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Russia sees possibility for economic contraction

With energy playing a dominate role in national finances, Russia’s deputy prime minister said Friday an economic contraction is possible for this year. “Speaking about most short-term...

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Oman’s daily oil production exceeded 1 MMbopd for first time

Oman succeeded reversing its oil output decline in 2008 by making new discoveries and using technology to improve recovery of oil from aging fields. Production increased from 710,000 b/d in 2007...

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Egypt, Eni sign investment agreement

The Egyptian Minister of Petroleum and Mineral Resources, Sherif Ismail and Eni’s CEO, Claudio Descalzi, signed a head of agreement aimed at the development of the oil and gas resources of the...

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Egypt finalizes LNG supply deal with Gazprom

Egypt finalizes LNG supply deal with Gazprom Egypt’s Ministry of Petroleum informed that an LNG supply deal with Russia’s Gazprom has been finalized. According to a ministry statement, Egyptian...

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OPEC Sees 2015 Supply Surplus Rising

The collapse in oil prices – almost 60 percent since June – is accompanied by falling in the demand for OPEC oil to its lowest in a decade. In its monthly report, the Organization of the...

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Israeli natural gas requires patience

Australian energy company Woodside Petroleum said it was “prepared to be patient” with the Leviathan natural gas field as Israel mulls its export policies.   Woodside in December...

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