Kenya and Japan to Survey for Oil
Reuters reported that the National Oil Corporation of Kenya and Japan Oil, Gas and Metals National Corporation have signed an agreement to evaluate Kenya's onshore petroleum reserves.
Articles Tagged "japan"
Oil Prices to be Volatile
Oil prices eased modestly early on March 28 after advancing rebels in Libya announced that they would be able to resume crude exports in a week and Qatar promised to help them market their product on world markets.The price remains 8 percent higher than it was a month ago, and 30 percent higher than a year ago, challenging global economic recovery.
Rising Gas Prices to Follow Japan Disaster
The Energy Information Administration (EIA) forecasts that increasing consumption in 2012, led by strong growth in the electric power sector, should contribute to higher prices and to an economic incentive for producers to resume drilling.
Oil Industry Impact from Earthquake in Japan
Spot market oil prices fell to a two-week low in New York on speculation that the worst earthquake in Japan’s history will hurt growth and reduce fuel demand in the world’s third largest economy.
Russia and Middle Eastern Oil Sources Competing for Asian Business
Japanese and South Korean refiners have increased oil purchases from Russia, eroding the dominance of Middle Eastern suppliers and electing for a more competitive crude source that is three weeks closer by ship. While Russian exports have surged over the last 6 months, the Middle East remains dominant, with total Middle East output in June around 19.9 million barrels, while Russia’s output was 10.3 million barrels, peaking at 330,000 barrels a day in June.
