Latest news
Russia: Oil production increased to a new record level in 2013
According to new figures released by the Russia’s energy ministry, last year Russia has produced the largest amount of oil, registering a new record level, since the post-Soviet period. Oil production increased by 1.4 % last year from 2012 levels, reaching a new record of 523.3 million tons (10.51 million barrels per day). December’s monthly production averaged 10.63 million bpd.
read more... 06/01/2014
Daily: UK gas prices the lowest level in the last 7 weeks on an oversupplied system
Brent crude decreased 2 cents at $112.16 per barrel at 10:22 GMT, while U.S. crude was down 8 cents at $100.24. The contract broke above the $100-mark on Friday for the first time since the end of October. U.S. crude oil stocks fell by 4.7 million barrels last week as the Gulf Coast continued to shed inventories, even as U.S. oil production reached a 25-year high. While the spread between the two benchmarks widened on Monday to around $12, it is expected to narrow as the Keystone XL pipeline is set to start operations in the United States.
read more... 30/12/2013
China, India, Japan and South Korea have reduced Iranian oil imports
Asia's main purchasers of Iranian crude oil have reduced imports by about 15 per cent in 2013, but imports may augment in coming months, on the rise of turmoil in Africa which menaces to tighten global oil supplies. Tough U.S. and EU sanctions have slashed exports from the OPEC member by more than half to about 1 million barrels per day (bpd).
read more... 27/12/2013
Daily: Brent crude holds above $111 on refinery strike in France, dispute in South Soudan
Brent crude oil held steady above $111 a barrel on Monday following weak activity ahead of Christmas holiday as investors concentrated on continuing refinery strikes in France and internal dispute in South Soudan.
read more... 24/12/2013
Greece creates preconditions for natural gas privatization with Azeri SOCAR
Greece agreed last week to sell the operator of its natural gas grid to the State Oil Company of Azerbaijan Republic, SOCAR.
read more... 23/12/2013