The US seeks to lift limitations on its LNG deliveries to Europe and strengthen competition in European energy markets. It’s to break the EU’s dependence on Russian gas, as “the Russians overplayed their hand”, says US Senator Richard G. Lugar. “In the past, Moscow showed itself quick to use energy as a club to punish and coerce its neighbors — but the Russians overplayed their hand,”... 

The U.S. Department of Energy recently released a message stating that in 2012 oil production in the country will increase by seven percent. America is opening up its resources and reviewing its energy policy, experts say. If the production of crude oil and other liquid hydrocarbons continues to grow at the same pace, in a couple of years the United States will catch up to the indicators of Saudi... 

An Iranian oil tanker The South Korean Economy Ministry says Seoul and Tokyo have asked the European Union to extend insurance contracts on tankers carrying Iranian crude after the bloc’s oil embargo comes into effect on July 1. “To the EU members, we explained the problems that could be caused to non-EU members by the EU insurance embargo,” the ministry said in a Monday statement. “In close... 

A rally has been held to back Argentine president for her decision to expropriate 51 percent stake in energy company YPF from its controlling shareholder, Spain’s Repsol, Press TV reports. Ruling party top officials and lawmakers joined the rally on Friday at Velez soccer stadium in Buenos Aires, where demonstrators waved national flags. “When I announced I was sending this project to the congress,... 

View of the Senate Plenary Session, while voting on a presidential decree to allow the expropriation of YPF, in the Argentine capital, Buenos Aires, April 26, 2012 Argentina’s senate has endorsed a presidential decree to nationalize Spain-owned oil company YPF amid widespread domestic support for the plan. At the Wednesday session of the senate, legislators from both the ruling party and the... 

More than 1,000 South Sudanese soldiers have been killed in the disputed oil-rich Heglig, following a fresh bombing raid by Sudanese warplanes. Reports say the number of dead bodies is so high and it is difficult to give an accurate estimation. Kamal Marouf, the Sudanese armed forces commander put the number of deaths at 1200. “The numbers of killed from SPLM are 1,200,” AFP quoted Marouf... 

A YFP Gas tanker Argentina has ordered the seizure of YFP Gas, another company controlled by the Spanish firm Repsol, as part of plans to take control of the country’s natural resources and increase production. “There’s a division (of Repsol) called YPF Gas and that’s what will be expropriated,” Argentine Senator Marcelo Fuentes said on Wednesday. The move to declare YPF Gas... 

Despite the European Union’s sanctions against Iran’s oil sector, oil and gas companies from 15 European states have thus far put in a request to take part in Tehran’s 17th International Oil, Gas, Refining, and Petrochemical Exhibition. “So far, 1,255 domestic and foreign companies from 44 countries have registered to take part in this international exhibition,” Eshaq Rouyvar, the director... 

Last year NATO countries bombed Libya, demanding “democracy” in the country. But now it’s clear it was all about oil and it’s not like the Americans and Brits are going to be democratic about it, and share those spoils equally with France and Italy. So… oil giants Total from France and ENI from Italy are just going to have to wait in the sidelines while the hungry American and British big... 

Uruguayan Agriculture Minister Tabare Aguerre Uruguayan Agriculture Minister Tabare Aguerre says his country is ready to export rice to Iran in exchange for Iranian oil in the face of the US-led unilateral sanctions on Tehran. “If Iran is willing to barter oil for rice we will do it and we will take out currency from (the operation),” Reuters quoted Aguerre as saying on Friday. Uruguay,... 

US Secretary of State Hillary Clinton The United States says it has exempted 11 nations including 10 European Union members and Japan from tough new sanctions on Iran as they have reduced oil purchase from Tehran. US Secretary of State Hillary Clinton said in a statement on Tuesday that the exemption covers financial institutions from 11 nations – Belgium, Britain, the Czech Republic, France,... 

Scout in the Persian Gulf, March 2008 The US Navy has confirmed it is doubling the number of minesweepers in the Persian Gulf in an apparent move to prepare for a possible standoff with Iran over the crucial oil export route. An additional four minesweeper and four minesweeping helicopters will join the four ships already patrolling the Persian Gulf. The overall number of US minesweepers in the region... 

US to aid India Help With Replacing Iran Oil Supply “Anyone but Iran,” is what the United States is telling India, as America attempts to persuade the country to go elsewhere for its oil needs. There are currently no sanctions that would restrict India from continuing to do business with Iran, but any disruption in their relationship could cause the Iranian economy to be impacted significantly.... 

Iran says only European companies with 2 to 5 year contracts can but Iranian crude. A top Iranian oil industry official has said some European states have started negotiations with Tehran in order to purchase Iran’s crude oil. “Only European companies with a 2- to 5-year contract with Iran can purchase the country’s crude, otherwise [Tehran’s] relations with those companies will be reconsidered,”... 

Frontline Ltd.'s supertanker 'Front Shanghai' The International Energy Agency (IEA) says China has bought an additional 200,000 barrels per day of Iran’s oil in recent months. Didier Houssin, IEA director of energy markets and security, said on Tuesday that Beijing is the world’s second-biggest crude consumer and may continue to increase oil imports from Iran. “China has been...