An explosion destroyed an Egyptian pipeline in Sinai that supplies Israel and Jordan with gas on Tuesday, security sources and witnesses said.
The global oil market is well supplied but European debt problems are a big concern for producers, Qatar’s energy Minister Mohammed Saleh al-Sada said on Sunday. "Supply is at a good standing. Demand will continue to be affected by economic growth internationally," Al Sada told reporters on the sidelines of a conference in Doha.
Switzerland has imposed a new set of sanctions against Syria banning import, purchase and transport of Syrian oil and oil products.
French oil giant Total announced Friday it had restarted production from an offshore oil platform off Libya, making it the first major to return to work since the fall of Moamer Kadhafi.
Recent amendments to Iraq’s oil nd gas law have stirred new political tensions between the central government and the Kurdistan Regional Government in Iraq’s semi-autonomous north.
The Egyptian General Petroleum Corporation is preparing to hold an international auction for foreign companies to search for oil & natural gas.
Iraq is Wednesday gradually resuming normal crude oil production from its supergiant Rumaila oil field, after emergency teams extinguished a fire which broke out Tuesday in a gas facility, a senior Iraqi oil official said.
British oil major BP remains committed to reaching its oil production targets at Iraq’s huge Rumaila field and is not renegotiating contract terms, the company’s chief executive Bob Dudley said on Sunday.
Kuwait’s rise of her oil production to 2.9 million barrels per day will enhance her international standing as a major oil source, two local oil experts said Thursday.
Libyan crude oil export levels are most likely to return to 300,000 barrels per day (bpd) by the end of 2011, and a return to the pre-revolutionary production levels of 1.6 million bpd should not be expected until 2013 at the earliest. This outlook will see Brent front-month futures contracts maintain a level above $100 per barrel through the end of the year, while continuing to retain a strong premium over West Texas Intermediate (WTI).
