Turkey and Azerbaijan this week signed an agreement for a new "Trans-Anatolian" natural gas pipeline stretching from Turkey’s eastern to western borders.

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Despite the pressure of western countries to sanction Iran’s oil industry, Turkey’s biggest crude oil importer Tupras has renewed its annual deal to buy crude oil from Iran for 2012, the Mehr news agency reported.

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Oil producer Shell says it has shut down a field off the coast of Nigeria after a leak during a transfer of oil to a tanker led to 40,000 barrels spilling into the Atlantic Ocean.

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Diplomats from the United States, the European Union and other allies agreed on Tuesday to step up pressure on Iran to force it to resume talks over its nuclear programme, an Italian diplomatic source said.

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Russia’s OAO Tatneft signed an accord valued at $1 billion with Iran to develop the Zagheh oil field in the Persian Gulf nation, where many energy projects face delays due to intensified sanctions by Western countries.

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Brent crude was little changed above $107 on Tuesday, after falling in the previous session, on concerns of demand growth as investors worried last week’s pact by European leaders may not be enough to stop the region’s debt crisis from worsening.

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European Union governments will consider imposing stiffer sanctions on Iran amid “serious and deepening concerns” over the country’s nuclear program, according to a EU summit statement.

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Oil production outside the Middle East region is declining and Gulf states like Saudi Arabia, Kuwait and the UAE will continue to be key suppliers of oil to the world, according to Dr. Fatih Birol, Chief Economist at the International Energy Agency (IAE).

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Brent oil futures open today’s trading session hovering around $110 a barrel as stock markets and oil prices turned lower ahead of today’s crunch EU Summit that needs to go well to prevent a full blown fiscal and banking crisis in the euro region.

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Huge oil and gas investments, big efficiency gains and practical use of renewables are all needed to meet rapidly rising energy demand over the next few decades, the heads of the world’s largest oil companies said on Tuesday.

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