Iraqi Parliament is widely concerned about the Kurdish regional government's oil deals with foreign companies, saying the contracts could harm future of Iraq's vast oil industry.

The price of oil rose to a new record above US$96 a barrel Thursday after a surprise drop in U.S. crude stockpiles raised concerns about supplies for coming winter demand. Other energy futures also gained.

Oil has risen to a new all-time record high during trading in Asia, passing US$91.10 at 10:23 p.m. (eastern time).

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.

Iraqi Minister of Energy and Mineral Resources Khalid Shraideh said Iraq has informed Jordan its readiness to provide Jordan with Iraqi oil.

Mexican state oil company Pemex will resume production in its facilities Mexican state oil company Pemex will resume production on Friday after Hurricane Dean tore through the Gulf of Mexico, forcing it to evacuate hundreds of platforms and cut production, the company said.

A US hedge fund manager has confirmed he is in talks to provide funding for the purchase of Russian bankrupt Yukos’ foreign assets won by a former unit of state oil group Rosneft in an auction last week.

China's Ministry of Land and Resources has certified the discovery of 445 million tons of proven oil reserves in the newly discovered Jidong Nanpu oil field in Bohai Bay, bringing the total possible oil and gas reserves to 1.18 billion tons of oil equivalent.

Northern Oil and Gas, Inc. Announces Agreement to Acquire Additional Williston Basin Acreage in Mountrail County, North Dakota

Emergency response teams have contained a fire that broke out in a crude unit at the Chevron refinery in Pascagoula, Mississippi, at approximately 2:15 p.m. CDT today (August 16).

China National Offshore Oil Corporation has signed two production sharing contracts with U.S.Newfield Exploration Company for blocks numbered 22/15 and 16/05, both in the South China Sea.

Cyprus appears headed for a showdown with Turkey over Nicosia's plans to begin oil and gas exploration in the east Mediterranean. Nathan Morley reports for VOA from Nicosia that Cyprus wants to issue exploration permits for 60,000 square kilometers of seabed near the island later this year.