Energy & Oil
Energy & OilArgentine industry faces blackouts and more to come
Argentina again faces a winter shortage of energy and has been forced to cut the provision of natural gas to 300 manufacturing establishments given the rise in domestic consumption of fuel for home heating.
Argentina cuts gas supply to Chile for “several days”
Chile's Minister of Energy Marcelo Tokman announced Wednesday that because of “low production problems” Argentina will not be pumping natural gas “for several days”, although he said that home and commercial provision was guaranteed.
Saudi Arabia pumping more crude but oil futures rules
Top oil exporter Saudi Arabia has boosted crude supply to help meet the world's need for fuel and may further increase output later if needed, a senior Gulf OPEC source said on Wednesday quoted by Reuters.
Germany forecasts “explosive” growth for wind energy
Global annual wind energy production is expected to grow “explosively” in the next 10 years to reach 107,000 megawatt (MW) by the year 2017, (from the current 20.000 MW) according to a study from the German wind energy institute, DEWI, which is organizing the Husum Wind Energy trade fair next September.
Commodities hedging and weak dollar spur record oil prices
Oil prices jumped on Wednesday to a new record high, 134 US dollars a barrel, on concerns about low US crude stockpiles, the weak dollar, supply constraints and increasing demand.
Petrobras announces new oil discovery in ultra deep waters
Brazil's government managed oil and gas corporation Petrobras announced this week the presence of oil traces in pre-salt reservoirs, in ultra deep waters off shore Sao Paulo in the Santos Basin.
Oil market has gone “crazy” says OPEC secretary
OPEC Secretary-General Abdullah El-Badri maintained on Thursday that the oil market has gone “crazy” and blamed the situation on geopolitical tensions, speculation and the weak US dollar. “We want moderate prices”.
Saudis reject oil production increase request from Bush
Saudi Arabia rejected on Friday an appeal by visiting US President George W Bush to raise oil production reported a US official. Saudi officials said they were already meeting demand, and had increased production by 300,000 barrels per day earlier this month.
Uruguay sets oil exploration licensing round timetable
Uruguay has approved the legal framework and timetable for a round of hydrocarbons exploration licensing, offshore, which will have a first presentation next December. The round is based on the encouraging results of seismic surveying and the interest shown by several global oil corporations, according to the Uruguayan government.
Peruvian president calls for tax on oil to finance reforestation
Peruvian President Alan Garcia said on Friday taxes on oil and natural gas exports could help fund global efforts to combat climate change and promote reforestation of the Amazon River basin.
