International
Crude Oil Prices, Iran, U.S. covert operations and an Indian Pipeline
That’s a lot of title to swallow, but it’s such an interesting puzzle. The media tends to simplify things and lately that has manifested itself in the reporting on the booming oil industry. Oil prices are at all-time highs, producers are defending the price of crude oil, countries where oil is in high demand are complaining, [...]
Oil Bounties of the Deep
A multinational consortium has struck oil in ultra-deep waters in the Gulf of Mexico.The companies said an exploration well called Stones #3 had hit reservoirs of natural gas and oil in 7,500 feet of water and at a total depth of 29,400 feet. The well was drilled by Royal Dutch Shell, which holds a 35% stake [...]
Oil falls as Nigeria strike ends
Oil prices have fallen on expectations that oil giant Exxon will restart production following the resolution of a strike in Nigeria.
The eight day strike contributed to near-record high oil prices after the company was forced to almost completely shut down production in Nigeria.
US light, sweet crude was down $2.53 at $110.46 a barrel. In London, [...]
Calderon offers fix for Mexican oil
MEXICO CITY - A line on a map of the Gulf of Mexico clearly divides U.S. and Mexican claims to potentially vast pools of oil deep below the ocean floor, and multinational companies are busily extracting crude north of this maritime border.
South of the line, Mexico’s state-run oil company has hardly begun exploring — a [...]
Mexico Braces for an Oil War
Angelic children stare at rolling waves as a deep voice booms out the wonders of petroleum. “Mexico has a great treasure, a treasure hidden below the bottom of the sea,” the narrator says soothingly above joyous music. “But the world now confronts a new reality.” Suddenly, the watcher is bombarded with graphics explaining deep sea [...]
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 [...]
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 [...]
