Iran's oil minister accused some countries on Sunday of making up excuses to justify their refusal to stabilise prices by cutting output, a possible reference to Saudi Arabia as a Saudi official insisted the issue should be left to market fo
Opec is unlikely to lower its oil production ceiling when the group meets in November, a senior Iranian oil official said, in comments that reduced the likelihood of any collective Opec action to support prices.
Iran is normally a
The Kuwait Oil Company (KOC), a subsidiary of state-run Kuwait Petroleum Corporation, has denied some media accounts of its oil production lagging behind due to technical snags, a report said.
The company was meeting its productio
Russia's number two oil company Lukoil yesterday (August 29) said its net profit rose by 13 per cent in the second quarter to reach $2.4 billion as production increased.
"The company continued to introduce and test new te
Saudi Aramco, the world’s biggest oil producer, plans to invest $40 billion per annum over the next 10 years to keep oil output capacity steady while doubling gas production, a report said.
Aramco forecasts more capital goin
Libya's El Feel oilfield has restarted production, a spokesman for National Oil Corp (NOC) said on Wednesday, as the country moves slowly to restore some of its output following protests that closed fields and ports.
The oil and gas production increased last year at Tatweer Petroleum, the ambitious new oil venture of Bahrain, while several major projects were commissioned, said a senior minister.
Tatweer is a joint venture between National Oil
Opec's production remains higher than next year's global requirement for its crude, the exporter group said on Tuesday, even after Saudi Arabia cut production from a record high level.
The monthly report from the Organizat
The U S will stride past Saudi Arabia and Russia to become the world's top oil producer by 2016, the West's energy agency said, bringing Washington closer to energy self-sufficiency and reducing the need for Opec supply.
Kuwaiti oil minister Mustapha al-Shamali said on Tuesday that he hopes his country can achieve oil production capacity of 4 million barrels per day by 2020.
Kuwait's current production is 3.2 million barrels per day, he told r