Wed, 20/10/2010 - 06:09 by harsheeb
Sana-- Yemen's oil reserves are estimated at 11.9 billion barrels of oil, a government agency said Tuesday.
The Petroleum Exploration and Production Authority said a new study had estimated Yemen's reserves, indicating the country's oil industry requires more investment, Saba reported.
Nasr al-Humaidi, the head of the agency, said using updated technology would likely increase the estimate further.
Copyright 2010 United Press International
Tue, 19/10/2010 - 21:54 by harsheeb
New York -- Crude oil prices dropped sharply Tuesday morning to under $82 per barrel after the People's Bank of China raised interest rates to slow its economy.
The bank said it would raise the one-year yuan interest rate to 5.56 percent from 5.31 percent, lifting the rate for the first time in nearly three years, The Wall Street Journal reported.
"The move obviously aims to curb high property prices and inflation," said UBS Securities economist Wang Tao.
"The rate hike is necessary although the possibility for such a move seemingly became modest recently," she said.
Tue, 19/10/2010 - 03:49 by harsheeb
Moscow -- Prosecutors in Russia for the second time in the same trial reduced the volume of crude oil they allege was stolen by Yukos' former chief executive officer.
On Friday, prosecutors said former Yukos Chief Executive Officer Mikhail Khodorkovsky and business partner Platon Lebedev stole 20 million tons less than previously charged. On Monday, prosecutors reduced that by 131 million tons more, citing a mathematical error and a lack of evidence, RIA Novosti reported.
Khodorkovsky and Lebedev are nearing the end of eight-year sentences for tax evasion and fraud. While in jail, prosecutors came up a charge of theft of 350 million tons of oil and $9.6 billion, which allegedly occurred from 1998 to 2003.
Mon, 18/10/2010 - 21:52 by harsheeb
Paris -- Fears of gasoline shortages are escalating in France where truck drivers have joined the protest against pension reform.
Eleven of France's 12 oil refineries have been closed down by striking refinery workers, and general strikes have affected transportation and shut down schools. Truck drivers have said they would blockade roads, drive slow or use trucks to block gasoline deliveries, Radio France Internationale reported Monday.
Mon, 18/10/2010 - 21:23 by harsheeb
New York -- Crude oil prices started the week slightly higher Monday, defining a new plateau near $82 per barrel on the New York Mercantile Exchange.
November delivery light, sweet crude added 21 cents during the weekend to $81.46 per barrel.
Last week, oil ministers from the OPEC cartel met in Vienna, electing to keep production steady, citing the uncertainty of the global economic recovery. In its latest prediction, OPEC said demand would rise by 100,000 barrels per day in 2010 to 1.1 million barrels a day, enough to jar prices from a previous plateau of about $76 per barrel.
On Monday, heating oil prices added 1.5 cents to $2.2458 per gallon. Reformulated blendstock gasoline prices rose 1.92 cents to $2.123 per gallon.
Sat, 16/10/2010 - 10:40 by Rakhi
New York -- Crude oil prices closed out Friday and the week lower on the New York Mercantile Exchange, settling at $81.25 a barrel, off $1.44.
During trading, crude oil prices had been around $83 per barrel after the Organization of Petroleum Exporting Countries left production quotas unchanged.
Oil ministers from the OPEC cartel met in Vienna Thursday, electing to keep production steady, citing the uncertainty of the global economic recovery.
Natural gas also was off, tumbling 12 cents to $3.535 per million British thermal units.
Gasoline also was off, dipping 3 cents to close at $2.10 a gallon.
Home heating oil also ended the trading session down, closing at $2.2357 a gallon, a loss of 5 cents.
Sat, 16/10/2010 - 10:08 by Rakhi
New York -- Crude oil prices held steady Friday, hanging around $83 per barrel after the Organization of Petroleum Exporting Countries left production quotas unchanged.
Oil ministers from the OPEC cartel meet in Vienna Thursday, electing to keep production steady, citing the uncertainty of the global economic recovery.
Oil prices were little changed with November delivery light, sweet crude adding 1 cent to $82.70 per barrel from a recent settlement. Heating oil prices lost 0.89 cents to $2.275 per gallon. Reformulated gasoline blendstock rose 0.76 cents to
$2.1441 per gallon. Henry Hub natural gas prices lost 4.2 cents to $3.615 per
million British thermal units.
Fri, 15/10/2010 - 07:04 by harsheeb
Durham-- Britain could reap a $240 billion North Sea oil bonanza using carbon dioxide to extract oil, but only if the current infrastructure is enhanced, a study says.
Research at Durham University shows that using CO2 to enhance recovery could yield an extra 3 billion barrels of oil during the next 20 years, a university release said. That amount of oil could power, heat and fuel transport in Britain for two years with every other form of energy switched off, researchers say.
The process is almost carbon neutral, with almost as much carbon being put back in the ground as would be taken out, they say.
Fri, 15/10/2010 - 06:08 by harsheeb
New York-- Crude oil prices held close to $83 per barrel on the New York Mercantile Exchange Thursday, as the dollar index fell 0.71 percent.
The dollar fell against most currencies, dropping to near parity against the Canadian and Australian dollars and pushing the price of gold to a record $1,377.60 per troy ounce.
Oil ministers of the Organization of Petroleum Exporting Countries cartel met in Vienna, deciding to leave production quotas unchanged "given the persisting significant downside risks to world economic recovery."
Going into the meeting, Libyan oil minister Shukri Ghanem said, "We should simply confirm (production quotas) and ask for compliance. I don't think there's much more to be done," Yahoo! News reported.
Thu, 14/10/2010 - 23:38 by harsheeb
Paris -- French Transportation Secretary Dominique Bussereau said petroleum supplies would last a month, despite strikes choking off the country's refineries.
Striking oil refinery workers in France have blocked supplies from 11 of the country's 13 refineries, causing some panic buying of gasoline, The New York Times reported Thursday.
Bussereau, in a television interview, said, "We have what we need for at least a month without major problems."
However, he advised the public to trim unnecessary gasoline purchases.
Thu, 14/10/2010 - 21:49 by harsheeb
New York -- Crude oil prices held above $83 per barrel on the New York Mercantile Exchange, as the Organization of Petroleum Exporting Countries cartel met in Vienna.
Analysts expect production quotas among the 12 OPEC countries to remain steady. Going into the meeting, Libya oil minister Shukri Ghanem said, "We should simply confirm (production quotas) and ask for compliance. I don't think there's much more to be done," Yahoo! News reported.
Thu, 14/10/2010 - 10:51 by Rakhi
New York -- Crude oil prices rose Wednesday on the New York Mercantile Exchange, closing above $83 per barrel with equities pointing to higher demand
Stock markets rose in Asia, Europe and Wall Street. The Sensex index in India rose 2.4 percent and the Hang Seng index in Hong Kong gained 1.45 percent. In Britain stocks rose 1.51 percent on the FTSE index. In Germany, on the DAX 30, stocks rose 2.06 percent.
On Wall Street, the Dow Jones industrial average closed higher for the fourth consecutive trading session, gaining 0.69 percent.
Traders are also attentive to an Organization of Petroleum Exporting Countries summit that convenes in Vienna Thursday.