December 2014

The dramatic events that recently took place regarding the termination of South Stream and its replacement by the so-called 'Turk Stream' pipeline has caused shock throughout Bulgaria, which is already rife by public discontent against the current political and economic elite.

Saudi Arabia, the world’s largest oil exporter, deepened the discount at which it sells crude to Asia and the U.S., underscoring for some market watchers the kingdom’s commitment to defending its market share amid the recent rout in oil prices.

Global oil and gas exploration projects worth more than $150 billion are likely to be put on hold next year as plunging oil prices render them uneconomic, data shows, potentially curbing supplies by the end of the decade.

Heavily indebted US shale companies are facing financial pressure as a result of the fall in the price of oil but may find their lenders are inclined to “go easy” on them, according to Fitch, the rating agency.

U.S. crude oil and lease condensate proved reserves rose for the fifth consecutive year in 2013, increasing by 9% from the 2012 level to 36.5 billion barrels

Oil prices slid to the lowest point in more than five years Friday as worries about a global glut of oil continued to weigh on the market.

The recent sharp falls in the oil price require further adjustments to asset values around the world. Oil was in most people’s forecasts and commentaries at about $110 a barrel earlier this year, but is now selling for under $70.

Sir Ian Wood, the Aberdeen-based billionaire and energy industry veteran, has given warning that tumbling oil prices will have a “horrible effect” on North Sea prospects.

A sharp drop in oil prices since the summer is creating a heap of trouble for Norway.

Romania's energy sector needs about 100 billion euros ($123 billion) worth of investment in power, oil and gas production, mining and related infrastructure by 2035 to be more self-sufficient, a draft energy ministry document showed.