Sovereign debt crisis in Europe, a much weaker-than-expected Euro and slightly higher-than-expected non-OPEC supply has forced Bank of America-Merrill Lynch (BofAML) to revises its WTI and Brent crude oil forecasts for second half of 2010 from $92/barrel to $78 per barrel. Yet despite the much reduced likelihood of a robust upswing in global economic activity, BofAML remain cautiously optimistic that the breadth of the recovery outside Southern Europe will prevent a double-dip scenario. Hence it...
Kuwait's General Administration of Customs on Tuesday said country's crude oil exports to China grew 17.8 percent in April to a record high of 1.081 million tons. In a report issued here it said the new figure is equal to 264,000 barrels per day. Kuwait provided 5.1 percent of China's total crude oil imports, compared with 5.7 percent in the same month of last year and 4.5 percent in March.
U.S. oil prices fell for the seventh time in eight sessions on Thursday on worries that fiscal problems in Europe could stifle global economic growth and energy demand.
Chevron Corp's quarterly profit more than doubled, beating forecasts, as a bounce in oil prices offset lower refinery earnings at the second-largest U.S. oil company.
Sinopec , Asia's top oil refiner, will buy a stake in upstream assets in Angola for $2.46 billion and said it wanted more such deals, which could shield it from high oil prices that hit margins in the fourth quarter.
Chinese crude oil supplies from Iran seems to be squeezing as the Asian dragon's crude oil imports from its third largest supplier, Iran, shrank by nearly 40% in the first 2 months of 2010 against the corresponding period last year. Even as the country's economy is thriving and the demand for crude has been rising steadily, the imports have shown a significant fall in the given period.
Nigeria's controversial oil industry bill is expected to eventually pass but the government may find it tough to later shift gears as international oil firms targeted under the legislation scale back their investments.
China has become more concerned about international tensions over Iran's nuclear program, but remains doubtful that sanctions can resolve the stand-off, the Chinese foreign minister said on Tuesday.
China faces growing pressure from Western countries to back fresh sanctions against Iran over its disputed nuclear activities. Here are key facts about ties between China and Iran.
China urged other powers on Tuesday to show more flexibility in dealing with Iran's disputed nuclear programme, playing down prospects of sanctions after six countries met to discuss the standoff.
As 2009 draws to a close and the Organization of the Petroleum Exporting Countries (OPEC) prepares to meet again at the end of the month, it faces a global oil market that has firmed up in response to production cuts that began to take effect in January 2009.
OPEC agreed on Tuesday to keep supply curbs unchanged but faces a battle to crack down on those in its ranks who are failing to comply with quota restrictions if it wants to drain bulging global fuel inventories.
OPEC agreed on Tuesday to keep supply curbs unchanged but faces an uphill battle to crack down on those in its ranks failing to comply with quota restrictions if it wants to drain bulging global fuel inventories.
OPEC agreed on Tuesday to keep supply curbs unchanged but faces an uphill battle to improve compliance with self-imposed quota restrictions if it wants to drain bulging global fuel inventories.
OPEC producers are set to leave output limits unchanged at a meeting in Angola on Tuesday, officials from the cartel said, but look likely to call for improved compliance with existing curbs.
OPEC would leave output targets unchanged when it meets this week in Luanda, ministers said on Sunday, as robust oil prices offset concerns in the group about excess supplies.
OPEC will almost certainly leave output targets unchanged when it meets this week in Luanda, ministers said on Sunday, as robust oil prices offset any concerns in the group about excess supplies.
OPEC will keep supply unchanged when it meets on Tuesday in Angola, Algeria's Energy Minister Chakib Khelil said on Sunday.
Angola's oil industry is booming as money pours in after the end of three decades of civil war, and officials say output could increase by as much as two-thirds over the next five years.
Chevron Corp has started pumping crude oil from the Tombua-Landana project offshore Angola, with plans to raise output to 100,000 barrels per day by 2011, the company said on Wednesday.
OPEC ministers meeting in Vienna this week were expected to keep supply targets intact and instead rely on hoped-for economic growth to sustain oil prices.
Independent oil exploration company Cobalt International Energy Inc became the latest private equity-owned company to seek to raise money in an initial public offering, according to a regulatory filing on Friday.
