Iraqi Parliament Declares it Can Halt Oil Contracts

Iraq's parliament has the authority to block a contentious oil deal with BP and China's CNPC, despite the oil ministry's insistence lawmakers can do nothing to derail the agreement, a top lawmaker said. "The government believes that such a subject is included in its authorities, according to existing law, but if parliament finds these contracts or this (bidding) round ... are not beneficial, parliament can prevent the government," parliament speaker Ayad al-Samarai said in an interview on Sunday.....Complete Story

BP, CNPC Win Iraqi Rumaila Oil Field Development Deal

BP and China National Petroleum Corp. have won a contract for the development of Iraq's Rumaila oil field, the first of eight giant Iraqi oil and gas development projects for which Iraq began receiving bids Tuesday, Iraqi officials said. Selected foreign companies including international oil majors and Japanese companies are making bids. Iraq is offering contracts to foreign companies for the first time in around 40 years since its energy.....Complete Story

Crude Oil Falls After Report of Larger Than Expected U.S. Inventory Gain

"Iraq Inaugurates Oil Deal with China's CNPC"
Iraq inaugurated an oil project on Wednesday with the Chinese National Petroleum Company, activating the country's first major oil deal with a foreign firm since the fall of Saddam Hussein in 2003....Complete Story

"Crude Oil Falls After Report of Larger Than Expected U.S. Inventory Gain"
Crude oil futures fell after a U.S. government report showed a bigger than expected inventory gain as lower demand prompted refiners to slow processing....Complete Story


"Bad Weather Halts Kuwait Oil Exports"
Kuwait halted its oil exports of more than 2 million barrels per day on Tuesday due to bad weather, spokesman for state refiner Kuwait National Petroleum Co (KNPC) Mohammad Al-Ajmi said....Complete Story

Crude Oil Industry Headline News

"Oil Falls After U.S. Inventories Rise to 16-Month High as Demand Tumbles"
Crude oil fell after a U.S. government report showed that crude stockpiles climbed to a 16 month high as fuel demand tumbled....Complete Story

"Oil Collapse Forces Gulf Nations to Run Deficits, Cut Foreign Investment"
Tumbling oil prices are forcing many of the richest Persian Gulf states to record budget deficits and limit a critical source of foreign investment for poorer Arab countries....Complete Story

"Inpex Denies Talks on Indonesia LNG Project Stake Sale"
Inpex Corp. said Wednesday it isn't ruling out the possibility of inviting companies to take part in its liquefied natural gas project in Indonesia in the future, but the company so far hasn't held any talks with anyone on a stake sale....Complete Story

"China's CNPC Signs Deal for Iran Oil Field"
CNPC has signed a deal to develop Iran's north Azadegan oil field. Under the first phase, Azadegan's crude output capacity would reach 75,000 barrels per day....Complete Story