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Turkey beats Norway as Europe’s largest oil producer
Turkey has surpassed Norway as the largest oil producer of Europe, increasing the number of its drilling rigs to 34 rigs in comparison to 26 at the end of last year.
read more... 11/01/2013
Daily: Brent and U.S. crude prices settle lower on U.S oil inventories hike
Brent and U.S. crude oil futures eased on Wednesday in choppy trading on the pressure which came from increasing U.S. oil inventories and crude oil production. Meanwhile, Brent February crude declined 18 cents, or 0.16 percent, to settle at $111.76 a barrel, having traded from $111.11 and $112.23. U.S. February crude slipped 5 cents, or 0.05 percent, to settle at $93.10 a barrel, having traded from $92.68 to $93.65.
read more... 10/01/2013
EIA: US oil production to increase by 25% by 2014
According to the Energy Information Administration, the US oil production will grow by a quarter in the next two years, to its highest level in 26 years. The US oil production would grow by 900,000 barrels per day (bpd) in 2013 to 7.3 million bpd. The reason of the increase in oil production is mainly because of the discovery of vast reserves of shale oil.
read more... 10/01/2013
Daily: European power spot prices jump as cold weather is lifting demand
Brent crude oil climbed 54 cents to settle at $111.94 a barrel on Tuesday, backed by buying related to the annual rebalancing of the S&P GSCI commodity index. Meanwhile, front-month U.S. crude oil futures eased by 4 cents on Tuesday to settle at $93.15 a barrel, weakening as the S&P GSCI commodity index - one of the two biggest commodity indexes - began to rebalance for 2013.
read more... 09/01/2013
Factors behind oil price
The price of a barrel of oil is the result of a number of competing factors:
read more... 09/01/2013