Crude oil prices declined 3 percent on Wednesday after a record weekly increase in U.S. crude inventories triggered investors’ concerns about a global oversupply, after analysts estimated higher monthly OPEC crude production. U.S. West Texas Intermediate (WTI) crude lost $1.33, or 2.9 percent, to settle at $45.34 a barrel. It broke the $45 support earlier, plunging to a five-week low of $44.96. Brent eased $1.28, or 2.7 percent, to close at $46.86, after falling to $46.46, its lowest since September 28.
read more... 03/11/2016
British energy company BP and Russian giant Rosneft announced the creation of a new joint venture, Yermak Neftegaz LLC, to carry out exploration in the West Siberian and Yenisey-Khatanga basins in the Russian Federation.
read more... 02/11/2016
Crude oil prices closed lower on Tuesday, then declined again after hours as the American Petroleum Institute (API) reported that U.S. crude inventory swelled nine times than forecasted. U.S. West Texas Intermediate (WTI) crude lost 19 cents to settle at $46.67. During the session, it fell as low as $46.20, its lowest level since September 28. After the API report, it tumbled to $46.27. Brent crude reached a one-month low at $47.72 before ending down 47 cents at $48.14. In post-settlement trade, it declined to $47.86.
read more... 02/11/2016
Poland will quicken plans to construct a gas link to Norway in reply to the EU decision last week to lift a cap on Gazprom's consumption of the Opal pipeline in Germany, a Polish government representative declared, calling the move a political one.
read more... 02/11/2016
Qatar's Nebras Power intends to buy a 35.5 percent stake held by French utility Engie in Indonesia's biggest independent electricity producer PT Paiton Energy by the end of 2016, as stated by the CEO of Nebras on Monday.
read more... 02/11/2016