Venezuela has announced plans to ship oil to Portugal in exchange for food products and other goods that have been running short in the South American country. Venezuela, Latin America's largest oil producer, will send as many as 30,000 barrels...
Iran, OPEC's second-largest producer, has completely stopped conducting oil transactions in U.S. dollars, a top Oil Ministry official has admitted. It is a concerted attempt to reduce reliance on Washington at a time of tension over Tehran's nuclear program and...
Interesting move this one, which could far-reaching implications for both the oil majors and the climate as it could make it easier for people to invest in oil sands. The US Securities and Exchange Commission is looking at putting Alberta's...
A new report says the Iraqi Government could earn an extra $19.2 billion of revenue this year as a result of higher crude oil prices and the revival of the country's own oil industry. The prediction is suggested by figures...
Slowly but surely the unthinkable is becoming thinkable. The days of “peak” are fast approaching, and such is the shortage of new areas coming on stream that there is a “production ceiling” to the amount of oil that can be...
Slowly but surely, it creeps ever upwards as crude oil passed the $90 a barrel milestone. The magic $100 a barrel is now only $10 dollars away as crude oil prices show no sign of slowing down. Persistent worries about...
Anyone who read yesterday’s blog on oil sands will know it’s a fuel with serious ecological and social problems. Well, Canadian oil sands producers should brace for further bad news - this time from south of the border. David Pumphrey,...
The Russian mid-sized oil firm Tatneft has given Shell’s operations in Russia a boost by choosing it as its partner in developing vast deposits of heavy bitumen oil in the Volga region in the republic of Tatarstan. Although no specific...
Venezuela and Cuba will begin jointly exploring for oil in Cuban waters in the first such venture between the two nations. Petroleos de Venezuela SA, or PDVSA, said in a statement that the project with Cuba's CUPET energy company covers...
PetroChina is pulling out of a US$3.8 billion Alberta to British Columbia pipeline project that would have supplied crude oil to China from Canada's oil sands. Yiwu Song, vice president of China National Petroleum Corp., PetroChina's parent company, said the...
