oil

Nigeria navy confiscated 1.35bn dollars in illegal oil in 2016

Nigeria's navy confiscated 420 billion naira (1.35 billion dollars) in illegal crude oil and diesel in 2016, the chief of naval staff said Thursday.

Iran eyes bigger stake in European oil market with boosted production

Iran is planning to increase its oil production from the current 600 million to 1 billion cubic metres per day, the vice minister for petroleum said on Saturday.

Eastern Libyan port exports oil for first time since 2014

A tanker left the eastern Libyan port of Ras Lanuf on Wednesday carrying the first oil export from the terminal in two years, a company official said. 

Libya's National Oil Corporation to resume exports

Libya's National Oil Corporation (NOC) said Thursday that it would resume exports from its eastern ports "as soon as possible," after taking control of the facilities for the first time in about two years.

Iran plans to export 2.4 million barrels of oil per day

Iran is planning to export 2.4 million barrels of oil per day by March, according to the Ministry of Petroleum.

Kuwait increases petrol prices as low oil prices bite

Kuwait started enforcing increases in domestic petrol prices on Thursday as low oil prices have put pressure on the crude-producing Gulf country's budget.

Nigerian militants attacking oil installations open to negotiations

Nigerian militants attacking oil installations in the Niger Delta have called a ceasefire and expressed a willingness to negotiate with the government.

Norway's Statoil reports quarterly net loss of 302 million dollars

Norwegian energy group Statoil on Wednesday said lower oil and gas prices contributed to a third quarter net loss of 302 million dollars and announced it would cut investments and exploration expenditures.

Contracts signed with INA, Vermilion Energy on onshore hydrocarbon exploration and exploitation

"The contracts have secured half a billion kuna of new investments, and the amount can be higher if new quantities of oil and gas are discovered," PM Oreskovic said after the signing ceremony, noting that oil would be processed in Croatian refineries.

Japan shares plunge on quakes concerns, rising yen, falling oil

Japanese stocks fell 3 per cent Monday for the second straight trading day of fall as investor sentiment was hurt by a stronger yen, falling oil prices and growing concerns about the two major earthquakes that struck the southern island of Kyushu last week.

Iran: no plans to join Russian-Saudi oil production freeze

Iran has no plans to freeze its oil production levels at January rates, its oil minister said Sunday, putting a dent in a Russian-Saudi plan announced last month that was designed to slow down the freefall in world oil prices.

Saudi, Russian oil deal appears unable to reverse devastating rout

A conditional deal to limit output by the world's top two oil producers seems unlikely to raise prices.

Russia, Saudi Arabia agree to freeze oil output to prevent price drop

The world's two largest oil producers

Russian foreign minister to discuss oil price management in UAE, Oman

Russian Foreign Minister Sergei Lavrov will visit the United Arab Emirates and Oman next week to discuss ways to bring global oil prices to a "fair level," the ministry said Friday.

Oil slumps to more-than 12-year low as Iran sanctions lifted

The price of oil fell to a more-than 12-year low on Monday, adding to concerns that the lifting of sanctions against Iran will boost the global oversupply of the commodity.

Qatar follows other Gulf countries in raising petrol prices

Qatar Friday became the latest Gulf country to raise domestic petrol prices as low oil and gas prices have put pressure on state finances in the region.

IMF warns central Africa against falling oil prices

“With oil prices projected to remain low for long and oil reserves depleting, macroeconomic stability will hinge on smart fiscal policies and determined structural reforms to strengthen the business climate and regional integration,” 

Cheap oil creates winners and losers

The decline of oil prices is not a boon for everyone. While consumers and manufacturers profit, the outlook for oil-producing countries is gloomy.

Russia charges Erdogan directly involved in Islamic State oil trade

President Recep Tayyip Erdogan and other top Turkish leaders are directly involved in the illegal oil trade with the Islamic State militant group, Russian Deputy Defence Minister Anatoly Antonov charges.

U.S. bombing wider Islamic State oil supply chain - Obama nominee

About 43 percent of Islamic State's oil revenue has been affected by U.S.-led strikes over the past month, U.S. General Joe Dunford, chairman of the Joint Chiefs of Staff, said in testimony to a separate congressional panel.

Janaf oil pipeline operator posts record results

Expenditures in the first nine months of 2015 stood at HRK 317.6 million, up 23.5% on the year.