Oil
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 [...]
OPEC warns oil could reach $200
Opec, the oil producing cartel, has warned that the price of crude could keep rising to reach $200 a barrel.
Opec president Chakib Khelil blamed the falling value of the US dollar, which makes other assets, including oil, more attractive for foreign investors.
His comments came as oil prices hit a fresh high, just below $120 a [...]
Rising prices boost Shell and BP
Oil firms Royal Dutch Shell and BP have made better-than-expected first-quarter profits thanks to the rising price of oil, which is close to $120 a barrel.
Shell made profits of $7.8bn (£3.9bn) in the first three months of the year, up from $6.9bn a year ago.
And rival BP saw its profits rise 48% to $6.588bn (£3.31bn), [...]
US gas: So cheap it hurts
Relatively low taxes have kept pump prices far below most other developed nations, which some say is precisely why the current runup is so painful.
Despite daily headlines bemoaning record gas prices, the U.S. is actually one of the cheaper places to fill up in the world.
Out of 155 countries surveyed, U.S. gas prices were the [...]
Oil prices drop below $112 on stronger dollar
SINGAPORE - Oil prices retreated further Friday from the early week record near $120 a barrel as a strengthening U.S. dollar prompted investors to exit the market.
As the greenback has recovered this week against the euro and yen, the front-month crude futures contract on the New York Mercantile Exchange has dropped $8 from its high [...]
Oil roars to record over $112 on U.S. inventory drop
NEW YORK - Oil surged to a record high over $112 a barrel on Wednesday after a government report showed a sharp drop in U.S. inventories ahead of the summer driving season.
U.S. crude settled up $2.37 at $110.87 a barrel after peaking at $112.21 and eclipsing the previous record of $111.80 hit March 17. London [...]
Iran to OPEC: Stop Oil Sales in Dollars
Iranian President Urges OPEC to Form Joint Bank, Stop Pricing Oil Trades in US Dollars
TEHRAN, Iran (AP) — Iranian President Mahmoud Ahmadinejad is urging OPEC members to form a joint bank and stop pricing oil trades in U.S. dollars.
According to the Iranian government’s Web site, Ahmadinejad told OPEC Secretary General Abdalla Salem el-Badri the cartel [...]
New ’super-spike’ might mean $200 per barrel oil
NEW YORK (MarketWatch) — With $100-a-barrel here for now, Goldman Sachs says $200 a barrel could be a reality in the not-too-distant future in the case of a “major disruption.”
Goldman on Friday also boosted by $10 the low end of its 2008-2012 projected range for crude to $60 a barrel — significantly lower than current [...]
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 [...]
