Oil fell below $120 a barrel on Wednesday to the lowest in almost two months, pressured by rising U.S. inventories and concern about the strength of global demand.
Ukraine is planning to increase its own oil production, first and foremost, through the development of the Subotynske oil field on the Ukrainian shelf of the Black Sea and oil fields in Egypt, where Naftogaz of Ukrai ...
South Sudan accused Sudan of trying to build an "illegal" 25-km oil pipeline crossing the border towards the South's oil fields, a day after talks to resolve a damaging oil dispute between the two sides were postponed.
Iran's President Mahmoud Ahmadinejad said on Saturday the country's sovereign wealth fund could reach $55 billion by March next year if oil prices kept high, in an apparent bid to defend his economic record in the fa ...
Iraq's Kurdish region, which has halted crude exports in a row with Baghdad, owes the central government more than $5 billion and is smuggling the oil it produces through Iran, Iraqi officials said Monday.
U.S. President Barack Obama cleared the way for sanctions aimed at banks in countries that import Iranian oil, the latest U.S. step to ratchet up pressure on the government in Tehran over its nuclear program.
Iran and South Africa held talks in Tehran on Saturday to explore ways to circumvent the western sanctions on oil trade with the Islamic Republic, Mehr news agency reported.
Total SA is planning to explore for oil and natural gas off the coasts of Libya and Egypt, a region that may hold as much as 200bn barrels of oil equivalent, a company official said.