Energy & Oil

• Thursday, November 15th 2007 - 20:00 UTC

  OPEC: no output increase decision until December

  

  The Organisation of Petroleum Exporting Countries (OPEC) ruled out an output increase in the coming summit and said that the surge in global fuel prices can not be tracked to shortage of oil in the market and certainly not because of the fast-growing Indian and Chinese economies.

• Thursday, November 15th 2007 - 20:00 UTC

  Plenty of oil for another century says Saudi Arabia

  

  World oil reserves at current demand are sufficient for the next century and the global oil industry should aim to produce at least 3 trillion bbl from conventional recoverable resources in known fields and discoveries over the next several decades, according to the head of Saudi Aramco.

• Wednesday, November 14th 2007 - 20:00 UTC

  Petrobras walks out of major Venezuelan offshore gas project

  

  Brazil's government controlled oil corporation Petrobras has cut out from plans to help develop Venezuela's Mariscal Sucre offshore natural-gas field, which was to become the source of the gas to be pumped through the 20 billion US dollars projected Southern Gas Pipeline.

• Tuesday, November 13th 2007 - 20:00 UTC

  Petrobras bids US$ 900 for Exxon assets in Chile

  

  Brazilian government owned oil giant Petrobras has offered 900 million US dollars for Exxon's assets in Chile as part of its regional downstream expansion policy that includes Argentina, Chile, Paraguay and Uruguay.

• Tuesday, November 13th 2007 - 20:00 UTC

  Biofuels costs and benefits balance analyzed by UN

  

  Biofuels have the potential to cause both good and harm and governments must therefore be careful to balance the costs and benefits of developing them as energy sources, Secretary-General Ban Ki-moon has said in Brazil as he continues an official trip focused on climate change.

• Sunday, November 11th 2007 - 20:00 UTC

  Lula Says Brazil Oil Find May Lead to OPEC Membership

  

  Brazilian President Luiz Inacio Lula de Silva said the discovery of reserves that may total as much as 8 billion barrels of oil and natural gas may lead the country to join the Organization of Petroleum Exporting Countries

• Saturday, November 10th 2007 - 20:00 UTC

  Chávez calls for energy alliance at the Latam leaders summit

  

  Venezuelan President Hugo Chávez challenged Latin American leaders at a summit yesterday to lower regional oil prices, telling big producers to sell oil cheaply to their neighbors.

• Thursday, November 8th 2007 - 20:00 UTC

  Petrobras hits major field and could join oil premier league

  Brazil's state oil company announced Thursday that it had discovered as much as eight billion barrels of light crude in an ultra-deep field off the coast of Rio de Janeiro, an amount that could transform the country into a major world oil exporter.

• Tuesday, November 6th 2007 - 20:00 UTC

  Ban Ki-moon Brazil agenda: climate and food security

  

  U.N. Secretary General Ban Ki-moon said on Tuesday he would discuss how to balance climate change and food security in the development of biofuels when he visits major ethanol producer Brazil next week.

• Friday, November 2nd 2007 - 20:00 UTC

  For new IMF chief oil prices at such level “is no surprise”

  

  The International Monetary Fund's new managing director, Dominique Strauss-Kahn, Friday said the U.S. dollar remains overvalued --repeating the IMF forecast for the greenback--. However he discarded a recession in the US and said “it's no surprise to see the price of oil at such a level”