Energy & Oil

• Wednesday, July 2nd 2008 - 21:00 UTC

  Saudi king: oil price cheap compared to alternative energy

  

  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.

• Wednesday, July 2nd 2008 - 21:00 UTC

  World in grip of third “oil shock” and no easy way out

  

  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.

• Tuesday, July 1st 2008 - 21:00 UTC

  Oil corporations blame high prices on taxes and restrictions

  

  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.

• Monday, June 30th 2008 - 21:00 UTC

  Mercosur: Brazil plans to address food crisis and social affairs

  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.

• Saturday, June 28th 2008 - 21:00 UTC

  Crude record prices send global stock markets tumbling

  

  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.

• Friday, June 27th 2008 - 21:00 UTC

  Oil breaks records and closer to 150 USD forecast

  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.

• Wednesday, June 25th 2008 - 21:00 UTC

  Uruguayan Offshore Field May Hold 3 Trillion Cubic Feet of Gas

  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.

• Wednesday, June 25th 2008 - 21:00 UTC

  Uruguay down plays announcement of gas and oil discovery

  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.

• Monday, June 23rd 2008 - 21:00 UTC

  Oil summit: more investment needed for “adequate” supply

  Leading oil exporters have acknowledged the need to boost supplies to curb soaring prices but stopped short of specific commitments on extra output. Following their week end crisis summit in Saudi Arabia, officials noted price levels were “hostile” and more investment was needed to ensure “adequate” supplies.

• Sunday, June 22nd 2008 - 21:00 UTC

  S. America's peoples celebrate the winter solstice new year

  The indigenous peoples of South America from the Andes highlands to the extreme south of Chile celebrated early Saturday the arrival of the winter solstice which signals the beginning of a new year.