The International Energy Agency's has forecast lower-than-expected demand for oil next year by about 160,000 barrels, citing slower economic growth in the US and Europe. It predicted demand of 88.02m barrels a day next year, down from the 88.16m it...
Petroleos de Venezuela SA, the state-owned oil company, and China National Petroleum Corp will invest over $10 billion to produce oil in the Faja del Orinoco region and refine at least some of it in China. The venture may produce...
As crude oil prices rose over $78 a barrel, the Financial Times reports how OPEC is offering a small production increase in an effort to cool the rising prices and reassure industrialised countries. The upward trend towards $80 a barrel...
Iraqi Oil Minister Hussain al-Shahristani has said that crude oil began to flow from the northern Iraqi city of Kirkuk to a Turkish export terminal last week. Al-Shahristani said Iraq is "pumping between 300,000 and 400,000 barrels a day of...
The news outlet, Agence France-Presse, reported today that dozens of Iraqis held a demonstration in central Baghdad against the proposed Oil Law which would open Iraq's oil and gas sector to U.S. and other foreign oil companies. The Oil Law...
On Monday, the Moscow Times ran a story on one of the most watched projects in the Caspian region. Kashagan, an offshore oil project in the Kazakh sector of the Caspian Sea, is the largest oil field to have been...
And so it goes on….Exxon is making a final appeal for a review of a court decision ordering it to pay $2.5 billion in punitive damages for the Exxon Valdez oil spill in 1989. Exxon has been belligerently battling the...
Although Hurricane Dean may be weakened, it is still battering evacuated oil rigs in the Bay of Campeche in the heart of Mexico's energy industry. Although weakened from its overland journey, Dean has moved over the Bay of Campeche, home...
China is undertaking a buying spree of oil and gas assets in oil rich Kazachstan. A year and a half ago, China’s state oil company CNPC became the main shareholder of PetroKazakhstan in a $4.2bn deal. From petrol stations to...
Mexico has started to evacuate 13,360 workers from its Gulf of Mexico oil rigs as powerful hurricane Dean neared. According to state oil company Pemex, which produces some 70 per cent of its crude oil from offshore platforms in the...
