Latest news
Oil production worldwide increase on increased reserves
Global production of crude oil increased in 2012 as reserves estimates increased also. Last year, global production of oil amounted to almost 76 million barrels per day, an increase of about 3% in comparison to 2011 levels.
read more... 02/07/2013
Russia increase its oil deliveries to China
In a move which aims to reduce oil exports to European market, Russia has recently announced that it intends to increase oil flows to Asia, making Beijing its top customer, which now imports a fifth of oil exports from the major crude oil producer in the world.
read more... 19/06/2013
OPEC to keep oil production target unchanged, with oil at $100
The Organization of the Petroleum Exporting Countries (OPEC), which supplies about 40 percent of the world’s oil, decided to keep its production target unchanged for a third consecutive time, stating that crude prices at about $100 a barrel are relatively strong.
read more... 04/06/2013
Southern Italy has a great crude oil potential
Southern Italy, known as the second largest producer of olive oil, is also the holder of Europe’s biggest onshore crude oil fields, according to geologists.
read more... 03/06/2013
Three oil majors subject to EU raids over price manipulation
European anti-trust authorities have conducted unexpected raids at offices of at least three oil majors Shell, BP and Statoil, being suspected of manipulation in global oil prices over a decade, marking one of the biggest international actions since the Libor rigging scandal which shook the markets.
read more... 15/05/2013