Latest news
Turkey to reduce oil imports from Iran
Turkey announced its intention to reduce oil imports from Iran, replacing them by the Saudi and Libyan oil, in order to avoid US sanctions after official trade data showed very high imports in April.
read more... 13/06/2012
Oil down as Al-Naimi says OPEC may need higher output quota
Oil plunged for the fourth day in a row after Saudi Arabian Oil Minister Ali al-Naimi announced OPEC may need to increase its production quota and on the news that U.S. would issue more exemptions from sanctions for importers of Iranian oil.
read more... 12/06/2012
Saudi Arabia oil output dropped by 300, 000 bpd in May
Saudi Arabia, the world’s oil basin, has cut its oil output by 300, 000 bpd in May compared with a month before, pumping 9.8 million bpd, according to an industry source.
read more... 11/06/2012
“Landmark” energy deal between UK and Norway
The British prime minister, David Cameron singed a new energy agreement with Norway on Thursday, one of the world’s largest exporters of fossil fuels.
read more... 07/06/2012
BP to resume oil exploration program in Libya
The oil major BP announced it will resume its oil operations in Libya, suspended since 21 February 2011 because of civil war against the regime of Muammar Gadafy. The move came as the company feels the security situation inside Libya now makes it safe enough to return.
read more... 04/06/2012