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2008-08-25 12:01:12

By Rosemary Gallagher OIL cartel Opec is expected to reduce supplies next month following a sharp fall in crude prices on Friday. The value of US crude fell 5.5 per cent to dollars 114.59 a barrel - the biggest drop in percentage terms in one day since December 2004. In London, Brent crude dropped dollars 6.24 to dollars 113.92 a barrel. Analysts put this drop down to rising supply levels and weakening global demand. They said this may lead Opec to cut the flow of oil when it meets in...

2008-08-20 09:01:21

Venezuela to ask OPEC to reduce oil production CARACAS, Aug. 19 (Xinhua) -- Venezuela will propose oil output cuts at the September meeting of the Organization of Petroleum Exporting Countries (OPEC) in case oil prices continue decreasing, Energy and Oil Minister Rafael Ramirez said Tuesday. "The prices must be kept at a level near 100 U.S. dollars (per barrel), because the cost has risen," Ramirez said in a press statement. He also said the sudden fall of more than 20 dollars in...

2008-08-20 03:00:00

By Anonymous I am writing this letter in reference to the mean-spirited words of Mr. Ted Jones of Akron (8/12 New Era Letters). I have known Mr. Barrie Edwards and his brother, Terry, for some 40-odd years, while working at Armstrong World Industries. Barrie knows all about the natural cycle of labor, having worked all his life. Terry also has been a true, upstanding working man all his life. I have always known Barrie to be a straight-shooter in my dealing with him, as has been his...

2008-08-19 06:00:53

Researched by Industrial Info Resources (Sugar Land, Texas) -- Oil export revenues earned by member countries of OPEC are set to reach a record total of over $1 trillion by the end of 2008 and continue on an upward trend into 2009, according to estimates by the U.S. Energy Information Administration. In the first seven months of 2008, OPEC members earned a record $642 billion for oil exports. Civil construction and power generation projects are growing at a record pace. Bechtel Group...

2008-08-17 18:00:46

Text of report by London-based newspaper Al-Hayat website on 16 August [Article by Id Bin-Mas'ud al-Jihni, Saudi thinker and chairman of the Arab Gulf Energy and Strategic Studies Centre: "Collapse of Correction?"] The oil market saw, in January 1979, a race between the industrial countries, the main oil consumers, to increase their strategic reserves in addition to the emergence of the role of speculators in the international oil market. Oil prices broke the $40 a barrel barrier during...

2008-08-15 06:00:30

Text of report by Botswana newspaper Mmegi website on 13 August [Report by Wanetsha Mosinyi: "Government Extends AK6 Licence Negotiations"] Government has extended the negotiation period with Boteti Exploration for mining licence terms and conditions for AK 6 Diamond Mine to September 30, 2008. In a statement e-mailed to Mmegi yesterday afternoon, the Chairman of African Diamonds John Teeling says his company had received a letter from the Ministry of Minerals, Energy and Water...

2008-08-13 15:00:00

By Alastair Sharp Oil yesterday traded near EUR 115, off early highs as concerns about global demand outweighed supply disruption in the Caspian region. US light crude for September delivery was up 18 cents at EUR115.38 a barrel, off highs of EUR116.90. London Brent crude rose 38 cents to EUR113.71. Oil fell by more than EUR5 on Friday, when it largely ignored the outbreak of hostilities between Russia and Georgia in the Caucasus, a key transit route for oil and gas from the Caspian,...

2008-08-07 00:00:27

Crisis in the Middle East. Record high gas and oil prices. Sound familiar? That was the case in the 70s and early 80s when gas was $1.25 a gallon and oil was $40 a barrel. I wasn't driving then but do remember the odd-even gas rationing. Forward to around 1990. Iraq invades Kuwait resulting in gas, again, at about $1.20. In each case, the crisis was solved and prices went down along with OPEC increasing production through the years to increase supply to meet demand. For whatever reason,...

2008-08-06 18:00:14

A case before a U.S. appeals court could limit privacy expectations for on-line communications. U.S. District Judge Florence-Marie Cooper, sitting in California, ruled last year that a hacker who broke into a file-sharing company's e-mail didn't violate the 1968 Wiretap Act. Cooper ruled that the e-mail messages Rob Anderson obtained were being stored, although momentarily, and not in transmission. Her decision in Bunnell vs. the Motion Picture Association of America is being reviewed by...

2008-08-04 09:00:55

Iran says OPEC to consider oil rationing TEHRAN, Aug. 2 (Xinhua) -- Iranian Oil Minister Gholam Hussein Nozari has revealed that the Organization of Petroleum Exporting Countries (OPEC) will seriously consider rationing its oil production, the semi-official FARS news agency reported. "I think OPEC will be serious about this issue" in case of continuous decline of crude oil prices and lack of oil output control by some OPEC members which keep high level oil production, Nozari was quoted...


Word of the Day
bibliopole
  • A bookseller; now, especially, a dealer in rare and curious books.
This word comes from a Greek phrase meaning 'book seller.'
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