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Libya will be issuing its 5th energy concession by in the fourth quarter of 2013 after a “strong demand” and the need to finance the post-war projects. Oil Minister Abdelbari al-Arussi said they are also engaged in discussions with OPEC Read more
After the overthrow of Saddam Hussein, Iraq was put outside OPEC’s quota system because it presented a low output. A year ago, OPEC set a 30 million bpd target for all 12 producers allowing Iraq to come back in the Read more
Economic sanctions still continue to be directed towards Iran because of its refusal to halt its nuclear program. In a move to bring an end to such decisions, Iran has now threatened that it will keep its oil away from Read more
Crude oil from a vital Yemeni pipeline will start flowing again next week after months of suspension due to sabotage acts and attacks by militants forcing the Maareb oil facility to shut down and incurring losses estimated at $15 million Read more
Iraq is having talks with the Japanese company Nissan and the South Korean groups Kia Motors and Hyundai to set up factories to make various types of affordable cars in this middle-eastern country as more and more Iraqis are looking Read more
Russian oil company Bashneft has won a contract to explore for oil in Iraq’s southern provinces of Muthanna and Najaf. Two other big Russian oil firms, Lukoil and Gazprom, have already won exploration bids in Iraq which is looking forward Read more
Having a total capacity of 12,5 million barrels per day but pumping only around 10 million, the kingdom of Saudi Arabia has promised to fill any gap caused by sanctions on Iran. However, OPEC countries are divided over the increment Read more
Iran has been a victim of a major cyber attack once more. This time around, it was aimed at its main oil export terminal at the Kharg Island and the Oil Ministry. The National Iranian Oil Company and the Iranian Read more
Kuwait is planning to increase its oil production capacity from 3 Million barrel per day to 4 M/bpd by 2020 to meet rapidly soaring local, regional and international demands. To reach that goal, the Gulf state will carry out new Read more
The Gross Domestic Product (GDP) of the Sultanate of Oman has increased 23.3 percent to $ 51.9 billion during the first three quarters of 2011 due to the surge in oil prices and output in the Gulf country According to Read more