High production levels and strong oil prices  boosted the Organisation of Petroleum Exporting Countries (OPEC) crude export earnings to an all time high of US$1.026 billion in 2011

Infrastructure and projects of Middle Eastern oil companies will slow down if oil prices dip any further, say experts

Oil-importing countries purchased nearly one million barrels per day (bpd) less crude from Iran in April and May than in late 2011 as the tightening of sanctions against the country start to bite

Dragon Oil has announced the start of a US$200 million share buyback programme that it said would return cash to its shareholders

Royal Dutch Shell has confirmed it is to suspend its interests in oil and gas exploration blocks in Libya, while BP has announced that it is to recommence oil exploration in the country