In his opening address at a rare Organisation of Petroleum Exporting Countries (Opec) summit in the Saudi capital, Hugo Chavez, the Venezuelan president, has warned the US over rising oil prices.
Venezuelan President Hugo Chávez this week told a French TV channel that Venezuela, just like Iran, is launching a peaceful nuclear program.
A blunder by OPEC on Friday exposed serious discrepancies between Saudi Arabia and Iran about whether the oil exporters' group should address the issue of the falling dollar at a rare summit of leaders this weekend in Riyadh.
The Organisation of Petroleum Exporting Countries (OPEC) ruled out an output increase in the coming summit and said that the surge in global fuel prices can not be tracked to shortage of oil in the market and certainly not because of the fast-growing Indian and Chinese economies.
World oil reserves at current demand are sufficient for the next century and the global oil industry should aim to produce at least 3 trillion bbl from conventional recoverable resources in known fields and discoveries over the next several decades, according to the head of Saudi Aramco.
Brazil's government controlled oil corporation Petrobras has cut out from plans to help develop Venezuela's Mariscal Sucre offshore natural-gas field, which was to become the source of the gas to be pumped through the 20 billion US dollars projected Southern Gas Pipeline.
Brazilian government owned oil giant Petrobras has offered 900 million US dollars for Exxon's assets in Chile as part of its regional downstream expansion policy that includes Argentina, Chile, Paraguay and Uruguay.
Biofuels have the potential to cause both good and harm and governments must therefore be careful to balance the costs and benefits of developing them as energy sources, Secretary-General Ban Ki-moon has said in Brazil as he continues an official trip focused on climate change.
Brazilian President Luiz Inacio Lula de Silva said the discovery of reserves that may total as much as 8 billion barrels of oil and natural gas may lead the country to join the Organization of Petroleum Exporting Countries
Venezuelan President Hugo Chávez challenged Latin American leaders at a summit yesterday to lower regional oil prices, telling big producers to sell oil cheaply to their neighbors.