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The price of oil has dropped around 20 percent in recent weeks, but remains more than double what it was just a couple of years ago. The high price has given oil companies the incentive to revisit old fields long ago abandoned as unprofitable. As VO
Falling Oil Prices Prompt Russian Economic Fears Khanty-Mansiysk in Siberia - home to around 70 percent of Russias developed oil fields and the source of much of the countrys wealth. Russia produces more than 10 million barrels of oil per day - makin
By Sarah Simpson Lagos 15 June 2007 Military officials say gunmen have abducted more foreign nationals working in Nigeria's oil-rich Niger Delta. News of the hostage-takings come a day after the release from prison of a prominent militant leader, hai
The price of oil has hit an all-time high in London, rising above $146 a barrel, with New York crude prices not far behind. Tendai Maphosa reports for VOA from London analysts do not see an end to the price increases anytime soon. Oil well pumps The
Saudi Arabia is signaling that it is going to boost its supply of oil on its own after failing to convince other oil producers to jointly agree to more production. Several news agencies reported Saturday that the Saudis could increase their oil produ
NEW YORK, July 13 (Xinhua) -- Crude prices rose on Friday as supplies tended to be tight on new Iran sanctions and production problems in North Sea. There was news on Thursday saying that the Obama administration expanded sanctions on Iran, in an eff