Peak oil

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.

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.

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.

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.

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