Creative Commons/Trevor MacInnis
High oil prices are fast becoming a grave concern for a threat to the growth of economy in Asia. This threat promises to smother consumer demand while also forecasts adverse effects on export and threatens to reignite inflation. Continue reading
The prices on oil fall after 7 days surge. However, the prices on retail gasoline keep on soaring added five cents to a national average of $3.70 per gallon over the weekend. Continue reading
Secretary of State Hillary Rodham Clinton and Mexico’s Foreign Minister Patricia Espinosa, sign the US-Mexico Agreement Concerning Transboundary Hydrocarbon Reservoirs in the Gulf of Mexico, Monday, Feb. 20, 2012, in Los Cabos, Mexico. From left are, Clinton, Interior Secretary Ken Salazar, Mexico’s President Felipe Calderon, Espinonsa, and Mexico’s Secretary of Energy Jordy Herrera. (AP Photo/Charles Dharapak, Pool)
The United States and Mexico have signed an agreement to allow U.S. firms and Mexican oil company, Pemex, to drill oil and natural gas deposits located along the sensitive maritime border in the Gulf of Mexico. Continue reading
AP / Nabil al-Jourani
Iraq has opened a new offshore oil facility in order to increase its crude oil exports. This is only the 1st facility in it’s planned series of opening 4 oil facilities in the Arabian Gulf. It is estimates that opening these facilities will add about 200,000 barrels a day, to its total export capacity. Continue reading
Imports of West African crude oil are the highest ever recorded, after the Iran oil embargo cut supplies of oil from Tehran to Beijing. The first quarter reflects the effects of the oil sanctions as India and China look to stock alternative sources of supplies. Continue reading
Iranian oil technician Majid Afshari, right, and coworker Ebrahim Mehrjouei work at the oil separator facilities in Azadegan oil field, some 480 miles (800 kilometers) southwest of the capital, Tehran, Iran, April 15, 2008. (AP / Vahid Salemi)
India and China refuse to bow under E.U. pressure to cut back on Iran oil imports and pressurize Tehran to abandon its nuclear program. Continue reading
AP / Vahid Salemi
To add pressure on Tehran to suspend part of its nuclear programmes, EU has imposed sanctions on Iranian oil. This is a move to put pressure on Iran’s nuclear policies. The US led sanctions campaign has already adversely affected the Iranian economy. The sanctions also include freezing of assets of the Iranian Central Bank in Europe. It also put bans on trade of precious metals, diamonds and petrochemicals. Continue reading
Robert Einhorn, U.S. State Department's special adviser for nonproliferation and arms control, shakes hands with South Korean Deputy Foreign Minister Kim Jae-shin, right, during their meeting in Seoul, South Korea Tuesday, Jan. 17, 2012. (AP Photo/Jung Yeon-je, Pool)
The U.S. is pressurizing South Korea to cut back its Iranian oil imports in keeping with Washington’s plans to impose trade sanctions on Tehran over its nuclear program.
The U.S. delegation to South Korea led by Robert Einhorn, US State Department’s special adviser for nonproliferation and arms control clearly wants Asian countries to reduce Iranian imports which they feel will tighten the grip on Iran’s aspiring nuclear ambitions. Continue reading
Iran is currently poised to stop the flow of oil from the Gulf. Against such a canvas, the UAE’s delay for the strategic oil pipeline that will bypass through the Straits of Hormuz, has added to the oil supply worries. The launch of the pipeline has been postponed to mid 2012. Continue reading
A seismologist report associated with investigating a series of 11 minor quakes in the Youngstown area because of disposal of wastewater from oil and gas drilling in a northeast Ohio well has triggered concern in the area. Continue reading