Energy & Oil

Sunday, June 15th 2008 - 21:00 UTC
The Group of Eight (G8) concludes no quick fix for oil prices

There are no quick fixes to soaring oil and food prices, Group of Eight finance ministers concluded on Saturday, although disagreements emerged about the role that speculators were playing in exacerbating price rises.
Sunday, June 15th 2008 - 21:00 UTC
Saudi Arabia will pump 200.000 bpd of extra oil next July

Saudi Arabia plans to increase its oil production by 200.000 barrels a day next month, the kingdom's oil minister told U.N. chief Ban Ki-moon on Sunday, according to Ban's spokesman. By July Saudi Arabia's output should be almost 10 million bpd.
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.