Energy & OilEnergy & Oil
Brazil's oil and gas government managed corporation Petrobras announced on Tuesday that total production (domestic and abroad) in June reached a record of 2.412.155 barrels of oil equivalent per day, boed, which is 3.3% higher than a year ago and 2.3% over May 2008.
Brazilian government managed oil and gas corporation Petrobras reacting to a labor strike which began early Monday announced that all but two out of 38 offshore platforms are extracting hydrocarbons.
The Chilean government admitted on Monday it was foreseeable that Argentina would impose a 100% increase on the natural gas export tax. The tax on Argentine gas exported to Chile has soared from 7.8 US dollars per million BTU to 15.9 US dollars, which added to transport and other inputs adds to 29 US dollars per million BTU.
Oil prices rebounded by more than 5 US dollars a barrel on Thursday as another missile launch by Iran stoked worries that escalating political tensions in the Middle East could cut off supplies out of the region.
The Organization of Petroleum Exporting Countries earnings from oil exports are expected to reach a record 1.251 trillion US dollars this year, about 73 billion more than previously estimated, according to the US Energy Information Administration.
Workers from Brazil's government managed oil corporation Petrobras confirmed on Friday they will begin a five-day strike at the country's main fields in the off shore Campos basin on Monday, regardless of whether the company presents a proposal before then.
Brazil's government managed oil and gas corporation Petrobras set a new monthly oil production record in Brazil in June: 1,867,000 barrels per day (bpd). This was 12,600 bpd higher than the previous record from last December with 1,855,000 bpd.
Oil and gas explorer Rockhopper Exploration Plc. reported a wider full-year pretax loss and said its target is to drill between two and four wells on its offshore acreages in the Falkland Islands.
Saudi Arabia King Abdullah said on Tuesday that the current oil price was cheap compared to prices of alternative energy products available in the world and called upon people in consuming countries to adapt with rising oil prices.
Oil supplies will remain tight despite record prices that have reduced demand and the world is in the grip of its third oil shock, according to the International Energy Agency report released this Tuesday in Madrid.