Latest news
OPEC downwardly revises demand for its crude oil in 2013
The Organization of Petroleum Exporting Countries (OPEC) is forecasting that the demand for its crude to slash because of an ample production from main competitors, showing that the inventories could significantly bolster despite a massive cut in output by top exporter Saudi Arabia.
read more... 17/01/2013
TAQA: Hydrocarbon leak at a key platform in North Sea UK
An important oil pipeline network, which handles about 6% of UK’s oil production, was forced to halt its production following a leak at a key North Sea oil platform. The shutdown was confirmed by Abu Dhabi National Energy Co (TAQA) on January 14, at one of its platforms in the UK North Sea.
read more... 16/01/2013
Turkey beats Norway as Europe’s largest oil producer
Turkey has surpassed Norway as the largest oil producer of Europe, increasing the number of its drilling rigs to 34 rigs in comparison to 26 at the end of last year.
read more... 11/01/2013
EIA: US oil production to increase by 25% by 2014
According to the Energy Information Administration, the US oil production will grow by a quarter in the next two years, to its highest level in 26 years. The US oil production would grow by 900,000 barrels per day (bpd) in 2013 to 7.3 million bpd. The reason of the increase in oil production is mainly because of the discovery of vast reserves of shale oil.
read more... 10/01/2013
The Eastern Siberia – Pacific Ocean pipeline records 30mln tons in delivery
A representative of the Chinese Petrochina company has announced that the Siberia-Pacific Ocean pipeline which delivers oil from Russia to China has transported about 30 million tons of crude oil since it starts operating on January 1, 2011. The pipeline is considered as a key-project in the energy cooperation between Russia and the Asian country.
read more... 02/01/2013