Montello Resources (TSX.V:MEO), an oil and gas exploration firm based in Calgary, Alberta, potentially has a very big problem on its hands. It’s the kind of problem most junior explorers only wish they had.

Given the ArmRosgazprom’s activities, Armenia’s savings in the natural gas and transport sector amount to $180-200 million while the population saves some $300 million by using natural gas, ArmRosgazprom Director General Karen Karapetian said at today’s meeting of the company’s shareholders dedicated to ArmRosgazprom 10th birthday.

Oil prices surged to a record closing high in New York overnight as traders viewed the small output hike agreed by OPEC as a token gesture that would do little to meet rising global demand.

Russia's largest independent crude producer, and China National Petroleum Corporation (CNPC) have signed a cooperation agreement, LUKoil said in a statement Monday.

Russia's energy minister, Viktor Khristenko, and the Iraqi oil minister plan to discuss energy cooperation Thursday, a spokesman for the Russian Industry and Energy Ministry said.

Brunei will begin drilling a new oil well this week in collaboration with France's Total SA, officials said, marking a fresh effort to bolster the tiny sultanate's oil and gas reserves.

Russian President Vladimir Putin today called for increased energy cooperation between Russia and southeastern Europe as he outlined a number of new projects in the region.

Russian JSC Lukoil was allowed by Turkmenistan's government to work three fields in the energy-rich Caspian Sea, official media in the Central Asian nation reported Wednesday.

Straddling a promising energy corridor running from east to west, Turkey is keen to turn its geographical position into political capital. To the west, Ankara wants to exploit its position to gain leverage with the world's second-biggest energy consumer, the European Union, whose membership Turkey seeks. Looking east and south, Turkey strives to expand its influence in countries that supply the oil and gas Europe needs, especially Central Asia.

Iran just raised its subsidized prices on gasoline and is introducing gas rationing. It may initially strike one as an odd move for a petroleum rich country like Iran. But, as VOA Correspondent Gary Thomas reports, just because a country has a lot of oil does not mean it also has a lot of gasoline.

Hefty bank loans and share offerings by Russian companies have led to a huge wave of capital into the country this year, and it potentially brings the danger to lose control over inflation in the nation's oil-fueled economy, the World Bank said Wednesday.

A consumer advocacy group says Americans are alarmed about the U.S. dependence on oil imports and are worried that oil revenue can be used to fund terrorism. The report comes as Americans express their anger over increasingly high gas prices in the United States.