Energy & Oil

• Wednesday, July 16th 2008 - 21:00 UTC

  Oil in biggest one-day drop in 17 years: closes at 138.69

  

  Oil prices fell sharply Tuesday on concerns that a slowing US economy will decrease demand for oil. The price of crude oil in New York at one point fell more than 9 US dollars a barrel in New York trading, the biggest one-day drop in dollar terms in 17 years.

• Tuesday, July 15th 2008 - 21:00 UTC

  Petrobras record production; strike coming to an end

  

  Brazil's oil and gas government managed corporation Petrobras announced on Tuesday that total production (domestic and abroad) in June reached a record of 2.412.155 barrels of oil equivalent per day, boed, which is 3.3% higher than a year ago and 2.3% over May 2008.

• Monday, July 14th 2008 - 21:00 UTC

  Petrobras strike: “contingency plan” guarantees supply

  

  Brazilian government managed oil and gas corporation Petrobras reacting to a labor strike which began early Monday announced that all but two out of 38 offshore platforms are extracting hydrocarbons.

• Monday, July 14th 2008 - 21:00 UTC

  Argentina doubles export tax on gas pumped to Chile

  

  The Chilean government admitted on Monday it was “foreseeable” that Argentina would impose a 100% increase on the natural gas export tax. The tax on Argentine gas exported to Chile has soared from 7.8 US dollars per million BTU to 15.9 US dollars, which added to transport and other inputs adds to 29 US dollars per million BTU.

• Friday, July 11th 2008 - 21:00 UTC

  Iran, Nigeria fears rebound oil prices 5 USD in one day

  

  Oil prices rebounded by more than 5 US dollars a barrel on Thursday as another missile launch by Iran stoked worries that escalating political tensions in the Middle East could cut off supplies out of the region.

• Friday, July 11th 2008 - 21:00 UTC

  OPEC oil earnings expected to reach 1.25 trillion USD

  

  The Organization of Petroleum Exporting Countries earnings from oil exports are expected to reach a record 1.251 trillion US dollars this year, about 73 billion more than previously estimated, according to the US Energy Information Administration.

• Friday, July 11th 2008 - 21:00 UTC

  Brazil's Petrobras rig workers begin strike next Monday

  

  Workers from Brazil's government managed oil corporation Petrobras confirmed on Friday they will begin a five-day strike at the country's main fields in the off shore Campos basin on Monday, regardless of whether the company presents a proposal before then.

• Saturday, July 5th 2008 - 21:00 UTC

  Petrobras sets during June new oil production record

  

  Brazil's government managed oil and gas corporation Petrobras set a new monthly oil production record in Brazil in June: 1,867,000 barrels per day (bpd). This was 12,600 bpd higher than the previous record from last December with 1,855,000 bpd.

• Thursday, July 3rd 2008 - 21:00 UTC

  Rockhopper reports losses but insists in 2009 drilling

  

  Oil and gas explorer Rockhopper Exploration Plc. reported a wider full-year pretax loss and said its target is to drill between two and four wells on its offshore acreages in the Falkland Islands.

• Wednesday, July 2nd 2008 - 21:00 UTC

  Saudi king: oil price cheap compared to alternative energy

  

  Saudi Arabia King Abdullah said on Tuesday that the current oil price was cheap compared to prices of alternative energy products available in the world and called upon people in consuming countries to adapt with rising oil prices.