Saudis 'may run out of oil to export by 2030’

A report by Citigroup has warned that Saudi Arabia could run out of oil to export by 2030, raising fears that oil prices may rise significantly in coming years.

Deepwater Horizon: BP accused of gross negligence

The US Justice Department has accused BP of "gross negligence and wilful misconduct" over the Deepwater Horizon disaster, claims which BP denies.

High global oil prices cause for concern: IEA's Maria van der Hoeven

NEW DELHI: High global oil prices are a cause of concern for the International Energy Agency, the head of the body which represents 28 importing countries said, although crude markets were better supplied than those for refined fuels.

Russian oil production hits post-Soviet record

Russian leaders have hailed their powerful energy industry as the country posted a post-Soviet record high rate of oil production that should boost coffers in uncertain global economic times.

Iraq oil exports highest in more than 30 years

BAGHDAD: Iraq's oil exports reached their highest level in more than three decades last month as the country's output has continued to increase, oil ministy officials said on Saturday.

Total insists Shtokman Russian Arctic gas project not delayed 'indefinitely'

Total sparked confusion over plans for Russia’s giant Shtokman Arctic gas field, denying the project, in which the French company has a stake, had been delayed indefinitely.

Shell gets OK for Arctic drilling prep

NEW YORK (CNNMoney) -- The Obama administration has granted Royal Dutch Shell permission to begin drilling preparations off the coast of Alaska, bringing the region a step closer to offshore oil production.