Experts say a majority of key oil exporting Arab countries could face a budget deficit of at least $122 billion in 2015 as the result of the falling oil prices.
Iraq narrowed the discount for April crude deliveries to Asian buyers by the most since November 2011, joining other Middle East producers in raising official selling prices amid signs demand is improving.
A drop in shale oil production has triggered a rebound of global oil prices, but prices will not rise sharply as long as the world's economy stays sluggish, Kuwaiti Oil Minister Ali Al-Omair was quoted as saying
Genel Energy, one of the main oil producers in Iraqi Kurdistan, said it is still owed $233 million for oil it sold to the Kurdistan Regional Government (KRG) but is hopeful stable payments will start this year.
Exxon Mobil Corporation expects to start up 16 major oil and natural gas projects during the next three years and is on track to increase daily production to 4.3 million oil-equivalent barrels by 2017, Rex W. Tillers ...
Tethys Kazakhstan SA, a subsidiary of Tethys Petroleum, has signed an MOU with PetroChina International Kazakhstan to explore the feasibility of a long-term and mutually beneficial cooperation in natural gas and crud ...
An Iranian oil official said on Tuesday that Iran plans to undertake more deep-water exploration projects to increase the country's drilling capacity as well as balance the steady slump in oil prices.