OPEC will continue to cut crude production until prices stabilize said the cartel's president Chakib Jelil on Friday during a conference of oil producing and consuming countries in London.
Oil producers rounded on UK PM Gordon Brown on Friday for complaining about prices while raking in huge fuel taxes. A senior OPEC figure branded the Prime Minister “confused” for demanding the cartel maintained output levels to control prices rather than reducing domestic duty.
U.S. crude hovered near $40 a barrel on Thursday, around its lowest price since July 2004, amid doubts in OPEC's ability to curb output quickly after the group announced record production cuts.
Energy rich Paraguay and Chile reached an agreement for the supply of electricity which will transmitted through Argentine territory and at “a considerable higher value than that paid by Brazil”.
OPEC announced Wednesday an unprecedented production cut of 2.2 million barrels a day in an effort to shore up the price of crude. It's the biggest production cut in the history of the Organization of Petroleum Exporting Countries which pumps more than a third of the world's daily crude supply.
The Nicaraguan administration of President Daniel Ortega “is not left-leaning or Sandinista or revolutionary, it's imply a family dictatorship”, said Ernesto Cardenal, a Catholic priest and one of the country's most renowned poets.
The Falkland Islands are expecting the arrival in mid-January of the brand new Fugro Saltire a survey, construction support and intervention vessel, built earlier this year, which is to carry out seabed surveys for BHP Billiton.
Argentina's YPF, Brazil's Petrobras and Pan American Energy signed several agreements for the joint oil and gas exploration offshore in the San Jorge Gulf, the Malvinas basin and along the South Atlantic coastline, according to a report released Wednesday in Buenos Aires.
The US trade deficit unexpectedly grew in October, despite falling oil prices, according to Commerce Department data released this week. The trade deficit rose to 57.2bn, which was an increase of 1.1% from September's figure.
Global oil demand will contract this year for the first time since 1983 shrinking by 200.000 barrels per day, with the total revised down to 85.8 million barrels per day according to the monthly report from the International Energy Agency.