Zambia signs $1.2 billion crude oil deal with Kuwait firm
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The Zambian government has awarded a 1.2 billion dollar crude oil deal to a Kuwait firm to supply over 1.4 million tonnes of oil to the southern African nation, an official said.
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Kuwait would back a hike of 1 million barrels per day (bpd) in Opec&#39;s oil output ceiling if crude prices remained at record levels, it said yesterday in a move
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VIENNA - The Organization of Petroleum Exporting Countries agreed Wednesday to boost its current daily crude oil production quota by 1 million barrels to 27 million barrels from Nov 1 to try to stabilize recently high-flying crude oil prices.
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LONDON - Crude oil topped the psychological milestone of $50 per barrel Tuesday for the first time, and a Saudi Arabian oil official said the world's largest petroleum exporter would raise its production capacity by nearly 5 percent in a bid to calm prices.    Analysts said instability in the Middle East, political unrest in Nigeria, Africa's top oil exporter, and damage to U.S...
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Dow Chemical plans to sell a 50 percent interest in five of its global businesses to a Kuwaiti company for about $9.5 billion to form a joint petrochemicals venture.
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Kuala Lumpur - Malaysia&#39;s national oil and gas company Petronas on Tuesday announced its Petronas International unit has signed an agreement with Sasol to create South Africa&#39;s largest liquid fuels business.
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U.S. oil giant ConocoPhillips Inc. agreed to pay nearly &#36;2 billion Wednesday for the Russian government's remaining 7.6 percent stake in Lukoil, the world's No. 2 oil company &#151; a deal expected to clear the way for joint ventures in Siberia and Iraq, while allaying broader concerns about the Kremlin's commitment to foreign investment.
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Mexican state oil monopoly Petroleos Mexicanos has chosen potential private partners for a US$2.7 billion (euro2.15 billion) project to boost its faltering petrochemicals business.
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LONDON, November 29  - Saudi Arabiaâs Oil Minister, Ali Al-Naimi, reiterated today that his country is taking adequate steps to expand its sustainable oil capacity, while mentioning that supply-related fears have resulted in a $10-$15
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US oil giant ConocoPhillips has announced a $US2.4billion ($3.3billion) strategic alliance with Russia&#39;s largest oil company, Lukoil, under which Conoco will buy a 7.6per cent stake in the Russian company and get a share of joint projects.
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Top oil exporter Saudi Arabia vowed  Sunday to guarantee world crude supplies and said it would hold  1.5-2.0 million barrels per day of spare production in reserve.
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US oil giant ConocoPhillips yesterday paid nearly $2 billion for a 7.6 percent stake in Russia's Lukoil -- the world's number two oil company by reserves -- in Russia's biggest privatization.
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An agreement has been reached to lend 1.7 million barrels of oil from the government&#39;s Strategic Petroleum Reserve to two companies whose refineries were running short of crude
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Saudi Arabia, Kuwait and the United Arab Emirates, which account for almost half of OPEC&#39;s oil output, said they&#39;re committed to boosting capacity to meet soaring demand that has driven prices to a record.
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Venezuela said on Thursday U.S. oil giants ConocoPhillips  and Chevron  had agreed to cede by May 1 the operations of multi-billion dollar projects in the Orinoco heavy crude belt.
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CAIRO  - OPEC oil producers were closing in on a deal to reduce oil production to bring it closer to official quotas, which will be left unchanged, Kuwaiti Energy Minister Sheikh Ahmad Fahd al-Sabah said.
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Saudi Arabia, the world&#39;s biggest oil exporter, is maintaining spare oil production capacity of about 2 million barrels a day to help avert shortages and control prices, the country&#39;s oil minister said.