Iraq’s national oil company will develop the country’s giant West Qurna field and decide which foreign companies to work with, the country’s oil minister said today, after meeting with the top executive from the Russian oil giant seeking to resume its work at the field.

A crisis of confidence in Russia’s banking market spread today to one of Russia’s largest banks as dozens of customers rushed to retrieve their savings only to find that they had to wait in Soviet-style queues and pay a 10% penalty.

The main pro-Kremlin party competing in Russia's parliamentary elections was leading with a wide margin over the second-polling party, the Communists, the first exit poll results showed last night.

Russia's anti-trust ministry has approved the merger of local oil firm TNK with BP. This removes the last obstacle for the two companies to create Russia's third largest oil producer.