Russia to Drill for Oil Off Cuba

(NEWSER) - Oil trapped deep in the Gulf of Mexico could help ease the US-Cuba trade ban and decades of strained relations, the Washington Post reports. With 5 billion to 20 billion barrels of crude lying untapped in Cuba's territorial waters, some experts argue it's time for US companies to help drill it. But Washington's JFK-era trade ban stands in the way. It would "be a sea change, literally and figuratively, for the Cubans," one US professor said. More»

Moscow seeks to extend influence in Latin America

(NEWSER) - Russian president Dmitry Medvedev is in Cuba strengthening ties with the Castro regime and attempting to broaden Russia's influence in Latin America, the BBC reports. Medvedev arrived in Havana yesterday from Venezuela where he and Hugo Chavez signed deals promoting nuclear energy and developing closer military ties. Russia is expected to sign an agreement with Castro to explore Cuban waters for oil. More»

Researchers say new discoveries more than offset worked-out fields

(NEWSER) - New oilfields being brought online more than offset losses from depleted fields, says an optimistic report released today. Though it cited an Iran-sized 4.5% annual loss, key oil industry adviser CERA contends “there is no impending short-term peak in global oil production," reports the Wall Street Journal. Researchers, however, had little access to fields controlled by OPEC and Russia. More»

Rebels say they have so far kept the government out of Homs

(NEWSER) - Syria's main political opposition group today announced that it was forming a "military bureau" to unify and coordinate the Free Syrian army and other armed opposition groups opposing Bashar al-Assad. Speaking in Paris, the Syrian National Council's leader said they had originally hoped for a nonviolent revolt, but now felt the need to avoid "chaos" and take charge of the flow of weapons into the country, the BBC reports. The move came as the UN Council on Human Rights passed a resolution condemning Syria's "widespread and systemic violations" against civilians. More»

Company teams with state-owned Rosneft for exploration

(NEWSER) - Exxon Mobil scored a major coup in the search for Arctic oil today, signing a deal with Russia to explore areas with state-owned Rosneft, reports Reuters . The deal gives Exxon access to spots controlled by Moscow in the Kara Sea, which has become a much sought-after region within the petroleum industry now that sea ice looks to be receding, notes the New York Times . More»