Premier Eng. Mohammed Naji Ottri said that in next September, money assistances for supporting oil derivatives “Fuel” will be distributed on people through checks.

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BP Plc and China National Petroleum Corp. were awarded an oil field development contract by Iraq today as the war-torn country rejected bids for other licenses in its first international tender for more than thirty years.

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Iraq has opened international bidding for eight large oil and gas fields, paving the way for big investments in a nation with one of the world’s largest petroleum reserves.

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The world’s biggest gas exporters have held their first official summit since forming an organization with members voicing concern over falling gas prices.

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The IEA said in 2004 that oil intensity, defined as primary oil consumed per unit of GDP, in selected developing countries relative to that of the OECD, cited India, which used more than two and half times as much oil as developed countries per unit of GDP, while the economies of China, Thailand and African countries were also very oil intensive.

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Oil prices jumped more than 2 per cent to an eight-month high above $73 a barrel today, as a sudden spike in Brent buying pinned on fund positioning ushered out the market’s best quarterly gain since 1990.

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The Organization of Petroleum Exporting Countries sees no need to raise oil production to counter high oil prices, the OPEC President said on Sunday.

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Russian Prime Minister Vladimir Putin moved again to ease his government’s clasp over the energy sector on Saturday, capping off a week of foreign energy deals with a surprise offer for Royal Dutch Shell.

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Crude broke through $71 a barrel on continued optimism for a sharp upswing in world economic activity and a further rebel attacks on the petroleum industry in Nigeria.

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China Petrochemical Corp., the Chinese state oil company also known as Sinopec Group, has agreed to acquire oil explorer Addax Petroleum for 8.27 billion Canadian dollars (US$7.2 billion), in what would be, if completed, the largest overseas takeover ever by a Chinese company.

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