Latest news
Iran: oil production down 38% on the U.S. sanctions
As a result of sanctions imposed by the U.S., the oil production in Iran dropped down at its lowest level in 20 years, and could drop to levels seen last time during the war between Iran and Iraq.
read more... 15/06/2012
France halts Shell oil exploration of Guyana
The French government has suspended plans by Royal Dutch Shell to drill for oil in four sites off the coast of French Guyana, citing environmental concerns, move that was welcomed by green groups.
read more... 14/06/2012
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