Peak oil
IMF: Gulf should adjust to new oil price 'reality'
Gulf economies need to adjust to the ?new reality? of oil prices expected to remain low for some time, the International Monetary Fund (IMF) said, recommending spending cuts and income diversification.
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Russia for first time acknowledges low oil prices may hit output
Russia's oil production may drop if crude falls below $40 a barrel, Deputy Energy Minister Alexei Teksler said on Sept. 18, the first time Russia, one of the world's biggest producers, has acknowledged low prices could hit output.
Fracking is winning
"No one can set the price of oil. It's up to Allah," said Saudi Arabian Oil Minister Ali al-Naimi in May. But less devout people believe that Saudi Arabia has been trying very hard to set the price of oil - and to set it low. Moreover, it has been remarkably successful, because last week the price of oil was in the mid $40s per barrel, down from just over $100 last May.
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Bulgarian Commission Head: Retail Prices Will Add 1-1.5% due to Power Price Hike
Vladimir Ivanov, Chair of the Commodity Exchanges and Wholesale Markets State Commission, has argued that the power price hike for industrial consumers as of August 1 will result in an increase of 1-1.5% in retail prices.
Oil demand rises after price drop, but supply strong: IEA
World oil demand will rise much more than expected this year, the International Energy Agency (IEA) said on June 11, in the latest sign that the collapse in oil prices is helping to boost fuel use.
Russian oil, gas reserves jump most in BP league table
Russia added the most oil and gas reserves during the past year while the United States overtook it as the top energy producer, oil company BP said on June 10 in its benchmark annual review of world energy.
Albanian Oil Production Registers Peak in 2014
The biggest company in Albania, Canadian-based Bankers Petroleum, registered its highest ever crude oil production in Albanian oilfields during 2014, earning $583 million, 3 per cent more than in 2013.
Oil production averaged 20,690 barrels per day, 14 per cent more than in 2013, the company said in a press release.
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IEA sees renewed pressure on oil prices as glut worsens
Oil prices might have stabilized only temporarily because the global oil glut is worsening and U.S. production shows no sign of slowing, the International Energy Agency said on March 13.
The West's energy watchdog said the United States may soon run out of spare capacity to store crude, which would put additional downward pressure on prices.
Turkey's energy watchdog puts new price cap on fuel companies
Iran parliament downsizes oil revenues for new budget
Iran's parliament has cut by 25 percent projected oil revenues in the draft budget for 2015-2016 to reflect the drop in price on the international market, media reported Feb. 16.
The decision was taken by lawmakers as they voted point by point on the draft budget submitted in December and which must be ratified by the end of the Iranian fiscal year on March 20.