The International Energy Agency cut forecasts for oil supplies from outside OPEC this year because of lower exports from Sudan and Syria, cautioning that reduced spare output capacity raises the risk of a price surge.
An oil platform operated by Queiroz Galvao Oleo e Gas SA for Petroleo Brasileiro SA (PETR4) in Brazil’s southeastern Campos Basin tilted 3 degrees and the well it was drilling was shut for safety reasons, the country’s oil regulator said. More »
Saudi Arabia’s oil minister said Wednesday that his country and other oil exporters are ready to offset any shortfalls in supply because of market volatility — an apparent reference to showdowns with Iran over its nuclear program. More »
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