Energy & Oil

Tuesday, September 16th 2008 - 21:00 UTC
Global uncertainty settles oil prices below 100 US dollars

Oil prices lost five US dollars ending Monday below 100 US dollars a barrel for the first time in six months, spurred by concerns about the global economy. With banking giant Lehman Brothers filing for bankruptcy protection, US light sweet crude closed Monday in New York at 95.71 and London Brent 92.38 US dollars a barrel.
Tuesday, September 16th 2008 - 21:00 UTC
Brazil determined to join the exclusive nuclear fusion club

Brazil is determined to join the world's exclusive club of nuclear research and is willing to contribute with a billion US dollars to participate in the ambitious International Thermonuclear Experimental Reactor, ITER project in France.
Friday, September 12th 2008 - 21:00 UTC
EU cuts bio-fuels target for transport road to 10% by 2020

European Union lawmakers voted this week to cut in half an ambitious target for using crop-based bio-fuels for 10% of its road transport needs by 2020. The vote by the European Parliament's industry committee deals a blow to climate change goals agreed by EU leaders last year to try to cut carbon dioxide emissions.
Thursday, September 11th 2008 - 21:00 UTC
Petrobras confirms pre-salt oil reservoir of light oil and gas

Petrobras announced this week that the completion of the Iara well drilling (which first found oil in August 2007) confirmed the discovery of light oil in the Santos basin pre-salt reservoir with a recoverable volume estimated in 3 to 4 billion barrels of light oil and natural gas.
Thursday, September 11th 2008 - 21:00 UTC
Nuclear power predicted to continue to expand strongly

The United Nations International Atomic Energy Agency (IAEA) said on Thursday that nuclear power is expected to continue to expand in the coming decades in line with the growing global demand for energy, while also reporting that the power source's share of global electricity generation dropped another percentage point in 2007 to 14%.
Wednesday, September 10th 2008 - 21:00 UTC
Cautious OPEC to strictly comply with agreed quotas

OPEC has told its members to strictly limit their production to agreed quotas as Brent crude dipped below 100 US dollars a barrel for the first time since April. After talks in Vienna, OPEC president Chakib Khelil said the measures to curb over-production amounted to a cut of 520,000 barrels a day within 40 days.

Prices have sunk from a record of more than 147 US dollars a barrel seen in July.
Tuesday, September 9th 2008 - 21:00 UTC
Enarsa/Enap/YPF oil exploration rig arrives in South Atlantic

This Wednesday an oil exploration platform is scheduled to arrive in the South Atlantic contracted by Argentine state energy company Enarsa, Chilean state oil company Enap Sipetrol international branch and Argentine oil major YPF.
Tuesday, September 9th 2008 - 21:00 UTC
OPEC calls to tackle “free for all energy speculation”

The Organization of Petroleum Exporting Countries conference in Vienna opened on Tuesday with a strong call to address the “free for all speculation in the energy sector” and the vindication that “throughout this turbulent period, supply and demand fundamentals have been sound”.
Sunday, September 7th 2008 - 21:00 UTC
Colombia finds second oil well; signs accord with India

Colombia's government owned Petroleum Corporation, ECOPETROL announced the discovery of a promising well in the province of Huila to the southeast of the country with initial tests of 900 barrels of oil per day.
Saturday, September 6th 2008 - 21:00 UTC
Oil down 40 dollars from its record price of 147 a barrel

Oil prices have dipped below 106 US dollars as traders predicted that rising US unemployment would lead to consumers cutting back on petrol use. US light, sweet crude fell as low as $105.16 a barrel before recovering to settle down $1.66 at $106.23. Brent crude dropped $2.21 to $104.09.