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The Belarusian national oil company Belarusneft is pulling out of developing Iran’s Jofeir oilfield over differences with the state National Iranian Oil Co.(NIOC), the semi-official Mehr news agency announced.

Aker Solutions second quarter consolidated revenue was US$ 1.42 billion, compared with US$1.47 billion in the same period in 2010. Profits in the quarter were negatively affected by operational challenges.

The International Energy Agency (IEA) warned that a double-dip recession could reduce global energy demand enough to push global oil markets into surplus next year and could see oil prices decline further.

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