Latest news
IEA announces the proportion of oil release
Last week, the IEA announced that it will release 60 million-barrel of oil from its strategic reserves after consumer nations unsuccessfully exerted pressure on the Organization of the Petroleum Exporting Countries to increase its oil production at a meeting this month.
read more... 28/06/2011
Iran to keep opposing any rise in OPEC production quotas
Iran, OPEC's second biggest crude producer continues opposing an increase in oil production and favoring high oil prices, according to Iranian oil minister statements on Sunday.
read more... 27/06/2011
Russian government seeks offshore oil spill funds
The Russian Prime Minister Vladimir Putin proposed on Wednesday a bill that would require the Russian companies engaged in the exploration of crude seeking to obtain offshore extraction licenses, to set apart financial reserves which could be used in case of an eventual oil spill.
read more... 24/06/2011
Bulgaria to freeze the construction of trans-Balkan pipe
According to the Environment Ministry declarations, Bulgaria has rejected for a third time the report on environmental impact assessment of the Bourgas–Alexandroupolis oil pipeline, aimed to pump Russian crude oil to Greece via Bulgarian territory.
read more... 24/06/2011
BP receives a £46 million settlement from Weatherford
BP announced on Tuesday that it has reached agreement with Swiss-based Weatherford to settle potential claims between the companies related to the Deepwater Horizon accident.
read more... 23/06/2011