increase in the course of 2009, despite the recession and the ongoing financial market crisis, analysts say.... [more]

The president of state-owned energy giant Petrobras said Friday that current oil prices won't halt investments in the development of Brazil's pre-salt layer oilfields.... [more]