Energy & Oil

• Friday, June 13th 2008 - 21:00 UTC

  Petrobras announces new light oil strike in Santos Basin

  

  Brazil's government owned oil corporation Petrobras announced Friday the discovery of yet another field of light oil, in ultra deep waters of Santos Basin. The well known as Guara in the BM-S-9 block encountered oil with specific gravity of 28o API in pre salt reservoirs, according to the official release.

• Friday, June 13th 2008 - 21:00 UTC

  OPEC again cuts 2008 global oil demand estimate

  

  The Organization of Petroleum Exporting Countries cut its 2008 global oil demand forecast for a fifth month as record fuel prices curb consumption. Oil demand this year will rise 1.1 million barrels a day to 86.88 million barrels, OPEC said in its monthly oil market report today.

• Wednesday, June 11th 2008 - 21:00 UTC

  Methanex plant in P. Arenas will appeal to coal for electricity

  

  Canada's Methanex plant in the extreme south of Chile is planning to generate electricity from coal thus sparing more natural gas to convert into methanol, announced the company in Punta Arenas.

• Wednesday, June 11th 2008 - 21:00 UTC

  UK truckers row over pay triggers petrol panic-buying

  Crucial talks aimed at averting a strike in the United Kingdom by hundreds of tanker drivers have been held amid signs some drivers are panic-buying petrol. Leaders of the Unite union met officials of two companies working on Shell contracts in a bid to resolve a row over pay.

• Monday, June 9th 2008 - 21:00 UTC

  G11emphasize energy efficiency rather than increased supply

  Energy ministers from the G 8 plus China, India, and South Korea meeting in Japan to address energy prices adopted Sunday a joint declaration calling for more domestic energy efficiency rather than insisting on oil producing countries to increase supply

• Monday, June 9th 2008 - 21:00 UTC

  OPEC: oil barrel price should be US$ 70; blames speculation

  A weak dollar and geopolitical problems are fueling the speculative bubble in oil markets which should be trading at around half the current price of a barrel said on Monday, OPEC President Chakib Khelil.

• Monday, June 9th 2008 - 21:00 UTC

  Uruguay to make oil potencial presentation in Rome

  

  Uruguay hopes to attract the interest of global oil corporations when it makes a first tentative presentation of recent seismic survey data from its continental shelf next Thursday at the European Association of Geoscientists and Engineers meeting in Rome.

• Sunday, June 8th 2008 - 21:00 UTC

  Oil crisis dominates Group of Eight meeting in Japan

  

  The energy ministers of the world's leading industrialised nations are meeting in Japan amid fears soaring oil prices could damage the global economy.

• Saturday, June 7th 2008 - 21:00 UTC

  Oil keeps breaking records: 16 dollars jump in two days

  

  The oil price rebounded on Friday to gain over ten dollars a barrel to almost 139 while US stock prices plummeted following the report of a sharp rise in unemployment. Oil soared after Israel raised the specter of an Israeli military strike on Iran and reports that it could reach 150 US dollars a barrel by July.

• Wednesday, June 4th 2008 - 21:00 UTC

  Lula defends biofuels and attacks “absurd protectionism”

  Brazilian president Lula da Silva said that “over 800 million people every night go to sleep feeling hungry which is an insult to humanity” and blamed the “intolerable protectionism of wealthy countries” that insulate their farming sectors.