Major global oil companies say they are looking to soon reopen their Libyan oil fields if rebel forces complete their takeover of the country, but estimates vary widely on how easily or quickly that could occur. Before the Libyan uprising started in February, the North African nation produced as much as 1.8 million barrels of […]
Oil Giants Look to Resume Libyan Production
Posted August 23rd, 2011 at 10:25 am (UTC-5)
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China Defends its Oil Interests in Libya
Posted August 23rd, 2011 at 5:20 am (UTC-5)
China is stressing what it calls the “mutually beneficial” aspects of its huge investment in Libya’s oil sector after rebel suggestions that Beijing could suffer for its failure to support the rebel cause. A senior Commerce Ministry official said Tuesday that China hopes “to develop economic and trade cooperation with Libya in every aspect” following […]
Markets Anticipate Eventual Return Of Libyan Oil Exports
Posted August 22nd, 2011 at 10:25 am (UTC-5)
The apparent progress toward resolving the conflict in Libya caused a key global oil price to drop sharply on Monday. Prices for a barrel of Brent crude oil fell about $3.50 to as low as $105.15 in London trading. Brent is the benchmark price for about half the world’s oil. Before the rebellion in Libya, […]
Dutch Shell: Second Leak Found in North Sea Spill
Posted August 16th, 2011 at 3:25 pm (UTC-5)
Royal Dutch Shell says it is struggling to contain the worst North Sea oil spill in a decade, after a second leak was found in an oil line near the company’s platform off the Scottish coast. The new discovery comes one day after the Netherlands-based oil company said it had the leak “under control.” Before […]
Norway Announces Large North Sea Oil Discovery
Posted August 16th, 2011 at 11:50 am (UTC-5)
Norway’s Statoil has announced that two recent North Sea oil discoveries are connected, representing possibly the region’s biggest oil find in the last 30 years. Statoil said in a statement Tuesday that the Aldous and Avaldsnes oil discoveries together contain between 500 million and 1.2 billion barrels of recoverable oil — significantly more than previously […]
China to Sue U.S.-Chinese Partnership Over Oil Leaks
Posted August 16th, 2011 at 5:50 am (UTC-5)
The Chinese government says it is preparing to file a lawsuit against ConocoPhillips China for environmental damage caused by an oil spill off the coast of northern China. The State Oceanic Administration said Tuesday it will take legal action against the subsidiary of U.S.-based oil giant ConocoPhillips and state-run China National Offshore Corporation , which […]
Shell: British Oil Leak Slowed to 2 Barrels a Day
Posted August 16th, 2011 at 5:30 am (UTC-5)
Royal Dutch Shell said Tuesday that oil continues to leak into the North Sea from the company’s platform off the Scottish coast at a rate of two barrels a day. A Shell spokesman said the company does not know when the leak will be stopped, but that most of the visible oil slick has already […]
Iran Says India Paid Two-Thirds of Oil Debt
Posted August 15th, 2011 at 1:00 pm (UTC-5)
An Iranian news agency is reporting that India has paid back two-thirds of the oil debt it owes Iran due to sanctions-related payment problems. ISNA news agency on Monday quoted the head of Iran’s central bank, Mahmoud Bahmani, who said Iran has received most of the nearly $5 billion owed by India and that the […]
Shell: North Sea Oil Spill ‘Significant’
Posted August 15th, 2011 at 12:45 pm (UTC-5)
Royal Dutch Shell says a substantial amount of oil has leaked into the North Sea from the company’s platform off the Scottish coast. Shell estimated Monday that about 1,300 barrels spilled from its Gannet Alpha rig, off Aberdeen. The company says the spill covers an area of about 31 by 4.3 kilometers at its widest […]
OPEC Cuts Oil Demand Forecast Through 2012
Posted August 9th, 2011 at 2:20 pm (UTC-5)
The oil-producing cartel OPEC is cutting its forecast for the amount of oil the world is likely to consume through next year. The Organization of the Petroleum Exporting Countries said Tuesday that as the global economic recovery loses momentum, countries around the world will use less oil. OPEC said economic “dark clouds” are already affecting […]
