Middle East oil producers and international companies will meet this week to discuss how to tap heavy crude, a thicker form of the commodity that’s harder to refine, to boost output capacity even as prices fall.
Sekavin SA, a Greek fuel supplier, said it’s investigating the origin of a cargo aboard an Iranian tanker off the Mediterranean island of Syros amid a European Union ban on purchases from the Middle East nation.
Libyan rebels needed NATO’S military might to bring Muammar Qaddafi’s rule to the brink of collapse. About $50 billion in cash abroad means they can do without foreign aid to rebuild the country after a six-month conflict.
The opening of the 12th Gas Exporting Countries’ Forum in Cairo was marked by the absence of officials from Qatar, where the group has its headquarters, in a possible sign of their displeasure over Libya’s attendance.
Muammar Qaddafi ’s forces carried out air and artillery strikes on central oil ports to halt a rebel advance along the coast, while stepping up attacks on towns in the west that have risen up against him.
Libya’s newly appointed oil minister headed a commission that oversaw the bidding for drilling rights by international oil companies, and was chairman of an Eni SpA Libya joint venture in the country prior to his new post.