Iran’s Oil Minister Gholam-Hossein Nozari says the country will boost its oil production to 5.3 million barrels per day by the end of 2010.
“Iran currently produces 4.35 million barrels of oil per day but the Oil Ministry intends to reach 5.3 million barrels per day by the end of the Fourth Five-Year Development Plan (2005-2010),” [...]

By Amy Wilson
Libya will take $7bn of assets out of Swiss banks and stop supplying oil to the country, as an acrimonious dispute that started with the arrest of Colonel Gaddafi’s son escalated.
The north African country said the moves were a protest against the “poor treatement of Libyan diplomats and businessmen by the [...]

LONDON (AFP) — Oil prices Wednesday trimmed losses and pulled away from one-year lows after major central banks surprisingly slashed interest rates in a coordinated move aimed at rescuing the flagging global economy.
New York’s main contract, light sweet crude for delivery in November, was down 62 cents to 89.44 dollars a barrel.
London’s Brent North Sea [...]