Leaders of the world's 20 largest economies stressed on Sunday warned of rising risks to economic development and inflation, and the need for new energy supplies as global economic growth continue to stumble over high oil prices.
Opec leaders meeting in Riyadh pledged to provide the world with reliable supplies of oil and fight global warming but the summit's final statement made no mention of calls by oil-consuming countries such as that from Washington to raise production to ease sky-high prices.
Five international corporations have won bids for hydrocarbons exploration and production in nine out of ten blocks in the extreme south of Chile, --Magallanes Region--, was announced on Thursday by the country's Deputy Mining Minister Diego Vio in Punta Arenas.
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.