Economy
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 [...]
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 [...]
Crude Oil Rises as U.S. Retail Sales, Gasoline Use, Increase
Crude oil rose after government reports showed that U.S. retail sales unexpectedly climbed and gasoline demand increased. The 0.3 percent gain in retail sales for January reported by the Commerce Department is easing concern that the U.S. is in a recession. Gasoline demand advanced 1.2 percent to an average 9.02 million barrels a day last [...]
Don’t be taken in by the oil giants and their billions
Bloated with profits and rolling in cash, but it isn’t nearly enough. Oil companies confound our senses with big numbers - BP earned $17 billion (£8.6 billion) last year, a meagre performance compared with Shell’s $28 billion, revealed last week. The European twins are hopelessly outclassed by ExxonMobil. The American ended the year with $40 [...]
Oil falls sharply as stocks rise more than expected, recession worries remain
Oil fell sharply as worries over a looming US recession will crimp demand combined with improved supply side news in the form of better-than-forecast increases in US energy inventories.
The US Energy Information Administration said earlier US crude stocks rose by 7 mln barrels last week to total 300 mln barrels. Analysts were expecting stocks to [...]
BP to cut 5000 jobs as record oil price cuts profits by 1/5
BP is to cut 5,000 jobs after announcing that its profits plummeted by more than a fifth in 2007, a record year for the price of oil.
BP’s chief executive, Tony Hayward, said yesterday that he would deepen a restructuring aimed at righting the oil giant and branded its performance, which fell short of analyst forecasts, [...]
Oil Falls on Economy Concerns; OPEC May Maintain Output
Feb. 1 (Bloomberg) — Crude oil fell for a second day in New York on concern that a recession in the U.S. may curb fuel demand in the world’s biggest energy-consuming nation and prompt OPEC to maintain production targets.
Oil fell 1.2 percent, extending yesterday’s 3 percent decline, after a report showed the number of Americans [...]
Shell’s Profit Soars as High Oil Prices Offset Production Decline
AMSTERDAM (AP) — Royal Dutch Shell, Europe’s largest oil company, reported Thursday that fourth-quarter profit rose 60 percent because of the sale of some assets and higher oil prices.
Net income was $8.47 billion, up from $5.28 billion in the period a year ago.
Sales rose to $107 billion from $75.5 billion despite a fall in oil [...]
Oil Prices Gyrate After Fed Rate Cut
NEW YORK (AP) — Oil futures fluctuated Wednesday after the Federal Reserve cut a key interest rate less than many investors had hoped, and the government reported larger than expected increases in crude oil and gasoline inventories last week.
Many investors had anticipated the half percentage point rate cut and were hoping for more, analysts said.
“A [...]
OPEC policies will ensure oil price volatility
Oil prices in 2008 could fluctuate widely as in 2007 when Brent traded between $50 and $100.
Opec officials meeting this week in Vienna blame speculators for most of this volatility. But growing price volatility stems directly from Opec’s increased importance in balancing markets. Speculative flows accentuate price movements, but the producer group is their prime [...]
