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Oil slips below $106 as Libya deal eases supply worries LONDON: Brent crude oil fell below $106 a barrel on Monday, snapping a two-day winning streak, after Libyan rebels occupying four eastern oil ports agreed to end an eight-month blockade, raising the prospect of increased supply to world markets. A major advance for the north African exporter, the end to the port standoff is taking some of the supply worries off the market that helped push prices to a high of $112 for the year. Brent crude fell $1.32 to a low of $105.40 per barrel before recovering to around $105.55 by 0810 GMT, after ending the previous week 1.2 percent lower. US oil was down 64 cents to $100.50.Libya's Zueitina and Hariga ports, held by federalist rebels demanding more autonomy from Tripoli, will open immediately while the larger ports of Ras Lanuf and Es Sider will be freed in two to four weeks after more talks."The sell-off follows the ...
Kashagan could restart this year if cracks only onshore: minister ALMATY: Output could restart at Kazakhstan's huge Kashagan oilfield this year if cracks in its pipeline system are only found onshore but "suspicions have emerged" there could be cracks offshore as well, the Kazakh oil and gas minister said on Monday.Inspection of the pipelines is under way and any microcracks detected offshore would mean further delay in restarting oil output, Uzakbai Karabalin told reporters.Copyright Reuters, 2014 ...
Russia seeks over $11bn in 'debt' from Ukraine: Gazprom MOSCOW: Chairman of Russia's Gazprom Alexei Miller on Saturday said that Ukraine must pay back the full discount it has been granted on Russian gas over the past four years, worth $11.4 billion.Miller said this week's annulment of the so-called Kharkiv accords, which gave Ukraine cut-price Russian gas until 2017 in exchange for access to the Crimea's port facilities, means that Kiev should pay the sum total of this discount back."The sum of the discount ...
Statoil starts production at Gudrun field off Norway OSLO: Oil firm Statoil started production at its Gudrun field off Norway at 0525 GMT on Monday, the firm said in a statement. Gudrun contains some 184 million barrels of recoverable oil equivalent. Statoil has a 75-percent stake in the field and is the operator while France's GDF Suez holds the remaining 25 percent. Copyright Reuters, 2014 ...
Russia's Rosneft says starts surveys in Arctic JV with Exxon MOSCOW: Russia's top oil producer Rosneft said on Friday it had started geophysical surveys in the eastern Arctic, advancing work with ExxonMobil despite Western sanctions over Ukraine. Rosneft, which is not on the list of those sanctioned so far, said airplanes with special equipment would survey all six areas the two companies agreed to jointly explore, with a total area of 440,000 square metres due to assessed by the end of 2014. The survey is ...


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