Texas oil billionaire Oscar Wyatt faces up to two years in prison after pleading guilty to paying an illegal kickback to the regime of late Iraqi leader Saddam Hussein in exchange for the right to purchase oil. The surprise plea,...
Iran has warned France it is prepared to go ahead with a major gas project with Total using Iranian firms alone if the French oil giant gives in to political pressure and does not swiftly implement the deal. 'I have...
As oil prices continue to rise, Iran has warned that OPEC would not allow itself to be pressured by consumers in the face of rising oil prices, saying current record crude highs were good for oil exporting countries. 'The talk...
The Iraqi and Russian foreign ministers have pledged cooperation on post-war reconstruction, including the lucrative oil sector, after a meeting in Moscow. Russian private energy giant Lukoil has been lobbying to sign a contract for the West Qurna oil field....
Critics of the Iraq war have always said the war was about oil, but they have been dismissed. However Alan Greenspan, the former Federal Reserve chairman, has now shaken the White House by declaring that the prime motive for the...
The increasingly bittter issue of who controls Iraq’s oil shows no sign of abating. The Kurdistan Regional Government has now demanded Baghdad's oil minister be sacked, following his remarks that oil contracts signed by the regional government are “illegal” Oil...
Jury selection will begin this week in the trial of Oscar S. Wyatt Jr., a wealthy Texas oilman accused of conspiring to pay millions of dollars in kickbacks to Saddam Hussein's regime to win contracts under the United Nations' oil-for-food...
The second marine impact story is from Alaska. Oil giant Shell, which was poised to start oil exploration in the Beaufort Sea, cannot proceed until the Ninth Circuit Court of Appeals decides whether the potential for environmental damage was properly...
Lukoil and other Russian companies will compete 'on equal terms' for Iraqi government contracts to develop the nation's vast oil fields, Iraqi oil minister Hussain al-Shahristani has said. "There will be no privileges for any country or any company", Shahristani...
The battle over Iraq's controversial oil law is heating up. The country's Oil Ministry has directed all its agencies and departments not to deal with the country's oil unions, who are leading the battle against the law. The unions went...
