WorldOil Vitol says it’s ‘business as normal’ as it buys Iranian oil The world’s largest independent oil trader said it’s "business as normal" with Iran as Vitol Group BV confirmed it has already bought cargoes from the country after the end of economic sanctions. Diamond Offshore, GE enter industry's first performance-based subsea BOP service agreement Diamond Offshore Drilling and GE Oil and Gas have announced the offshore drilling industry's first-of-its-kind contractual service agreement (CSA) that transfers full accountability for BOP performance to GE Oil and Gas. Murphy Oil terminates contract for Transocean’s Discoverer Deep Seas Transocean Ltd. announced that Murphy Exploration and Production Company - USA, a subsidiary of Murphy Oil Corporation, has elected to terminate the contract for the ultra-deepwater drillship Discoverer Deep Seas. Total starts production at Laggan-Tormore in the West of Shetland Total has started production from the Laggan and Tormore gas and condensate fields, located in 600 m of water in the West of Shetland area. The fields will produce 90,000 boed. World’s largest energy trader sees a decade of low oil prices Oil prices will stay low for as long as 10 years as Chinese economic growth slows and the U.S. shale industry acts as a cap on any rally, according to the world’s largest independent oil-trading house. Oil trades near $31 after Saudi-Venezuela talks as bets increase Oil traded near $31/bbl after Saudi Arabia and Venezuela met to discuss cooperating to stabilize the market and U.S. data signaled investors are split on the direction for prices. Hess drops on share sale following first loss in 13 years Hess Corp., the oil producer that reported its first annual loss in 13 years, fell the most in more than seven years, after announcing it’s selling $1.43 billion in stock. Iran sees oil exports to Europe at 54% of pre-sanctions level Iran will start sending 300,000 bpd of crude to Europe, 54% of the total it shipped before authorities on the continent put an embargo in place. Suncor wins over majority of Canadian Oil Sands shareholders Suncor Energy Ltd. said Canadian Oil Sands Ltd. shareholders holding more than two-thirds of the stock tendered their shares in a takeover that will make the biggest oil-sands producer also the largest owner of the Syncrude project in norther Alberta. Texas Alliance responds to Obama's proposed $10/bbl tax The following statement was released by George Rogers, chairman of the board of the Texas Alliance of Energy Producers, in response to President Obama's announcement yesterday, that he will propose a $10/bbl tax on the sale of crude oil produced in the U.S. Drillers pull 31 oil rigs as rig count reaches lowest level since ‘99 Drillers in the U.S. pulled 31 oil-directed rigs from the field this week as the oil price slump continues to hit the industry.