Latest news
OPEC to revise its oil demand forecast downward in 2013
Global oil demand growth could be revised slightly downward of forecasts in 2013, according to the Organization of the Petroleum Exporting Countries (OPEC), dragged down by economic uncertainty in the euro zone and United States, as well as U.S. supply will hit its highest level in three decades, slashing the need for oil from the 12-member producer group.
read more... 13/03/2013
Bulgaria withdraws from major project with Russia and Greece
Bulgaria's outgoing parliament has voted to abandon a 1 billion euro oil project meant to bring Russian oil to Greece via Bulgaria. A total of 115 lawmakers in the 240-seat legislature voted to scrap a 2007 agreement with Russia and Greece for the 280-kilometre pipeline, while twenty-five lawmakers voted against the move.
read more... 11/03/2013
China surpassed the United States as the world’s top oil importer
China has surpassed the United States as the world’s biggest net importer of oil after, the U.S. posted its lowest import records since 1992 on the back of flourishing domestic oil production. According to provisional figures from the US Energy Information Administration US net oil imports dropped to 5.98m barrels a day in December, the lowest since February 1992, while China’s own figures rose to 6.12 million bpd.
read more... 06/03/2013
EU to get its first oil and gas law
The EU proposed on Thursday its first law to regulate safety in offshore oil and gas drilling which aims to ensure that world's highest safety, health and environmental standards are implemented across the EU, in order to prevent any repeat of BP's catastrophic Gulf of Mexico spill.
read more... 25/02/2013
EIA: US oil production expected to increase in 2013
U.S. crude oil production is expected to increase by an unprecedented level - 815,000 barrel per day to 7.25 million barrels per day in 2013, according to a report by the Energy Information Administration.
read more... 21/02/2013