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Oil rises to 2-week high as Saudi Arabia bombs targets in Yemen

Oil climbed to the highest in more than two weeks in London as Saudi Arabia and its allies bombed rebel targets in Yemen, which is near the center of global energy trade.

Schlumberger unit to pay $233 million in Iran, Sudan sanctions case

Schlumberger Oilfield Holdings Ltd., a wholly owned subsidiary of Schlumberger Ltd., has agreed to enter a guilty plea and to pay a $232,708,356 penalty to the U.S. for conspiring to violate the International Emergency Economic Powers Act by willfully facilitating illegal transactions and engaging in trade with Iran and Sudan.

Gazprom Neft to conduct seismic survey in Iraqi Kurdistan

Gazprom Neft Middle East, the operator of Gazprom Neft’s projects in Iraqi Kurdistan, is to conduct a 2D seismic survey on the south-eastern section of the Halabja Block.

Return to $100 oil seen unlikely by Saudis amid shale surge

Oil won’t rebound to $100/bbl because increased prices would draw more shale and other output from higher-cost producers to the market, said Mohammed al-Madi, Saudi Arabia’s governor to OPEC.

OPEC has no choice but to keep oil production target, Kuwait says

OPEC has no plans for an extraordinary meeting to discuss ways to shore up oil prices and doesn’t have a choice but to keep its crude production unchanged to maintain market share, Kuwait Oil Minister Ali Al-Omair said.

EMGC 2015: Industry experts call for clarity on Eastern Med trade laws

NICOSIA, Cyprus -- During the Day 1 lunch presentation at EMGC 2015, Bill R. Alashqar, Managing Director of US Independents for GE Oil & Gas, shared his perspective on the power of networks globally and in the U.S.

Gulf Keystone resumes output at Kurdistan’s Shaikan field

Gulf Keystone, operator of Shaikan field in the Kurdistan Region of Iraq, has resumed production and truck loading operations at both its production facilities (PF-1 and -2), in line with the pre-payment of $26 million gross received for future Shaikan crude oil sales on Feb. 25.

Saudi crude exports in January reached highest in 11 months

Saudi Arabia’s crude oil exports rose 7.8% in January to the highest level in 11 months, according to the Joint Organisations Data Initiative.

Eni signs framework agreement to develop Egypt's oil and gas resources

The Egyptian Minister of Petroleum and Mineral Resources, Sherif Ismail, has signed with Eni’s CEO, Claudio Descalzi, a Head of Agreement aimed at the development of the oil and gas resources of the country, while preserving the return of Eni’s investments.

U.S. Embassy warns of plot targeting oil workers in Saudi Arabia

U.S. oil workers operating in the eastern province of Saudi Arabia may be targets for kidnapping or other attacks, according to a warning issued Friday by the U.S. Embassy in Riyadh.

Iraq talking with oil companies on proposed contract changes

Iraq is in talks with oil companies about possible changes in production contracts to create incentives for companies if the price of crude rises and shield government revenue if it falls, Oil Minister Adel Abdul Mahdi said.

Oil Search concludes record-breaking survey in Kurdistan

Oil Search Limited and Wireless Seismic announced Tuesday that in December, following seven months of continuous operations, Asian Oilfield Services (ASIAN) completed a large 3D seismic survey over the Taza Block in the Kurdistan Region of Iraq using Wireless Seismic’s real-time, radio-based RT System 2 seismic data acquisition system.

OPEC seen by Attiyah keeping oil policy unless others cut output

The Organization of Petroleum Exporting Countries won’t change policy at its next meeting unless other producers cut first, Qatar’s former energy minister said.

Wintershall, ADNOC present drill core to Germany’s Economics Minister

Wintershall and its partner ADNOC have presented the German Federal Minister of Economic Affairs, Sigmar Gabriel, in Abu Dhabi with the first piece of a drill core from the joint natural gas and condensate field Shuwaihat.

Oil glut seen easing in second half of year by head of OPEC

The global crude-oil market will return to balance in the second half of this year as demand growth picks up and high-cost producers trim output amid lower prices, OPEC Secretary-General Abdalla El-Badri said.

Iraq troops enter Tikrit, drive Islamic State from oilfields

Iraqi forces entered the central city of Tikrit earlier this week, in an attempt to drive out Islamic State militants, and regained control of two oilfields in the region, a local official said.

Oil falls for second day as dollar strengthens after jobs report

Crude futures dropped for a second day in New York as the dollar strengthened after a monthly jobs report, reducing the investment appeal of commodities.

Saudi Arabia to keep pumping as much oil as customers want

Saudi Arabia, the world’s biggest crude exporter, pledged to supply as much oil as its customers need as recovering demand helps rebalance the global market.

Circle Oil abandons Oman well following drilling difficulties

Circle Oil is to plug and abandon the Shisr-1 well, in Oman’s Block 49, following drilling difficulties.

Magnetrol expands company sites on three continents

Magnetrol International, Inc., has recently expanded and opened several key locations: Aurora, Ill., Zele, Belgium, and Dubai, UAE.