Russia’s crude oil and condensate output climbed to a post-Soviet record of 10.503 million barrels a day in November, beating the high reached the previous month, according to the Energy Ministry’s CDU-TEK unit.
WASHINGTON: BP agreed Thursday to pay a record $4.5 billion in US fines for the 2010 Gulf of Mexico oil spill and will plead guilty to obstruction and criminal negligence in the deaths of 11 workers.
.LONDON: The world could see a gradual easing of oil prices over the next five years due to sluggish economic growth and increasing energy efficiency as production rises steeply in Iraq and north America, the West's energy watchdog said yesterday.
LONDON, (Reuters) – Iran's oil supply, which has fallen to the lowest in more than two decades, is unexpectedly continuing to decline due to Western sanctions, putting further strain on the country's financial resources.
French oil major Total (TOTF.PA) has bought a 35 percent stake in two exploration blocks in Iraq's Kurdistan region, drawing an angry response from the Iraqi government which has tried to bar companies from dealing directly with the semi-autonomous region.
Iran is expanding a promise to insure shipments of its oil to include both Iranian and foreign tankers, in an effort to get around EU sanctions crimping its crude exports, reports said Saturday.
Royal Dutch Shell PLC (RDSA, RDSA.LN) is scrambling to take advantage of a shrinking opportunity to drill for oil in the Arctic Ocean this summer, recently asking the Obama administration to allow it to get an early start on planned wells there, people familiar with the issue said.
Brent crude held steady above $102 per barrel yesterday on optimism over the outlook for demand growth, as China’s Premier Wen Jiabao said the government would step up efforts to boost the economy of the world’s second-largest oil consumer.
KABUL: Seven energy firms are likely to compete with Exxon Mobil Corp for the right to explore oil and gas blocks in northern Afghanistan, the country’s Mining Ministry said in a statement.
Iran is shipping crude oil to its top buyer China despite a dispute over freight terms, sending so far a third of the 12 million barrels due to load in the first 20 days of July, traders and shipping sources said.
