Azerbaijan backs gas pipeline for Europe
Azerbaijan has given its backing to a plan to send “substantial volumes” of gas to the European Union, potentially easing the bloc’s reliance on Russian supplies.
World Oil & Gas news
WTI crude oil trading near $92 after grim US EIA data
WTI oil prices open today’s trading session hovering near $92 a barrel as the latest set of US oil inventory data from the EIA was grim reading, with more falls in the weekly numbers.
Iran, Azerbaijan sign major gas deal
Iran and Azerbaijan have signed an agreement that allows the former Soviet state to pump at least one billion cubic meters of natural gas into Iran.
WTI oil price firm over $91 on US crude oil supply fears
WTI oil prices open today’s trading session firm over $91 a barrel, after surging around $3 in trading on Tuesday as oil traders remained fearful of US oil supply disruptions from the closure of a major Alaskan pipeline.
Oil back above $90 US
Oil prices rebounded from early losses Wednesday and returned above $90 US a barrel on more positive news about the U.S. economy and a report showing that American crude supplies shrank last week.
Oil hovers below $92 as global equities rally
Oil prices hovered below $92 a barrel Tuesday in Asia near a two-year high as a stock market rally to start 2011 boosted crude trader optimism.
Russian 2010 oil output hits post-Soviet record
Russian oil output rose by 2.2 percent in 2010 to a record 10.1 million barrels per day (505.193 million tonnes) as higher prices prompted the world’s top oil exporter to ramp up production at its greenfield sites.
Noble Energy Announces Significant Discovery at Leviathan Offshore Israel
Noble Energy, Inc. (NYSE: NBL) announced today a significant natural gas discovery at the Leviathan exploration prospect offshore Israel. Drilled in the Rachel license, the well encountered a minimum of 220 feet (67 meters) of net natural gas pay in several subsalt Miocene intervals. Apparent reservoir quality is very good, and the intervals discovered are geologically similar to those intersected at Tamar.
Oil jumps to highest levels since 2008
Oil prices spiked to fresh two-year highs on Wednesday as traders reacted to news of plunging crude reserves in the United States.
Crude Oil Prices Fail to Breach $90
Traders look to compound on yesterday’s gains as the spot crude oil approaches the $90 level. However, the rise in price may be capped by the psychological price level as low liquidity in the markets impact volatility and another round of negative news from the euro zone may strengthen the dollar.
