Oil Blog

OPEC in the News 4/26/06

Larijani says US seeks nuclear OPEC in 20 years
MehrNews.com - Tehran,Iran
... on Wednesday, Supreme National Security Council Secretary General Ali Larijani said that the United States is seeking to establish a nuclear OPEC within twenty ...

PanAfrica: OPEC Pumps 29.76mb/d in March, Down 160,000 b/d
AllAfrica.com - Washington,USA
OPEC'S eleven members, including Iraq, pumped an average 29.76 million barrels per day (b/d) of crude in March, down 160,000 b/d from February's 29.92 million b ...

OPEC nations, American profligacy and politicians' posturing all ...
Houston Chronicle - United States
Many factors contribute to the sharp rise in the cost of oil and gasoline: Global demand is rising and occasionally overtakes supply. ...

Hydrocarbons Daily Record Report
Falkland Islands News Network - Stanley,Falkland Islands
... decline. Excuses for this are OPEC’s refusal to increase supply and rumours that oil reserves in the Middle East are past peak. ...

OPEC concedes it can't rein in oil prices
International Herald Tribune - France
DOHA, Qatar OPEC ministers conceded on Monday that there was nothing they could do to halt the rise in oil prices, which is threatening the economies of ...

High rates, input costs increase energy projects’ risk: Opec ...
Gulf Times - Doha,Qatar
... rates, rising input costs and uncertainty over future demand have considerably increased the financial risk profile of energy projects in Opec countries as the ...

It will not be easy to impose sanctions on Iran
MehrNews.com - Tehran,Iran
“Iran has the longest coastlines in the Persian Gulf and the Oman Sea, it controls the Hormuz Strait, it is the second largest oil producer in OPEC, has the ...

Oil cheapest in US among G7: Opec
Peninsula On-line - Qatar
Doha: Opec has released figures that suggest that much of what the end-user pays for oil goes to the industry and the governments in the form of taxes. ...

OPEC President Applauds Quantapoint and Ariosh Work in Nigeria ...
Business Wire (press release) - San Francisco,CA,USA
ABUJA, Nigeria--(BUSINESS WIRE)--April 26, 2006--OPEC President, Dr. Edmund Daukoru was campaigning for companies working in Nigeria to embrace a local content ...

Oil Price News 4/26/06

Oil prices ease after data on fuel demand
Business Times - Malaysia - Malaysia
WASHINGTON: Crude oil futures eased for the third straight day yesterday, trading below US$73 ... motor fuel demand is weakening in the face of higher pump prices. ...

Ghana: Fuel prices to go up by 30%?
African News Dimension - Johannesburg,South Africa
... Crude Oil prices on the world market have gone beyond the 70 dollar mark over the past two weeks. According to the source the continued ...

Soaring oil prices put Reserve under pressure to lift rates
The Age - Melbourne,Victoria,Australia
... home buyers will be stung by higher interest rates have increased amid growing anxiety from within the Federal Government that soaring oil prices will trigger ...

Coconut oil prices seen rising to $700 this year
TMCnet - USA
(Manila Standard Via Thomson Dialog NewsEdge)The rising global demand for coconut oil is expected to further push prices to as much as $700 per metric ton ...

Oil Prices Slide for Third Straight Day
CBS News - USA
... Despite the recent declines, oil prices remain about a third higher than a year ago because of supply disruptions, geopolitical tensions and the scant surplus ...

Finance minister concerned with oil prices, interest hike and ...
TMCnet - USA
... situation would improve following His Majesty the Kings address last night, but conceded the economy would be dampened by surging oil prices, interest hike and ...

Uncertainties Keep Oil Prices At Record Levels
TMCnet - USA
(AllAfrica.com English Via Thomson Dialog NewsEdge)New York, Apr 26, 2006 (Vanguard/All Africa Global Media via COMTEX) --WORLD oil prices maintained record ...

ConocoPhillips, Amerada profits soar on oil prices
Reuters - USA
... 3 US oil company, on Wednesday reported quarterly profit surged 13 percent to well over $3 billion, driven by an unrelenting surge in oil prices. ...

Probe into petrol prices needed: NRMA
Sydney Morning Herald - Sydney,New South Wales,Australia
... "While crude oil prices have increased in recent times we have not seen anywhere bear the increase to justify these prices.". He ...

High oil prices increase interest in Illinois prospecting
Chicago Tribune - United States
So far this year, the Illinois Department of Natural Resources' regulatory oil and gas division has issued 245 oil-drilling permits. ...

Stocks stumble again on weak oil prices
Reuters Canada - Toronto,Ontario,Canada
... main index ended slightly lower on Wednesday, dropping for a third consecutive session as energy issues continued to sag amid weaker oil prices, but rising gold ...

Rig Notes 4/26/06

Precision Drilling Trust reports record first quarter results and ...
Yahoo! News (press release) - USA
... Upon completion of the expansion program in 2008, Precision will have increased its drilling rig fleet to 261, with 250 rigs operating in western Canada and 11 ...

SONG - SONGA OFFSHORE ASA Q1 REPORT
TV2 Nettavisen - Oslo,Oslo,Norway
... Songa Offshore entered into a memorandum of agreement for the purchase of the semi submersible drilling rig Stena Dee, to be renamed Songa Dee. ...

(PZ) Transmeridian Exploration Signs Contracts for Four Additional ...
Houston Chronicle - United States
... The completion rig is expected to arrive on location as early as May 7 and the first drilling rig in mid-May. The other two drilling ...

Gas Price News 4/26/06

Fuel prices have workers eyeing telecommuting
Reuters - USA
NEW YORK (Reuters) - With gas prices near all-time highs, telecommuting is becoming a win-win for companies and their staff -- leaving workers paying less for ...

High pump prices drive many to Web for deals
Reuters - USA
... gallon. "Because of the gas prices we're seeing our traffic pretty much double," said Jason Toews of GasBuddy.com. Rising gasoline ...

Parsing the Polls: The Politics of Gas Prices
Washington Post - United States
You can't swing a cat in Washington, DC, this week without hitting a politician talking about the rapid increase in gas prices and what should be done about it ...

Bush, Big Oil, Slammed On Pump Prices
CBS News - USA
... making more oil available for consumer needs and relieving pressure on pump prices — Democrats are blasting the administration's response to high gas prices. ...

Your e-mails: Fighting high gas prices
CNN - USA
... Only in Europe, where gas prices are more than triple, do they use public transit, have small economical vehicles, and make progress to other alternative ...

Is Kentucky Doing Enough To Control Gas Prices?
WKYT - Lexington,KY,USA
The attorney general's office is getting a lot of complaints about gas prices, drivers upset with what they're being charged. Prices seem to change every day. ...

Gas Prices Bust Consumer, Gov't Budgets
WBAL Channel.com - Baltimore,MD,USA
... representing a 50-percent increase. If gas prices go higher than that, Howard County will have to dip into its contingency account. ...

Make Gas Prices Go Higher--Please!
Forbes - USA
... With a gross domestic product growing at 7% a year for the last five years, people aren't really concerned with figuring out why gas prices are high--they're ...

Are High Gas Prices Hitting Your Business's Bottom Line?
ABC News - USA
April 25, 2006 — Skyrocketing gas prices have put a crimp in many consumers' wallets, and they've also had an impact on business expenses. ...

Gas Prices and the Bottom Line
FOX News - USA
... So, a great quarter for Martha Stewart Living, but what is the company doing to ensure these pumped-up gas prices don't cut into the bottom line? ...

Soaring gas prices fuel the Democrats
Chicago Tribune - United States
... said. "Hold an event at a gas station or other logical location where you call for a real commitment to bringing down gas prices.". ...

Refinery News 4/26/06

TAX BIG OIL?
Patriot-News - Harrisburg,PA,USA
... Rather, it is a direct result of already tight supplies, a changeover in the mix of reformulated gasoline, limited refinery capacity, rising worldwide demand ...

G7 pressures China over currency reforms
TMCnet - USA
... The G8 also urged "investment in exploration, production, energy infrastructure and refinery capacity". Describing this necessary ...

Relaxed rules to help local refiners
Corpus Christi Caller Times - Corpus Christi,TX,USA
... "They're having to clean out the tanks with MTBE in order to replace it with ethanol," Barnard said. "Refinery capacity is being stretched to the limit.". ...

Bush proposes ways to stem gas prices
Kansas City Star - MO,USA
... Moreover, the lack of any slack in refinery capacity means any serious problems such as refinery outages during hurricane season could cause prices to spike ...

Bush Calls for Gas Price Investigation, Lifts Clean Gas Rules
Environment News Service - USA
... Refinery capacity in the United States has dropped by some 50 percent in the past two decades and existing facilities are currently operating at close to 100 ...

Energy Business Dept's chief downplays concern on fuel shortage
TMCnet - USA
... General Panich Pongpirodom shrugged off a concern over possible shortage of fuel in the country, affirming that the overall refinery capacity this year still ...

Rig Notes 4/25/06

Abbot buys Nordic rig group for £247m
Scotsman - United Kingdom
... The cost of hiring a drilling rig is believed to have almost doubled in the past year on the back of rocketing global demand. Exploration ...

(BW) Arena Resources Inc. Provides First Quarter 2006 Operations ...
Houston Chronicle - United States
... The company is currently taking delivery of the drilling rig it purchased in December 2005, and expects it to be fully operational by early May. ...

Oil Price News 4/25/06

Oil Prices Slip on Bush Comments
FOX News - USA
... waivers will have a marginal impact, analysts said, given that the main force behind today's soaring pump prices is the near-record price of crude oil. ...

Oil falls as Bush takes aim at high energy prices
Reuters - USA
NEW YORK (Reuters) - Oil prices fell on Tuesday after President Bush took aim at surging energy costs by suspending crude deliveries to the emergency reserve ...

Nigeria: Oil Prices Hover Around $75 Per Barrel
AllAfrica.com - Washington,USA
WORLD oil prices eased yesterday on light profit-taking after blazing a trail last week to record high points which were hit on escalating concerns over the ...

Oil prices not helping cause of alternative fuels
CTV.ca - Canada
CALGARY -- Skyrocketing oil prices and global concerns about carbon-dioxide emissions doesn't appear to be helping the cause of alternative fuels a Calgary oil ...

Politics, oil prices causing stress
Bangkok Post - Thailand
Daily News Editorial _ The protracted political impasse and rising oil prices are affecting the mental health of Thai people. This ...

Bush unveils steps to counter high oil prices
Reuters - USA
WASHINGTON (Reuters) - President George W. Bush on Tuesday gave US refiners extra time to pay back emergency oil loans, and called on the government to find ...

Thai Oil Retailers To Raise Prices THB0.40/Liter Wed
Yahoo! News - USA
... gasoline and diesel products by THB0.40 a liter effective Wednesday. The hike will push local oil prices to fresh record highs. ...

UPDATE: CNOOC 1Q Rev Rises 45% On Oil Prices, Demand
Yahoo! News - USA
... producer by output, reported Tuesday its revenue for the three months ended March surged 45% from a year earlier, lifted by high crude oil prices and buoyant ...

Oil prices put Europe in skid
Chicago Tribune - United States
European stocks fell Monday on concern that record oil prices may restrain profit growth at companies such as DaimlerChrysler AG and British Airways PLC. ...

Renewed tensions boost oil prices
BBC News - UK
... OPEC), which meets over a third of world demand, promised to keep pumping oil at near maximum levels, but said it was powerless to pull down high prices.

High oil prices boost BP results
Monsters and Critics.com - Glasgow,UK
... High oil prices saw BP's exploration and production operations increase profits to $6.8bn, up from $6.5bn in the same period last year. ...

Gas Price News 4/25/06

On gas prices: You can't handle the truth
AZ Central.com - AZ,USA
... won’t help either. Higher demand at rivals will raise prices. And Exxon gas is available at no-name stations. In any event, gasoline ...

Consumers' tempers are rising with gas prices
Detroit Free Press - United States
... To tell your state legislators what you think about high gas prices, contact your state representative or senator by calling the state operator at 517-373-1837 ...

Defies expected downward pull of high gas prices
MarketWatch - USA
... Economists said that gas prices would eventually bring confidence lower. "We would not be surprised to see a moderation in consumer ...

Capitol Hill blame game on rising gas prices
Chicago Tribune - United States
If we could harness the energy from all the partisan sniping over gas prices on Capitol Hill, we wouldn’t make a dent in the nation’s energy woes but at ...

Menendez proposes gas tax 'holiday' to lower pump prices
Bridgewater Courier News - NJ, United States
By RAJU CHEBIUM. WASHINGTON (GNS) -- A New Jersey senator has an idea for reducing sky-high gas prices: temporarily stop collecting the federal gas tax. ...

Bush to outline four-point plan to slash gas prices
CNN - USA
... (Watch why some pumps shut down as prices go up -- 2:51). "The president will talk about why gas prices are high," McClellan said. ...

As Gas Prices Fluctuate, Sales for New Vehicles Equipped with an
Auto Spectator - USA
WESTLAKE VILLAGE, Calif.: 24 April 2006 — Despite the perception of rising gas prices, US consumers are still buying about the same proportion of new ...

President Calls For Investigation Into Gas Prices
NBC6.net - Miami,FL,USA
MIAMI -- As gas prices continue to rise, consumer anger goes up as well, and much of it is directed at the major oil companies. ...

Oil, Gas Prices Drop on Bush Supply Move
ABC News - USA
Gas prices are listed at a Get-Go station Tuesday, April 25, 2006 in Columbus, Ohio. President Bush ordered a temporary suspension ...

Bush proposes relief for gas prices But Democrats say steps are ...
San Francisco Chronicle - CA, USA
(04-25) 14:09 PDT WASHINGTON -- President Bush, under political pressure from consumers angered by soaring gas prices and Republicans worried about the ...

Gas Prices Catastrophic - Democrats Worry About The People ...
News Hounds - Newport Beach,CA,USA
Did they say they were worried about the American people trying to survive these high gas prices? No, they have the elections on their mind. ...

Refinery News 4/25/06

Reliance Petroleum prices IPO at mid-range despite colossal demand
FinanceAsia - Hong Kong
... “And because it will be completed in just three years, it will start production at a time when there will still be a global shortage of refinery capacity.”. ...

Bush orders agencies to investigate US gasoline prices
Oil & Gas Journal - Houston,TX,USA
... as ExxonMobil Corp.'s chief executive, Barton added, "It troubles me that a CEO receives a $400 million retirement package while refinery capacity continues to ...

Petrochina and Kuwait to build refinery in Pearl River Delta
Macauhub - Macau,China
... The refinery planned by Kuwait will have the capacity to process 400,000 barrels of oil pr day, the Kuwait News Agency reported in December, citing al-Sabah. ...

Pump prices stuck on 'up'
San Diego Union Tribune - United States
... measure, Joe Sparano, president of the Western States Petroleum Association, blamed pump prices on taxes, business costs, limited refinery capacity and the ...

Energy Business Dept's chief downplays concern on fuel shortage
Thai News Agency MCOT - Bangkok,Thailand
... General Panich Pongpirodom on Monday shrugged off a concern over possible shortage of fuel in the country, affirming the overall refinery capacity this year ...

Oil Price News 4/24/06

Boiling oil prices will crank up inflation by 1 per cent
Daily News & Analysis - Mumbai,India
Oil marketing companies, staggering under the impact of gravity-defying global oil prices, are seeking an increase of Rs 5.6 a litre in the price of petrol and ...

Oil prices reasonable considering current world events: energy ...
CBC News - Canada
CALGARY (CP) - You'll likely hear howls of protests from consumers, but current record oil prices is a new reality, delegates at a Calgary energy conference ...

FTSE dips as financials struggle and oil prices slip off early ...
Scotsman - United Kingdom
... Oil-rig builder Abbot jumped 5.3 per cent, or 17p, to 340p after it said that it ... gave up much of their early push to record peaks as metals prices traded off ...

Bank report shows domestic oil prices keep rising in March
People's Daily Online - Beijing,China
A People's Bank of China report on Monday showed wholesale prices of processed oil climbed 2.6 percent in March from the previous month and 24.1 percent from ...

Why we should love high oil prices
Telegraph.co.uk - United Kingdom
... why the price is just as likely to fall back in the medium term, and it is worth rehearsing the reasons why a period of relatively high oil prices has not been ...

CANADIAN MARKETS Fall in crude-oil prices hits benchmark index
MarketWatch - USA
SAN FRANCISCO (MarketWatch) -- Stocks in Canada closed lower on Monday, led by weakness in the energy sector as crude-oil prices fell more than 2%. ...

Soaring oil prices a major concern to world
Xinhua - China
WASHINGTON, April 24 (Xinhua) -- Nymex crude oil prices fall below 74 US dollars a barrel on Monday in profit taking after surging to a record high of more ...

Rising oil prices lift Shell Canada profits
Toronto Star - Ontario, Canada
... "Strong commodity prices and refining margins contributed to ... The oil products division achieved record earnings of $154 million, up from $123 million in 2005. ...

Oil prices retreat below 74 dollars after hitting record highs
Xinhua - China
NEW YORK, April 24 (Xinhua) -- World crude oil prices, amid profit-taking and worries of supply in Iran and Nigeria, retreated Monday after hitting record highs ...

Treasuries Rise on Speculation High Oil Prices May Slow Economy
Bloomberg - USA
April 24 (Bloomberg) -- US Treasuries rose, pushing the benchmark 10-year note's yield below 5 percent, amid speculation that record oil prices will restrain ...

All thing considered, oil prices are reasonable: expert
Globe and Mail - Canada
CALGARY — You'll likely hear howls of protests from consumers, but current record oil prices is a new reality, delegates at a Calgary energy conference heard ...