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On 6 October, when the European Union (EU) agreed to impose a Russian oil price cap as part of a new package of sanctions against Moscow, 23 oil ministers from the OPEC+ group of oil-producing countries spoke out in favor of a sharp cut in their joint production quota. Their collective decision to decrease output by about two million barrels of oil per day elicited strong reactions in the US in particular, and there was even talk of “declarations of war.” The EU feels duped, as the OPEC+ production cuts could drive up fuel prices and dampen their eight sanctions...

“WE DON’T care about oil prices,” Muhammad bin Salman, Saudi Arabia’s deputy crown prince, recently told Bloomberg, a news agency: “$30 or $70, they are all the same to us.” Such comments by the man calling the shots in the world’s biggest oil power should be taken with a pinch of salt. Low oil prices cost the country billions, threaten its credit rating and are turning it from creditor to debtor: this week it set out to raise $10 billion from global banks. Yet the claim is not entirely hollow, either. Saudi Arabia is determined not to give any succour...

# Oil and natural gas production capacity should surge by 25% to 110 million barrels per day by the year 2015 - the result of investments in new and unconventional petroleum sources like oil-sand deposits and oil shale, according to a study conducted by Cambridge Energy Research Associates (CERA). # The research firm's forecast, if accurate, "would ease the current perception of taut supplies that have driven oil prices up 25% so far this year and 285% since the end of 2001," according to Investor's Business Daily. # While presently, there are only approximately 2 million barrels worth of spare...

Nigerian Strike To Focus On Oil ExportsNigeria’s largest labor organization has called for its 2nd national strike — to start Nov. 16 — against recent government hikes in the domestic retail oil price. This strike, however, is strategically aimed at stopping Nigeria’s lucrative oil exports. Nigeria is the world’s seventh largest oil producer, and is the fifth largest provider of oil imported by the United States. If the strike is effective, its effects could ripple through the global oil economy, causing wholesale prices to rise beyond its recent record levels, and raising U.S. gas and fuel prices.

For education and discussion only. Not for commercial use. ABERDEEN, Scotland -- BP is cutting 500 jobs in its North Sea oil operations, representing 16 percent of its work force in oil extraction operations. "Most of the onshore employees affected will leave the company by the middle of the year and offshore employees by the end of the year," the company said in Friday's announcement. It said it should know next month how many of the cuts can be achieved voluntarily. Scott Urban, BP's group vice president for northwest Europe, said a cost-cutting review had focused on all aspects of...