Gazprom Neft Cost Estimate for Iraq Field Raised to $3 Billion

The Russian oil industry was already reaping the rewards of higher global oil prices from Iranian tensions, even before Tehran raised the stakes Wednesday by threatening to cut off oil to six European nations.

Projected world petroleum and other liquids supply increases by 1.7 million barrels per day (bbl/d) in 2014 and 1.4 million bbl/d in 2015, with most of the growth coming from countries outside of the Organization of the Petroleum Exporting Countries (OPEC).

Forecasting steady global economic growth.

China Petrochemical Corp., Asia’s biggest refiner, made a “strategic breakthrough” in shale gas exploration in southwest China’s Sichuan province.

Gazprom on Wednesday proposed signing a major China gas export deal in May, as industry sources indicated that the Russian gas giant may offer a lower price in return for billions of dollars in upfront payments.

Oil and gas production in northern Norwegian fields dropped significantly in the course of 2013.

Russian gas deliveries to Europe grow 16.3% in 2013Russian gas deliveries to Europe grow 16.3% in 2013 Russian natural gas supplies to Western Europe in 2013 increased by 20 percent to 127.05 billion cubic meters

Top 10 finds of 2013 and what these discoveries mean for investors.