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Oil News

Russia confirms ready to cut oil output by 300,000 barrels per day

Moscow - Russian Energy Minister Alexander Novak, responding to a decision by OPEC Wednesday to reduce crude output to lift prices, said Russia was ready to cut its own oil production by 300,000 barrels a day next year.

Putin, Iran's Rouhani back OPEC bid to stabilise oil prices

Moscow - Russian President Vladimir Putin and his Iranian counterpart Hassan Rouhani on Monday expressed support for OPEC's plans to limit the cartel's output ahead of a crucial meeting this week.

Nigeria's peace talks with oil rebels deadlocked

Warri - Just weeks ago, Nigeria's junior oil minister said output was almost back to normal after a year of devastating attacks against the major African oil producer.But now it seems Emmanuel Kachikwu spoke way too soon about the 2.

Iraq has to up oil output because of 'budget hole': FM

Budapest - Iraq has to up its crude output because dwindling oil prices and the fight against Islamic State have left "a huge hole" in the economy, Foreign Minister Ibrahim al-Jaafari said Tuesday, as the OPEC cartel scrambles to agree a production cut deal.

Polluted water in hand, Nigerian king takes Shell to court in London

London - King Emere Godwin Bebe Okpabi holds up a plastic bottle containing contaminated water from his community in Nigeria, proof of oil pollution that he blames on Royal Dutch Shell -- and on which he hopes a London court will deliver justice.

Mozambique probes tanker explosion that killed 56

Maputo - Authorities in Mozambique were on Friday investigating whether locals were taking petrol from a tanker that exploded in the country's west killing at least 56 people and injuring more than 100.

Saudi oil minister says OPEC production cut 'imperative'

Alger - Saudi Arabia's oil minister said it was "imperative" that OPEC nations finalise an agreement over a cut in oil production aimed at boosting crude prices, Algerian media said Sunday.

OPEC pumping oil at record levels ahead of crunch meeting: IEA

Paris - Output by OPEC oil producers has reached record levels, the International Energy Agency said Thursday, raising fears a global oil glut will continue to weigh on markets unless the cartel agrees on a cut.

Oil down as Trump leads in knife-edge US vote

Singapore - Oil prices were down in Asia on Wednesday as Republican candidate Donald Trump appeared poised to beat Democratic rival and market favourite Hillary Clinton in the race for the White House.

Supreme Court hears case of an oil company expropriation in Venezuela

Washington - Against the background of crisis in Venezuela, the US Supreme Court heard arguments Wednesday in a case involving the late leader Hugo Chavez's expropriation of a US oil company's assets in 2010.

Largest US oil pipeline shut off after deadly blast

Washington - The largest gasoline pipeline in the United States remained shut off Tuesday in the southern state of Alabama following an explosion that killed one and injured five, as crews battled to control the resulting wildfire.

Oil, gas production linked to 20th-century LA quakes

Washington - Oil and gas production may have contributed to four of the five most powerful Los Angeles Basin earthquakes of the early 20th-century oil boom, a new study showed Monday.

OPEC, non-oil cartel members discuss production cuts

Vienna - OPEC officials held talks with Russia and other non-cartel members Saturday in Vienna to debate how to implement a plan aimed at cutting oil output to reduce a global supply glut and bolster prices.

Hollywood star Ruffalo calls Obama 'immoral' at climate rally

Los Angeles - Hollywood star Mark Ruffalo accused US President Barack Obama of hypocrisy for allowing fracking and other fossil fuel extraction while presenting himself as a green president.

Venezuela's Maduro calls in Iran for oil price cooperation

Tehran - Venezuelan President Nicolas Maduro called on Saturday for increased cooperation between oil-rich nations to stabilise prices as he met with the supreme leader and president of Iran.

Activists sue Norway over Arctic oil drilling

Oslo - Environmental groups filed a lawsuit against energy-rich Norway on Tuesday to stop oil drilling in the Barents Sea.

Nanotechnology provides solution for oil spills

Oil spills are very difficult to address and cause significant ecological harm. A new method, based on nanotechnology, can turn an oil spill into a floating mass of brown jelly.

Russia says its oil firms ready to back curbs with OPEC

Istanbul - Russia on Tuesday said its oil majors were ready to back moves by the government to curb oil production in coordination with OPEC to push up pressured oil prices.

US govt again seeks to halt pipeline opposed by Native Americans

Chicago - The US government reiterated its request that construction of an oil pipeline in North Dakota be paused, while authorities consider the impacts of its route on a Native American tribe.

Putin says Russia ready to join measures to limit oil production

Istanbul - President Vladimir Putin on Monday said that non-OPEC member Russia was ready to join measures to limit oil production, saying that this was the only way to balance the market after a prolonged period of low prices.

Global court takes up E. Timor, Australia sea border row

Den Haag - In a blow to Australia, an international arbitration court agreed Monday to take up a decade-long maritime border dispute between East Timor and Canberra which cuts through lucrative oil and gas fields in the Timor Sea.

Fuel tanker fire extinguished in Gulf of Mexico

Mexico - A massive fire that burned for more than 24 hours aboard a fuel tanker ship loaded with thousands of barrels of oil on board was put out without having caused spills, a Mexican state-owned oil company said.

Fuel tanker burning in Gulf of Mexico

Mexico - A fuel tanker ship burned out of control Sunday in the Gulf of Mexico and started to leak, setting the water on fire, authorities said.The state-owned Pemex ship has been on fire for 24 hours just off the eastern port city of Veracruz.

Libya oil chief fears 'financial collapse' unless exports rise

Tripoli - Conflict-hit Libya could run out of money next year without a swift resumption of oil exports, the head of the country's National Oil Corporation (NOC) warned on Thursday.

Somali border claims 'absurd, hurtful', Kenya tells top UN court

Den Haag - Kenya on Monday rebuked Somalia for dragging it before the UN's top court to defend a maritime border dispute that could decide the fate of potentially lucrative Indian Ocean oil and gas reserves.

Rival Libya forces battle for oil ports

Benghazi - Forces loyal to Libya's UN-backed unity government launched an offensive on Sunday aimed at retaking key eastern oil ports seized last week by fighters from a rival administration.

Rival Libya forces battle for oil ports

Benghazi - Forces loyal to Libya's UN-backed unity government launched an offensive on Sunday aimed at retaking key eastern oil ports seized last week by fighters from a rival administration.

Rival Libya forces battle for oil ports

Benghazi - Forces loyal to Libya's UN-backed unity government launched an offensive on Sunday aimed at retaking key eastern oil ports seized last week by fighters from a rival administration.

Traders selling dangerously dirty fuel across Africa: study

Geneva - European oil companies, especially Swiss commodity traders, are exploiting weak African fuel standards by selling toxic diesel and gasoline across the continent, a campaign group said Thursday.

Rival Libya force says it has seized third oil port from unity govt

Tripoli - A rival force seized the Libyan oil port of Zuwaytina from guards loyal to the UN-backed unity government early on Monday in a new blow to its authority, a force spokesman said.
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Greenpeace activists chain themselves to each other during a demonstration on Bosphorus bridge calli...
Greenpeace activists chain themselves to each other during a demonstration on Bosphorus bridge calling for the release of 30 people arrested in Russia over a protest against Arctic oil drilling, during the Istanbul Marathon in Istanbul November 17, 2013. The 30 people detained by Russia consists of 28 activists who were arrested after coastguards boarded the Greenpeace icebreaker Arctic Sunrise following the protest at an oil platform owned by state-controlled Gazprom off Russia's northern coas
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