OPEC president Chakib Khelil said on Saturday that the organization is supplying the international market with enough crude but can't be blamed for record prices. But he anticipated oil prices can be expected to keep rising during the first quarter of this year before stabilizing in the following quarter.
Environmental groups have expressed outrage over a decision by the US government to open a huge area off Alaska's northwest coast for oil drilling.
Oil prices hovered on the record 100 US dollars a barrel even after Indonesia OPEC (Organization of Petroleum Exporting Countries) governor Maizar Rahman said the cartel has the capability to increase production by 500,000 barrels a day in the coming February meeting. However he warned that oil prices could climb even higher.
Russia looks to cooperation in the nuclear energy sphere with Uruguay, the country's ambassador to the Latin American state said on Monday.
Oil prices of near 100 dollars per barrel caused alarm in consuming countries in 2007 and analysts forecast another tense crude market this year with triple-figure records a real prospect.
Crude oil rose to $100 a barrel for the first time in New York as record global fuel consumption threatens to outpace production.
Petroleos del Peru SA, Peru's state oil company and the country's largest, plans to sell a 10% stake on the Lima Stock Exchange next year to raise funds for investment projects, Chief Executive Officer Cesar Gutierrez revealed on Thursday.
The methanol industry in the extreme south of Chile has announced it will have to appeal to redundancies and an international demand, if Argentina does not resume the supply of natural gas as stipulated in contract clauses, according to company sources.
BHP BILLITON and Falkland Oil and Gas (FOGL) representatives will visit the Falklands in January to establish contact with FIG and businesses that will be involved in exploration drilling.
Repsol-YPF CEO Antonio Brufau and Enrique Eskenazi, Chairman of the Petersen Group, signed Wednesday a binding memorandum of agreement for the acquisition by the Argentine business group of 14.9% of YPF capital stock, according to a release from Repsol.