Russian Energy Minister Alexander Novak has a contrarian message for those who question the wisdom of freezing global levels of oil output. Despite the collapse of talks on restraining production Continue Reading
OPEC said its oil revenue plunged by $438 billion to a 10-year low last year, as an increase in export volumes failed to compensate for the collapse in prices. The Continue Reading
The global oil glut will probably persist until at least next summer as markets take time to absorb excess crude in storage, according to the head of research at the Continue Reading
Newly appointed Saudi Oil Minister Khalid Al-Falih declared the oil glut over during a visit to Saudi Aramco facilities in Houston, Texas, today. Speaking to the Houston Chronicle about the Continue Reading
A gas flame is seen in the desert near the Khurais oilfield, about 160 km (99 miles) from Riyadh, in this June 23, 2008 file photo. Saudi Arabia, the world’s Continue Reading
A Nigerian militant group known as the Niger Delta Avengers which has been attacking oil facilities might agree to a ceasefire on Thursday to allow the government time to meet Continue Reading
Offshore Oil Rig Angola’s state-run oil giant Sonangol, recently taken over by the president’s daughter, has announced a gas discovery in the offshore Kwanza Basin that could hold 813 million Continue Reading
Nigeria in May exported 1.89 million barrels per day, contrary to fears that crude export has dropped to as low as 1.3 million barrel per day. Data released by Windward, Continue Reading
Attacks on oil and gas production sites in the Niger Delta are threatening both production volumes and power supply of West African countries. Recent attacks on Nigeria’s energy infrastructure are Continue Reading
Venezuela is suffering the worst economic crisis in its history. Ordinary people in the oil-rich country are regularly going without food. Three-quarter empty supermarkets are being ransacked by angry, hungry Continue Reading
