Latest news
Oil prices climb again as macroeconomic data show improvement.
Hopes over an improving economy followed oil prices surge on declining jobless claims by 34,000 to 407,000 last week, the new U.S. government data regarding consumer revenues increase of 0.5 percent and consumption growth of 0.4 percent, which added to the bullish trend of the benchmark oil price for January delivery as it gained $2.33 to $83.58 a barrel on the New York Mercantile Exchange.
read more... 03/12/2010
U.S. permits block the exploration of the Gulf of Mexico.
After the BP crisis in the Gulf of Mexico, U.S. authorities have been more restrictive in giving permits that allow companies such as Shell to make further drillings.
read more... 03/12/2010
New oil possibilities on Russian oil and gas market.
Russia is currently working on modifying its legislation and framework to allow foreign companies to operate on their market.
read more... 02/12/2010
Kurds demand oil reforms to join the new administration.
The Kurdistan Regional Government's minister for natural resources , Ashti Hawrami, announced Tuesday that they would only be interested in participating in the new Iraqi administration if these will make new hydrocarbon and revenue-sharing laws by June 2011.
read more... 02/12/2010
Uganda to satisfy in-house market oil demand.
Uganda is set to build a refinery in order to meet the local oil demand of an estimated 25,000 barrels per day (bpd) and eventually afterwards supply up to 200,000 bpd for export.
read more... 01/12/2010