ConocoPhillips and Occidental Petroleum Corp (OXY) both posted better-than-expected Q4 earnings, rising 66 per cent and 35 per cent respectively, due to higher oil prices.

Baker Hughes reported a drop in profit for the fourth quarter owing to higher costs even as revenues increased 22 per cent from last year.

The European Union (EU) approved an embargo on Iranian oil imports at a meeting of EU foreign ministers in Brussels.

Unique Maritime Group (UMG) is continuing to expand its services and capabilities and the company held a round table to discuss its new regional and international vision Strength in Depth.

Schlumbergers Q4 earnings rose by 36 per cent from US$9.07 billion in 2010 to hit US$10.97 billion in Q4 2011.