Business News

Saudis cut, Russians hiked output ahead of pact: IEA

Saudi Arabia demonstrated its resolve to lift oil prices by slashing output ahead of the entry into force of new pact limiting production while Russia boosted output to a record level, the International Energy Agency said Friday. World oil markets Read More

Maria Sharapova ends Caroline Wozniacki's Australian Open defence

Caroline Wozniacki’s reign as Australian Open champion ended with a three-set defeat by Maria Sharapova in the third round. The battle of two of the biggest names in the game did not disappoint but in the end Sharapova’s fierce hitting Read More

China offers Iran $3bn oilfield deal despite US sanctions: Wall Street Journal

State-run Chinese energy giant Sinopec has offered Iran a $3-billion deal on further development of an Iranian oilfield the two countries are already working on, the Wall Street Journal has reported. The offer made by the China Petroleum & Chemical Read More