Energy & OilEnergy & Oil
Global stock markets have suffered a sell-off sparked by concerns about the global economy and crude oil prices which have hit a new record. New York's Dow Jones closed down 0.93%, or 106.9 points, at 11,346.51 as the cost of oil rose to a fresh high above $142 a barrel.
Oil futures shot above 140 US dollars a barrel on Thursday after OPEC's president said crude prices could rise well above 150 US dollars a barrel this year and Libya said it may cut oil production.
Uruguay may have found an offshore natural gas field holding as much as 3 trillion cubic feet of resources during studies of exploration areas it plans to auction in July 2009, the country's state oil company said.
Uruguayan authorities downplayed the announcement earlier this week of the discovery of significant natural gas reserves and possibly oil in the River Plate close to the Brazilian border.
Leading oil exporters have acknowledged the need to boost supplies to curb soaring prices but stopped short of specific commitments on extra output. Following their week end crisis summit in Saudi Arabia, officials noted price levels were hostile and more investment was needed to ensure adequate supplies.
The indigenous peoples of South America from the Andes highlands to the extreme south of Chile celebrated early Saturday the arrival of the winter solstice which signals the beginning of a new year.
European Union leaders have agreed to a 3-month study to find ways of cushioning the impact of soaring energy prices on the region's citizens. At an energy summit in Brussels, ministers discussed plans to ease the pain of record oil and gas prices on consumers and companies.
China, the world's second-largest consumer of oil, is to raise the price of petrol and diesel by 18%. The move, which could depress demand for oil from the fast-growing economy, caused the price of crude to fall 4 US dollars.
United States remains the dominant leader in science and technology worldwide despite perceptions that the country is losing its competitive edge, according to a RAND Corporation.
GeoPark Holdings Limited announced the discovery of two new gas fields in the extreme south of Chile, the Magallanes Region. The gas fields are on the Fell Block following the successful drilling and testing of the two new gas wells.