World news

Moody’s: Global refining, marketing industry to see earnings rise this year

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Tuesday, 08 April 2014 11:55

The global refining and marketing industry will continue to see pockets of earnings growth over the next year, but flat conditions overall, with product demand expected to increase modestly this year by 1.2 million b/d, according to a recent report from Moody’s. That demand increase will be roughly in line with net global capacity additions, Moody’s said.


Oil futures settle lower on Libyan port deal

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Tuesday, 08 April 2014 11:46

Oil futures settled lower Monday, fluctuating as investors await implementation of a weekend agreement that would reopen Libya's Zueitina and Marsa al-Hariga oil ports.

The eastern Libyan ports have a combined export capacity of 180,000 b/d. 


Lukoil starts production at West Qurna-2 field

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Tuesday, 01 April 2014 12:29

Lukoil Mid-East Ltd. has started production at Iraq’s West Quarna-2 oil field after reaching its target of 120,000 b/d on Mar. 28. The company says it must maintain that level of production for the next 90 days to begin receiving a return on investment, based on a 2010 agreement with the Iraqi government.


Oil price jumps more than $2 on risk of Ukraine war

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Tuesday, 04 March 2014 08:00
Crude oil prices jumped more than $2 a barrel to multi-month highs, lifted by rising tension in Ukraine after Russian President Vladimir Putin declared he had the right to invade his neighbor, Kazinform refers to Arab News.

Russia interested in exploring oil in Caspian Sea

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Monday, 10 February 2014 10:50
 Russian ambassador to Tehran has said his country is interested in joint attempts to explore oil in the Caspian Sea.

BP profits drop 28 pct in 2013 on weaker refining business

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Thursday, 06 February 2014 10:54

 British oil giant BP reported profits drop in 2013, blaming for weaker refining margins and higher exploration costs, according to BP 2013's fourth quarter and full-year results announced on Tuesday.

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