Energy & OilEnergy & Oil
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.
The chief executives of Royal Dutch Shell Plc, BP Plc and Spain's Repsol YPF told the oil industry's biggest gathering in three years, in Spain that restrictions on where they can invest and high taxes meant they could not help boost supplies as much as they might.
The global food crisis and strengthening the regional social agenda are the two main issues which Brazilian president Lula da Silva will address during the next six months when his country holds the rotating chair of Mercosur.
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.