News

Grains, metals and energy all rose slightly Wednesday after the dollar fell against other currencies.

Vanco Energy and Lukoil have something to celebrate in Ghana, a discovery.

Spanish oil company Repsol is to drill for oil in an area near the Falkland Islands.

Devon Energy intends to sell its stake in the Azeri-Chirag-Gunsheli oil fields.

A massive oil reserve buried two miles underground has put North Dakota at the center of a revolution in the U.S. oil industry.

Iraq has signed a raft of deals with foreign oil companies that could take its crude output capacity up to 12 million barrels per day, rivalling top producer Saudi Arabia.

Middle Eastern oil producers are scrambling to protect their market share in Asia amid rising competition from a new source of supply—an oil blend from Russia called ESPO.

Preliminary reservoir tests of the Jalameed Well 3 showed commercial potential for tapping the gas, which flowed at a rate of 12.1 million cubic feet a day

Iran needs to invest $24 billion to $30billion per year in its oil industry to reach the 20-year goals of the country the Head of the National Iranian Oil Company (NIOC) says.

Russia's second biggest oil company Lukoil replaced 95% of its 2009 production with new reserves, trailing behind its top rival Rosneft.

Oil oozed from the East-Siberia - Pacific Ocean (ESPO) oil pipeline, launched about a month ago, in the third such accident in less than two months.

UK-listed Roxi Petroleum said it had struck 12.8 metres of net oil pay in the NK-22 exploration well on the Galaz contract in Kazakhstan.

Oil turned positive on Thursday, rising towards $78 a barrel as the dollar weakened after an unexpected increase in US jobless claims, and on strikes in French refineries.

The imminent arrival of a British oil rig in waters around the Falkland Islands heightened tensions between Britain and Argentina yesterday.

Russia's oil exports reached 247.4 million tons in 2009, up 1.8 percent from a year earlier.

Oman aims to award 11 oil exploration and production contracts in 2010 as part of efforts to boost long-term crude output.

Sistema, billionaire Vladimir Yevtushenkov’s holding company, may attempt to buy almost half of oil producer Russneft.

Oil company TNK-BP said Tuesday that it planned to invest $1.3 billion over the next five years to improve refining rates.

A statement released by the Kremlin in Moscow said that Russian President Dmitry Medvedev has signed into law a protocol on duty-free oil deliveries to Belarus after a bitter dispute between the two former Soviet neighbors.

US dependence on Organisation of Petroleum Exporting Countries (OPEC) for energy is not set to fall in the near future despite focus on renewable energy.