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Report: Global Oil Demand Grows More Slowly

Posted January 18th, 2012 at 6:40 am (UTC-5)
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The International Energy Agency says a slowing global economy means demand for oil will not grow as much as earlier thought. In Wednesday’s report, IEA experts say demand for crude oil fell 300,000 barrels a day in the last few months of 2011, the first such drop since 2009, during the financial crisis. The agency […]

Tags: , , Posted in Economy

Oil Drilling Begins in Somalia’s Puntland

Posted January 17th, 2012 at 8:40 am (UTC-5)
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A Canadian oil company says it has begun drilling for oil at two locations in Somalia’s semi-autonomous Puntland region. In a statement Tuesday, Vancouver-based Africa Oil says Horn Petroleum, a unit of the company, is drilling wells in the Dharoor Valley and at Shabeel. It says both prospects are located along a rift system that […]

Tags: , Posted in Africa

Iran Criticizes Saudi Comments on Boosting Oil Exports

Posted January 17th, 2012 at 6:40 am (UTC-5)
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Iran has criticized Saudi Arabia for saying it could increase its oil output if Western sanctions cut oil exports from Iran. Foreign Minister Ali Akbar Salehi said Tuesday in an interview with Iran’s Arabic language al-Alam television channel that such signals are “not friendly.” He was responding to comments by Saudi Oil Minister Ali al-Naimi, […]

Tags: , Posted in Economy, Middle East

Report: Iran Warns Arab Nations Against Increasing Crude Production

Posted January 15th, 2012 at 5:25 am (UTC-5)
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Iran’s representative to the Organization of Petroleum Exporting Countries is warning his country’s Arab neighbors against raising their crude output to replace Iranian oil in the event of Western sanctions. A Sunday report by the Sharq newspaper quotes Mohammad Ali Khatibi as saying Tehran would view any increase of crude production as an “unfriendly act.” […]

Tags: , Posted in Middle East

South Sudan Signs New Oil Deals

Posted January 13th, 2012 at 1:20 pm (UTC-5)
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Newly independent South Sudan has signed new agreements with foreign oil companies to replace deals made by the previously unified Sudan. South Sudan’s oil minister has confirmed to VOA that representatives of the Chinese, Malaysian and Indian national oil companies signed deals in the southern capital of Juba Friday. The agreements give the companies exploration […]

Tags: , , Posted in Africa, Economy

Japan ‘Considering’ Cutback on Iranian Oil: Foreign Minister

Posted January 13th, 2012 at 5:15 am (UTC-5)
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Japan’s foreign minister on Friday said Tokyo has not yet decided on whether to cut Iranian oil imports in support of U.S. sanctions against Iran’s nuclear program. “It requires wise and thoughtful considerations, so the Japanese government will deliberate on this issue before we reach the final conclusion.” Koichiro Gemba’s comments seemed to contradict those […]

Tags: , , , , Posted in East Asia Pacific

South Sudan Accuses Sudan of Blocking Oil Shipments

Posted January 10th, 2012 at 12:05 pm (UTC-5)
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South Sudan says its northern neighbor, Sudan, has blocked it from exporting 3.4-million barrels of oil during the past month. Sudan controls the pipelines that landlocked South Sudan needs to ship its oil to market, and the sides have been locked in a dispute about oil revenue and transport fees since the south became independent […]

Tags: , , Posted in Africa

Norway’s Statoil Discovers Oil in Barents Sea

Posted January 9th, 2012 at 8:30 am (UTC-5)
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Norway’s Statoil has announced a major oil discovery in the Barents Sea that could contain up to 300 million barrels of oil. Statoil, Norway’s largest oil producer, announced the find in a statement Monday. It says the newly discovered deposit is in the Havis prospect , just seven kilometers from the Skrugard prospect, where oil […]

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Oil Prices Jump 4%

Posted January 3rd, 2012 at 5:20 pm (UTC-5)
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Global oil prices rose about four percent Tuesday in the wake of rising Middle East tensions and some upbeat economic news. The cost of a barrel of crude oil for future delivery rose $3.80 in New York, to trade at $102.63, its highest level in six weeks. London’s benchmark Brent crude rose almost $4 reaching […]

Tags: , Posted in Economy

China, Afghanistan Sign Historic Oil Deal

Posted December 28th, 2011 at 6:40 am (UTC-5)
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Afghanistan has signed its first major oil exploration contract with a state-owned Chinese company to develop three oil fields in northeastern Afghanistan. The deal, signed Wednesday in Kabul, will allow the China National Petroleum Corporation (CNPC) to research oil and natural gas blocks along the along the Amu Darya River in the northeastern Afghan provinces […]

Tags: , , Posted in South Asia