Energy & Oil

• Monday, June 23rd 2008 - 21:00 UTC

  Oil summit: more investment needed for “adequate” supply

  Leading oil exporters have acknowledged the need to boost supplies to curb soaring prices but stopped short of specific commitments on extra output. Following their week end crisis summit in Saudi Arabia, officials noted price levels were “hostile” and more investment was needed to ensure “adequate” supplies.

• Sunday, June 22nd 2008 - 21:00 UTC

  S. America's peoples celebrate the winter solstice new year

  The indigenous peoples of South America from the Andes highlands to the extreme south of Chile celebrated early Saturday the arrival of the winter solstice which signals the beginning of a new year.

• Saturday, June 21st 2008 - 21:00 UTC

  Oil prices challenge divide EU: new plan next October

  European Union leaders have agreed to a 3-month study to find ways of cushioning the impact of soaring energy prices on the region's citizens. At an energy summit in Brussels, ministers discussed plans to ease the pain of record oil and gas prices on consumers and companies.

• Thursday, June 19th 2008 - 21:00 UTC

  China hikes fuel prices 18% causing petroleum to drop

  China, the world's second-largest consumer of oil, is to raise the price of petrol and diesel by 18%. The move, which could depress demand for oil from the fast-growing economy, caused the price of crude to fall 4 US dollars.

• Monday, June 16th 2008 - 21:00 UTC

  U.S. remains dominant in science and technology

  United States remains the dominant leader in science and technology worldwide despite perceptions that the country is losing its competitive edge, according to a RAND Corporation.

• Monday, June 16th 2008 - 21:00 UTC

  New natural gas discoveries in Magallanes Region

  

  GeoPark Holdings Limited announced the discovery of two new gas fields in the extreme south of Chile, the Magallanes Region. The gas fields are on the Fell Block following the successful drilling and testing of the two new gas wells.

• 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.