Oil, Saudi Arabia | featured news

Oil consuming nations may seek reassurance from Saudi Arabia that it will not cut oil production and neutralize the impact on oil prices if consumer countries release emergency reserves, diplomats and industry sources said.

The United States is pressing Saudi Arabia to boost oil output to fill a likely supply gap arising from sanctions on Iran, Gulf oil officials said, adding that an increase in production is unlikely to be needed before July.

Oil prices turned lower on Monday as reassurances from Saudi Arabia that extra supply needs had been met soothed market fears over the spread of protests to oil-producer Oman.

U.S. crude jumped to a 28-month high of $100 a barrel on Wednesday, as investors weighed the risk of Middle East unrest spreading from Libya to bigger exporters including Saudi Arabia.

Somali pirates seized a tanker carrying crude oil from Saudi Arabia to the United States in the increasingly dangerous waters off East Africa, an official said Monday, an attack that could pose a huge environmental or security threat to the region....

President Barack Obama arrived in Saudi Arabia for talks with King Abdullah on Wednesday on the eve of a much-anticipated speech in Cairo intended to repair America's damaged image with the Islamic world.