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The Opec oil cartel, led by Saudi Arabia, will pocket a record of more than US$1tn in net oil revenues in 2012 as the annual average price for Brent, the benchmark, heads to an all-time high in spite of weak economic growth. (more…)

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. (more…)

Iraq would favour bids by Russia's Lukoil and China's CNPC if they decided to buy Exxon Mobil's stake in the West Qurna-1 oilfield, a senior oil ministry official said. (more…)

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. (more…)

The International Energy Agency expects the United States to become the world’s largest oil producer by around 2020, temporarily overtaking Saudi Arabia, thanks to increased output achieved by new exploration technologies. (more…)

World oil demand growth could fall short of forecasts next year, exporter group OPEC said on Friday, citing Europe's troubled economy and the risk of weakness in faster-growing regions such as China and India. (more…)

Turkey has signed a $350 million deal on drilling 40 oil wells in the southern Iraqi Basra area and is in talks with Baghdad on drilling 7,000 wells across Iraq, Energy Minister Taner Yildiz said on Friday. (more…)

.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…

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. (more…)