World Oil & Gas news

Iran is helping its ally Syria defy Western sanctions by providing a vessel to shipSyrian oil to a state-run company in China, potentially giving the government of President Bashar al-Assad a financial boost worth an estimated $80 million.…

Brent crude rose above $125 a barrel on Friday, posting its sixth weekly gain in seven, as Greece successfully closed its bond swap offer for creditors, a key step towards securing an international bailout to avoid a messy default. …

Royal Dutch Shell is struggling to pay off $1 billion that it owes Iran for crude oil because European Union and U.S. financial sanctions now make it almost impossible to process payments, industry sources said. (more…)

The US Energy Information Administration boosted its forecast for global oil demand growth for the first time since October and forecast the market would tighten as gains in non-Opec production lag. (more…)

The price of Brent crude oil futures hangs near $126 a barrel as tensions in the Middle East continue, boosted by concerns that spare production capacity in the US and Europe maybe insufficient to cover any large scale supply disruptions.…

Crude oil rose on Wednesday, rebounding from a sharp decline as hopes that Greece's debt restructuring will go through lifted the euro against the dollar, creating better bargains for oil buyers and fanning interest in riskier trades.…

India has refused to provide its sovereign guarantee for oil imports from Syria, two government sources said, frustrating refiners looking for alternative sources of crude to hedge against possible supply disruptions from…

Futures on the S&P 500 edged lower in sparse volume Friday in a light day on the economic calendar but were still on track to close their ninth straight week of gains, the longest such run since January 2004. …

Opec member, Venezuela has announced it is to continue to supply Syria with oil as Europe extends sanctions on the nation Bloomberg has reported. (more…)

Oil prices have surged above $125 a barrel on Friday, as worries over Iran and signs of a brightening US economy put the price on track for its fifth week of gains. (more…)