The 28 member nations of the International Energy Agency say they will release millions of barrels of oil from emergency stocks over the next month to make up for production curtailed by fighting in Libya. IEA officials say disruptions in Libya have kept 132 million barrels of high grade crude oil off the market, contributing […]
Oil Importers Release Emergency Supplies To Ease Prices
Posted June 23rd, 2011 at 10:00 am (UTC-5)
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Owner of Gulf of Mexico Rig Sues BP for Oil Disaster
Posted June 22nd, 2011 at 3:50 pm (UTC-5)
The owner of the rig that exploded last year in the Gulf of Mexico has blamed oil company BP for the disaster, which killed 11 people and triggered a massive oil spill. In a report released Wednesday, Transocean said the disaster was related to a series of well design, construction and temporary abandonment decisions that […]
Sudan Threatens To Shut Oil Pipeline If South Doesn’t Pay
Posted June 21st, 2011 at 5:55 pm (UTC-5)
Sudan’s President Omar al-Bashir is threatening to shut down oil pipelines in his country if the south refuses to pay transit fees or stops sharing oil revenues after it secedes next month. Mr. Bashir told supporters in Port Sudan Tuesday that either the north and south continue to share oil or the north gets fees […]
Oil Prices Fall
Posted June 15th, 2011 at 2:45 pm (UTC-5)
The price of crude oil dropped sharply Wednesday as traders worried that economic troubles in Europe, and some disappointing economic reports in the United States, might slow demand. In New York, the cost of a barrel of crude oil for future delivery fell more than $4, dropping below $95 a barrel for a while. The […]
China Preps Huge Oil Platform for Deployment in South China Sea
Posted June 13th, 2011 at 5:50 pm (UTC-5)
Chinese state media are reporting that a massive deepwater oil platform, Marine Oil 981, will begin testing this week for the first time in preparation for its deployment to the South China Sea in July. The deployment of the semi-submersible platform comes as tensions rise in the hotly contested South China Sea. Shortly after China […]
Shell: Sabotage on Nigerian Pipeline Affects Oil Contracts
Posted June 13th, 2011 at 1:15 pm (UTC-5)
Oil giant Royal Dutch Shell says it will not fulfill some of its contracts because of acts of sabotage on a major pipeline in Nigeria. The company said investigators found that its Trans Niger pipeline had hacksaw cuts, suggesting it was damaged by thieves seeking to siphon the oil. Shell says that because of multiple […]
Saudis Set to Boost Oil Production
Posted June 11th, 2011 at 5:15 am (UTC-5)
Saudi Arabia is signaling that it is going to boost its supply of oil on its own after failing to convince other oil producers to jointly agree to more production. Several news agencies reported Saturday that the Saudis could increase their oil production by as much as 13 percent in the coming days to 10 […]
Prices Rise After OPEC Says No New Deal On Oil Production
Posted June 8th, 2011 at 10:05 am (UTC-5)
Members of the Organization of Petroleum Exporting Countries did not reach a new agreement on oil production quotas at Wednesday’s meeting in Vienna. Oil prices rebounded in New York and London after the news. Oil prices had been declining in anticipation that OPEC members might work out a deal to boost production. The OPEC nations […]
Iran’s President Gives Up Role as Oil Minister
Posted June 2nd, 2011 at 1:45 pm (UTC-5)
Iranian President Mahmoud Ahmadinejad has stepped down from his role as the caretaker oil minister after parliament threatened to take him to court over the issue. State-run media say Mr. Ahmadinejad announced Thursday that he had named Mohammad Ali-Abedi as the interim chief of the ministry. He is the former head of Iran’s physical education […]
Iranian Parliament to Challenge President’s Oil Role in Court
Posted June 1st, 2011 at 9:10 am (UTC-5)
Iran’s parliament says President Mahmoud Ahmadinejad acted illegally when he declared himself the caretaker oil minister and the assembly has voted to take him to court. Iranian media reports said Wednesday that lawmakers voted overwhelmingly to refer the president’s “violations” to the judiciary. The country’s constitutional watchdog body has already ruled that Mr. Ahmadinejad’s takeover […]
