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Iraq has formally lowered its controversial oil production target by one quarter, apparently recognizing it was way too ambitious. But industry analysts say that even the scaled-down plan may still be beyond Baghdad's reach because of shale oil.
Prime Minister Nouri al-Maliki's weekend visit to Iraq's semiautonomous Kurdish enclave did not produce any visible sign of a breakthrough in Baghdad's feud with the independence-minded Kurds who're now exporting oil through neighboring Turkey.
Russian oil producer Gazprom Neft announced it conducted its first hydraulic fracturing campaign on the Yamal Peninsula at its Novoport field.
Dutch supermajor Royal Dutch Shell may explore hydrocarbons in the Russian arctic alongside gas company Gazprom, the Russian company said.
Russian gas giant Gazprom and Royal Dutch Shell in Amsterdam have signed a memorandum of understanding that outlines joint exploration of the Russian Arctic.
U.S. oil companies seem to be losing interest in Iraq, which a decade ago was seen as the big prize in the global energy business.
The president of the semiautonomous Kurdish government of Iraq arrived in Moscow to discuss prospects for oil and gas cooperation, said Russia's Gazprom.
The brewing oil war between Iraq's central government and a defiant Kurdistan are forcing Baghdad to downsize its ambitious plans to quadruple oil output.
Exxon Mobil is pushing ahead with its drive to develop oil fields in Iraq's Kurdish enclave despite fierce opposition from Iraq's central government in Baghdad.
Russia's state-owned oil company Rosneft said it aims to invest around $10 billion to support its work in the Venezuelan energy sector.
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