Energy & Oil

• 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.

• 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