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Saudi oil minister says prices not linked to supply
DUBAI (Reuters) - Speculation was driving triple-digit oil making it impossible for any organization to control its movement, Saudi Arabia’s oil minister said in remarks published on Friday.
“Speculation in futures market is determining prices,” Ali al-Naimi told Asharq al-Awast newspaper in Morocco. “Today there is no link between oil (market) fundamentals and prices.”
“The duty of [...]
Oil steadies above $105 after record
SINGAPORE - Oil prices were steady Friday after jumping to a trading record near $106 a barrel in the previous session as the dollar’s slide to new lows prompted investors to pump more money into commodities.
Analysts believe the steadily weakening dollar is the reason oil prices have jumped to a number of new inflation-adjusted record [...]
Partnership will bid for U.S. oil refineries
Petroplus Holdings, Europe’s largest refiner, said Wednesday that it had entered into a $2-billion deal with private equity firms Blackstone Group and First Reserve to buy crude oil refineries in the United States.
Each partner has committed $667 million to form an investment company to be led by Petroplus Chairman Thomas D. O’Malley.
Petroplus is interested in [...]
Exxon Valdez Award Questioned at U.S. Supreme Court
U.S. Supreme Court justices questioned the $2.5 billion punitive damage award assessed against Exxon Mobil Corp. for the 1989 Valdez oil spill, the largest in American history.
Hearing arguments today in Washington, some justices suggested that federal law bars Exxon Mobil from being punished for the conduct of the tanker’s captain, Joseph Hazelwood. The 83-day trial [...]
Ecuador shuts off oil exports after pipeline break
QUITO (AFP) - OPEC member Ecuador on Thursday suspended its oil exports because a landslide cut off its main pipeline, state-run Petroecuador oil company said.
“Exports were suspended and a force majeure was declared to avoid sanctions from our buyers, who already have been notified of the emergency,” an unnamed Petroecuador official told AFP.
Petroecuador said the [...]
The Squeeze on PetroChina
With domestic production falling, it must buy costly oil abroad to sell at subsidized prices at home
PetroChina (PTR) has been the sweetest of China plays for global investors in recent years. Warren Buffett started investing in the mainland’s biggest oil producer back in 2003, and the company’s shares appreciated more than sevenfold from that point [...]
Oil surpasses $103 for first time
SINGAPORE - Oil prices surpassed $103 a barrel for the first time Friday as persistent weakness in the U.S. dollar and the prospect of lower interest rates attracted fresh money to the oil market.
Prices were supported by comments Thursday from Federal Reserve Chairman Ben Bernanke, who said the American economy is not immediately threatened with [...]
Mexico’s oil output falls, Pemex needs cash infusion
Should the national oil company allowing private investments? Critics worry about foreign control.
Coatzacoalcos, Mexico - Oil output in Mexico, the third-biggest supplier to the US, is declining, and the state company Petroleos Mexicanos (Pemex) lacks the technology to explore for new reserves. For many the [...]
Two decades on, US high court takes up Exxon Valdez oil spill case
WASHINGTON (AFP) — The US Supreme Court on Wednesday will hear arguments on whether ExxonMobil Corporation should pay 2.5 billion dollars in damages for a massive oil spill two decades ago that despoiled millions of acres of pristine Alaska wilderness.
The high court will hear ExxonMobil’s appeal, in the latest chapter in a long-running legal battle [...]
Oil passes $101 on weaker dollar
SINGAPORE - Oil prices rose above $101 a barrel Wednesday as a slide in the U.S. dollar prompted investors to pump more money into energy futures as a hedge against inflation.
The greenback sank to a record low against the euro after the release of three disheartening U.S. economic reports Tuesday that show that the economy [...]
