Libya’s warring factions have pledged to keep the North African country’s crude flowing, putting pressure on other OPEC nations to curb output when the group supplying 40% of the world’s oil meets next month.
Iran, eager for an end to sanctions that have restricted its oil exports, is shunning its image as OPEC’s price hawk by avoiding calls for an emergency session of the group to support prices
The Kurdish government is unable to pay government salaries as the cost of battling Islamic State puts strain on the finances of a US partner in the struggle against the militant group. Peshmerga fighters have played a central role in slowing the advance of Islamic State militants even as the semi- autonomous Kurdish region of northern Iraq has been locked in a dispute with the central government in Baghdad over oil. The Kurdish Regional Government has struck deals with oil companies and collected the revenue. The Iraqi government says it should control the country’s oil deals, and has withheld the budget for the region since the beginning of the year.
US-led coalition warplanes bombed Islamic State group positions across four provinces in northern and eastern Syria overnight, hitting a grain silo as well as the country’s largest gas plant, activists said. Washington and its Arab allies opened their air assault against the extremist group last week, going after its military facilities, training camps, heavy weapons and oil installations. The campaign expands on the air strikes the United States has been carrying out against the militants in Iraq since early August.
The US is said to have made a step in the right direction with Iran regarding the country’s nuclear ambitions.
A missing oil tanker at the centre of a heated ownership debate has suddenly reappeared.
The fifth annual global safety and competence conference will be opened by the Minister of Energy for the United Arab of Emirates, Suhail Mohamed Al Mazrouei.
Gulf Keystone Petroleum Ltd. is sending staff back to Iraqi Kurdistan after US airstrikes eased the threat from Islamic State militants that prompted a mass evacuation of expatriate oil workers three weeks ago.
The Saudi Arabian national oil company has revealed plans to more than double its exploration efforts in order to make up a widening shortfall in global oil and gas reserves.
Brent fell for a second day amid speculation that turmoil across the Middle East will not threaten crude supplies.
Occidental Petroleum Corp. is in talks to sell a $3billion stake in a gas field to Abu Dhabi- owned Mubadala Development Co., Petroleum Intelligence Weekly reported, without saying where it got the information.
Iraq’s Kurdish administration may increase oil exports via Turkey fourfold to half a million barrels a day in months, according to an official with knowledge of the situation, citing improvements in pumping capacity.