Oil in Spotlight
Oil falls 2.7 percent on Dubai default worries
NEW YORK (Reuters) - Oil prices dropped over 2 percent to nearly $76 a barrel on Friday as fears of possible defaults in Dubai convulsed financial markets and boosted safe-haven demand for the U.S. dollar. Full Article
Iraq drilling firm to drill 180 wells in 2010
BASRA, Iraq (Reuters) - The state-run Iraq Drilling Company plans to drill 180 oil wells in 2010, and will be able to drill more than 250 new wells every year from 2011 onwards, the head of the company said. Full Article
IAEA governors approve first nuclear fuel bank plan
VIENNA (Reuters) - International Atomic Energy Agency governors on Friday approved a Russian plan for a multilateral uranium fuel supply bank to stem the spread of nuclear arms as more countries seek atomic energy. Full Article
Quake of 5.6 magnitude shakes Venezuela, no deaths
CARACAS (Reuters) - An earthquake of 5.6 magnitude shook western Venezuela early on Friday, panicking residents and damaging some buildings, officials said. Full Article
Allianz fund sees opportunities in energy squeeze
LONDON (Reuters) - The world faces a potential energy supply squeeze as economic growth rebounds, offering huge investment opportunities in the oil and gas industry and in other energy companies, a fund manager said on Thursday. Full Article
IEA: China growth not seen leading to oil price rally
TOKYO (Reuters) - The International Energy Agency (IEA) does not think rapid growth in Chinese oil demand will lead to a rally in crude oil prices next year, the agency's executive director said on Thursday. Full Article
Oil pricing agencies battle over benchmarks
LONDON (Reuters) - How much does a barrel of oil cost? With billions of dollars at stake, sometimes the answer depends who is doing the asking. Full Article
Oil price-play set to boost crude storage at sea
NEW YORK/LONDON (Reuters) - Offshore crude storage, which has declined sharply from record levels in April, may rise again in the U.S. Gulf as front-month U.S. oil futures trade at a steep discount to barrels for later delivery. Full Article
New oil platforms, pipes to boost Iraq export
BASRA, Iraq (Reuters) - Iraq aims to install four new floating oil terminals and three new undersea oil pipelines that will boost export capacity to 8 million barrels per day from a current 1.9 million bpd, a top oil official said. Full Article
Projects, easing tensions to lift Africa oil production
DAKAR (Reuters) - African oil output will rise sharply in the coming years if new projects start up as expected and tensions continue to ease in heavyweight supplier Nigeria. Full Article
- percent
Click tabs to see the impact hurricanes Gustav and Ike have had on the total percentage of U.S. output of crude oil, natural gas, and refining production since Gustav swept into the Gulf of Mexico in late August.
- percent
Click tabs to see the impact hurricanes Gustav and Ike have had on the total percentage of U.S. output of crude oil, natural gas, and refining production since Gustav swept into the Gulf of Mexico in late August.
Pictures
Life on an oil platform
Chevron's Petronius oil platform produces 27,000 barrels of oil and 28 million cubic feet of gas per day. Slideshow
