The price of oil jumped after the Opec oil cartel failed to agree on increasing production, in an unusual show of tension between members.

… more

Shell is on schedule to have its huge gas-to-liquid (GTL) project in Qatar fully operational by the middle of next year, a company spokesperson said on Tuesday.

… more

Brent crude fell below $114 a barrel on Tuesday on expectations OPEC may raise its production target this week and lingering concerns that a weak economic outlook will dent demand.

… more

Brent oil prices open Tuesday’s trading session back at $115 a barrel, while political unrest planned later this week in the Middle East is set to shape short term oil price direction.

… more

Iran has discovered 5 new oil and gas fields which hold over 500 million barrels of oil and 5 trillion cubic feet of gas, the exploration director of National Iranian Oil Company announced in Tehran on Monday. He did not give any further details.

… more

Royal Dutch Shell said Friday it will go ahead with a giant floating liquefied natural gas (LNG) plant in Australian waters, putting it on course to be the first in the world to use such technology.

… more

Prices of commodities rose Wednesday, with oil bouncing back above $100, in a quick rebound that suggests investors see room for prices to increase after a massive selloff this month.

… more

Amid growing public unhappiness over gas prices, President Obama is directing his administration to ramp up U.S. oil production by extending existing leases in the Gulf of Mexico and off Alaska’s coast and holding more frequent lease sales in a federal petroleum reserve in Alaska. But the moves won’t calm spiraling prices at the pump any time soon.

… more

Oil prices tracked currency market swings on Tuesday, with crude futures turning positive again as the dollar erased earlier gains.

… more

Oil’s sharp slide this week is welcome because high prices may hurt the world economy and in the longer term accelerate the use of alternative fuels, OPEC delegates said on Friday.

… more