OPEC is concerned by unrest in Egypt but sees no need for an immediate boost in its output as there is no shortage of oil, the group's top producer Saudi Arabia and its leading official said.
Iran has cut oil exports to Spain and may halt sales to Germany and Italy, Iran's English-language state television reported, in an apparent move to strengthen its position ahead of crucial talks with world powers later this week.
Venezuela received an enviable honor last month: OPEC said it is sitting on the biggest reserves of crude oil in the world – even more than Saudi Arabia. But the Venezuelan oil industry is also sitting atop a well of trouble.
Venezuelan Vice President Nicolás Maduro gave a brief state of the nation address today in place of his ailing boss, Hugo Chávez, who has not been seen in public since going to Cuba for cancer surgery more than a month ago.