By Edward McAllister Edward Mcallister – Fri May 29, 3:44 pm ET
NEW YORK (Reuters) – Oil rose to a six-month high above $66 per barrel on Friday, marking its largest monthly percentage gain in more than a decade, after U.S., Japanese and Indian data suggested the economic downturn may be easing.
Oil prices jumped [...]
LONDON (AFP) – Oil traded lower on Thursday as investors cashed in profits after an overnight rally that pushed prices above 62 dollars, traders said.
New York’s main futures contract, light sweet crude for delivery in July, fell 1.32 dollars to 60.72 dollars a barrel.
Brent North Sea crude for July delivery shed 1.29 dollars to 59.30 [...]
The world’s top oil producer says it will further cut production to help buoy prices.
NEW YORK (CNNMoney.com) — Oil prices edged higher Tuesday morning, after falling for six days in a row, amid reports that Saudi Arabia will aggressively cut production.
Light, sweet crude for February delivery was up 36 cents to $37.96 a barrel.
Saudi Arabia, [...]
ALMATY, Dec 21 (Reuters) - Kazakhstan has reduced its oil export duty to $139.8 per tonne from $203.8 and will review it on a monthly basis instead of once a quarter, a government decree said.
The new levy will take effect in a month, according to the decree published in the official Kazakhstanskaya Pravda newspaper [...]
Oman will amend its 2009 budget to assume an average oil price of $45 a barrel following a sharp decline of around $100 in international crude prices since July.
Oman’s official news agency said the Persian Gulf Arab oil producer’s council for financial affairs and energy resources agreed at a meeting to amend the oil [...]
Total announced positive appraisal results for the Moho Nord Marine-3 well, lying around 80 kilometers offshore of the Republic of Congo in 1,030 meters of water in the northern part of the Moho-Bilondo license. The discovery follows on from the Moho Nord Marine-1 and 2 finds in 2007.
Moho Marine Nord-3 was drilled to a total [...]
BEIJING (AFP) – China National Petroleum Corp (CNPC), the country’s largest oil producer, said Wednesday that it had signed a three-billion-dollar deal to develop an oil field in Iraq.
The contract, signed on Monday in Baghdad, allows CNPC and another Chinese company, Zhenhua Oil, to develop the Al-Ahdab oil field in the province of Wasit for [...]
City of Industry, CA –(www.FinancialNewsUSA.com)– 10/29/2008 - Oil and Gas Exploration industry news provided by Financial News USA (OTC: FNWU). Premier Energy Corp. (OTCBB: PNRC) announced today that it has initiated the process to acquire a major property in Texas with substantial oil and gas production and reserves as well as other operating business interests. [...]
TEHRAN, Oct 26 (Reuters) - Iran is being hurt by the financial crisis because of falling oil prices and a world downturn that will damage non-oil exports, an official said on Sunday, even though Iran’s economy was relatively isolated.
Iranian officials are voicing more concern about the impact of the international financial turmoil after initially brushing [...]
MOSCOW – Russia’s top energy official said Wednesday that the nation may set aside an oil reserve to influence global prices — but won’t cut output, news reports said.
Deputy Prime Minister Igor Sechin, who is in charge of the energy sector, said the government was considering creating an oil production reserve “which would allow it [...]
