Feb. 4--KNOC STARTS IRAQ VENTURE: State-run Korea National Oil Corp said it has started an oil exploration project in Iraq on its own, after failing to attract consortium members for the $2.1bn deal, Reuters has reported. KNOC will operate two oil fields -- Qush Tappa and Sangaw South -- and own stakes of 15 to 20 percent in six fields including the Bazian block in the Kurdish region, which is the only block to be run in a consortium, which includes South Korea's top refiner, SK Energy.

IRAN STOCKPILING FUEL AS PRICES STAY LOW: Iran is storing around 2 million barrels of gas oil on ships even though a mild winter has capped demand, Reuters has reported. An industry source said Iran has been stockpiling for about two months and we will continue to do so because prices are low. International oil companies and top trading firms have been storing crude on tankers since late last year, as they look to take advantage of the possibility of selling at higher forward market prices.

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