Archive for the 'Oil News' Category

Sep 07 2009

OPEC ministers meeting in Vienna this week

Published by under Oil News

The Organization of Petroleum Exporting Countries (OPEC) meets in Vienna on Wednesday, with most analysts expecting the producer group, the source of more than a third of the world’s oil supply, to maintain its official output target stable around $70. Oil prices pushed toward $69 a barrel in thin trade on Monday, with sentiment buoyed [...]

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Jul 30 2009

Crude oil prices drop Tuesday

Published by under Oil News

Crude oil prices slid to $67.26 per barrel on the New York Mercantile Exchange Tuesday, as U.S. stock markets closed flat for the second consecutive day. Prices for light, sweet crude fell 98 cents from Monday’s closing price. Heating oil prices fell marginally, down 0.0176 cents to $1.7705 per gallon. Reformulated blendstock gasoline dropped 0.017 [...]

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May 06 2009

Crude price rises towards 60-dollar mark

Published by under Oil News

Oil prices rose even after report that US supplies of the fuel declined by one million barrels last week, increasing optimism that energy demand will recover soon. The government reported that the nation is consuming less than it has in years and that inventories are the highest in nearly two decades. Benchmark crude for June [...]

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Mar 15 2009

Russia invites OPEC to discuss oil prices in Moscow

Published by under Oil News

Russia is poised to hold a conference in Moscow and invited OPEC representatives to take part and discuss the procedure for setting oil prices, Deputy Prime Minister Igor Sechin said during a meeting with President Dmitry Medvedev. Sechin indicated that Moscow would suggest a gradual transition to the new system of price formation, the Vesti [...]

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Feb 19 2009

Venezuela will build oil tankers and refineries in China

Published by under Oil News

President Hugo Chavez is vowing that Venezuela will provide China with all the oil it needs “for the next 200 years.” Chavez spoke Tuesday to a visiting delegation led by Chinese Vice President Xi Jinping. The two nations are expected to sign a series of accords on Wednesday. Caracas sees China as a key partner [...]

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