Opec's 2011 revenue touches record high
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
Industry
Oil price slump may hit Middle East economies
Infrastructure and projects of Middle Eastern oil companies will slow down if oil prices dip any further, say experts
Purchases of Iranian crude declines in April and May says IEA
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 begins US$200 million share buyback programme
Dragon Oil has announced the start of a US$200 million share buyback programme that it said would return cash to its shareholders
BP to resume exploration in Libya while Shell abandons wells
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
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