ension with Iran: West Readies Emergency Oil Supply
Western countries prepare to tap emergency crude
oil stockpiles if Iran blocks the Strait of Hormuz, the world’s most important oil portal
World Oil & Gas news
Iran claims it can readily replace EU oil customers
Iran has ready alternatives to a threatened European Union embargo on its oil and increased pressure from Washington, and intends to keep up exports of some 2.3 million barrels per day this year, a senior Iranian oil official told Reuters.
New record oil price looms amid Iranian nuclear quarrel
Iran’s threat to block oil transport in the Strait of Hormuz came as markets closed for the New Year holidays, but oil prices could soar if the conflict over Tehran’s nuclear programme escalates and the country makes good on its warning.
South Korea’s SK Energy to buy more Iran oil in 2012
South Korea’s SK Energy will import 130,000 barrels per day (bpd) of crude oil this year under a term contract with Iran, up 10,000 bpd from a year earlier, a government source said on Wednesday.
Oil could hit $200/barrel under new sanctions: Iran
World oil prices could soar to $200 per barrel if Iran’s petroleum sector is hit with new Western sanctions, Iranian Oil Minister Rostam Qasemi said.
Venezuela oil output to hit 3.5m bpd by 2012
Venezuela’s oil production will reach 3.5 million barrels per day by the end of 2012, President Hugo Chavez said on Friday, up from current output of around 3 million barrels per day.
US warns Iran against closing oil route
The US has strongly warned Iran against closing a vital Gulf waterway, after Iran threatened to choke off traffic through the Strait of Hormuz if the US imposes sanctions targeting the country’s crude exports.
PetroChina, Sinopec to invest $22 bln in east Zhejiang – media
China’s top energy companies PetroChina Co Ltd and China Petroleum & Chemical Corp (Sinopec) have signed an agreement with the eastern province of Zhejiang on six projects worth about 139.1 billion yuan ($22 billion), media reported.
Anatolia Says Exxon Mobil, Turkey Stop Black-Sea Oil Exploration – NYSE:XOM
Exxon Mobil Corp. (XOM) and state-run Turkiye Petrolleri AO ended exploration work for oil and natural gas at two regions in the Black Sea, Turkey’s state-owned Anatolia News Agency stated.
Brent above $108 on supply worries, US data supports
Brent crude rose slightly to trade above $108 on Tuesday, supported by supply disruptions in Syria and Iranian naval exercises in a key shipping lane, while improved US home sales data and year-end short-covering also supported prices.
