News

The Organization of the Petroleum Exporting Countries (Opec) voiced confidence that excess supply in the oil market will ease as demand picks up and supply growth slows from producers outside the group, an indication its strategy of letting prices fall, reaffirmed at a meeting last week, is working. In a monthly report, Opec pointed to […]

Mexican state oil company Pemex said it had discovered a new oil field in the Gulf of Mexico shallow water, its five biggest discoveries. This new oil fields located off Campeche and Tabasco. Emilio Lozoya Pemex CEO said that the current estimated reserves in the region could reach 3.5 million barrels of crude oil output […]

Iran is storing as much as 40 million barrels of oil on supertankers at sea as it prepares for a sales drive if a nuclear deal can be sealed.

Iraq increased its July official selling price (OSP) for Basra Light crude to Asia as expected, but a steeper than expected hike for Basra Heavy could weigh on the new grade

Nearly a year after oil markets entered a deep downward spiral, unmoored from the $100-a-barrel mark that had anchored them for years, some Opec members are publicly talking for the first time about a new “fair” price for their crude. Oil ministers from Iraq, Venezuela and Angola said in Vienna that a price of $75 […]

Saudi Aramco has raised its July price for its Arab Light grade for Asian customers by 60 cents a barrel versus June to set it at parity to the Oman/Dubai average.

Eight western European companies are keen to invest in Iran’s $2.8 billion Siraf oil refinery project, an Iranian official said on Monday, as the country ramps up capacity to reduce is dependence on imports.

According to the Energy Ministry data, Russia’s offline oil refining capacity has been revised up by 16 per cent to 2.6 million tonnes in April due to unplanned maintenance.

Now the Tan Book published a news that the 2015 oil and gas drilling activity in some area will continue to reduce.

Energy Minister Dr Abdulhussain Mirza, who was the keynote speaker, reviewed the history of the oil industry in Bahrain since the discovery of crude in the kingdom in 1932, before any other GCC country, said a report in the Gulf Daily News (GDN), our sister publication. He highlighted the key role that British oil companies […]