Energy & Oil

Saturday, December 20th 2008 - 20:00 UTC
Europe Asia plagued by recession and internet collapse

Internet and phone communications between Europe, the Middle East, and Asia have been seriously disrupted after submarine cables were severed. It is thought the FLAG FEA, SMW4, and SMW3 lines, near the Alexandria cable station in Egypt, have all been cut. A fault was also reported on the GO submarine cable 130km off Sicily.
Saturday, December 20th 2008 - 20:00 UTC
Oil price collapses in spite of promises of further supply cuts

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.
Saturday, December 20th 2008 - 20:00 UTC
OPEC asks “confused” PM Brown to also look at high oil taxes

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.
Thursday, December 18th 2008 - 20:00 UTC
Oil hovers near $40 despite record OPEC cut

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.
Wednesday, December 17th 2008 - 20:00 UTC
Chile helps Paraguay crack neighbours' “energy siege”

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”.
Wednesday, December 17th 2008 - 20:00 UTC
Oil markets more focused on mounting reserves than OPEC

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.
Monday, December 15th 2008 - 20:00 UTC
Nicaragua is a “family dictatorship” claims former minister

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.
Monday, December 15th 2008 - 20:00 UTC
BHP Billiton oil survey vessel on its way to Falklands

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.
Thursday, December 11th 2008 - 20:00 UTC
YPF, Pan American, Petrobras to explore Malvinas basin

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.
Thursday, December 11th 2008 - 20:00 UTC
US numbers deeper in the red in spite of falling oil prices

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.