Oil soared to fresh record highs in New York Tuesday as traders viewed the half-point cut in interest rates by the Federal Reserve as an economic boost that would keep energy demand high.
In six months time Uruguay will have an idea if there are hydrocarbons in the River Plate Punta del Este basin, and based on this data move into the exploratory phase, announced Wednesday the chairman of the country's government managed oil company Ancap.
A report on the impact of bio-fuels suggests that bio-fuels championed for reducing energy reliance, boosting farm revenues and helping fight climate change, may in fact hurt the environment and push up food prices.
World oil prices threatened to hit a new high today ahead of a crunch meeting between the Opec oil-producing states where they will decide on whether to increase production.
Rockhopper Exploration Plc received the final processed volume of 3-D data collected by CGG between November 2006 and January 2007.
Bolivia announced this week foreign energy corporations have promised to invest more than 580 million US dollars in 2007, about three times more than last year. The announcement comes a month after President Evo Morales threatened the industry with ignoring contracts if they were not committed to investing in Bolivia.
Brazil' government managed oil corporation Petrobras announced international investments totaling 15 billion US dollars in the 2008/2012 period, most of which in exploration and production in the Gulf of Mexico, Argentina and Western Africa.
With global grain prices reaching record levels the idea of an international Grain OPEC is floating again in the air and under consideration in a Moscow conference. Russia is one of the world's leading producers and exporters of cereals.
The Organization of Petroleum Exporting Countries (OPEC) agreed to increase oil production by 500.000 barrels per day from November first, Qatar's Energy Minister announced at the 145th OPEC session Tuesday in Vienna.
United States president George Bush again pressed on his Chinese counterpart Hu Jintao the need for continuous steps to achieve a free floating Yuan, which would help to address the widening US trade deficit with China.