Latest news
Russia and China make a 150 billion dollar deal.
The number one producer of crude makes a deal with the number two consumer worth about $150 billion over the next 20 years. This deal comes as the pipeline ESPO (East Siberia to Pacific Ocean Pipeline) was finished, which has a capacity of 300,000 barrels per day and a length of 925 km.
read more... 28/09/2010
Exxon to double or triple number of wells in Iraq's West Qurna.
With a current output production of 200,000 to 250,000 barrels per day, Exxon Mobil and its partner Royal Dutch Shell’s plan to drill new wells in Iraq's West Qurna to boost production to 2.325 mln barrels per day.
read more... 28/09/2010
Daily Energy Market Overview 09.27.2010
Oil was up to $77 per barrel on Monday. At 07:33 GMT, U.S. crude for November delivery increased from $76.49 per barrel to $76.74 per barrel, after registering the highest price of $76.85 per barrel on September 14. ICE Brent for November increased $0.09 at $78.96 per barrel.
read more... 27/09/2010
Angola – surpassing its OPEC quota.
Oil minister Jose Botelho de Vasconcelos was quoted by local news agency declaring that Angola is extracting more than its OPEC quota. The Angolan official said that they’re producing 1.9 million barrels of oil per day even though they admit the output target set by OPEC is 1.656 million bpd, and still, industry sources say that it is even lower, at 1.52 million bpd.
read more... 27/09/2010
Belarus looking for oil imports through Latvia.
Belarus is trying to find solutions to import Venezuela crude, as it has entered negotiations with Latvia. Two test loadings have already been delivered to Belarus through Latvian and Estonian ports; thereby Minsk showed its interest in further cooperation with Latvia.
read more... 27/09/2010