November 20, 1986
Oil prices are not likely to rise above $20 a barrel before 1991 but could reach $35 by 1999, an International Energy Agency official said in Brussels. The official, who spoke on condition of anonymity, said the 13-nation Organization of Petroleum Exporting Countries is unlikely to win back a significant share of the oil market it lost to independent producers until the late 1990s. Prices now range from $13 to $15 a barrel.
November 11, 2006
* China's annual trade surplus is set to reach $150 billion this year, bursting past last year's record $109.8 billion as the country's exports continue to surge, a government report said. The report by the Commerce Ministry said exports were likely to hit $960 billion by the end of 2006, a 26% increase from 2005. * The International Energy Agency cut its estimates for global oil demand this year and next because of weaker-thanexpected consumption in China.
July 2, 2008 |
Oil supplies will remain tight despite record prices that have reduced demand, according to the International Energy Agency, and its executive director said Tuesday that the world was in the grip of its third "oil price shock." Downsizing its estimate of how much oil will reach the market, the IEA predicted that supply would exceed projected demand only by 2 million barrels a day -- a thin cushion. The IEA is the energy watchdog for the Organization for Economic Cooperation and Development, a grouping of the world's most-industrialized countries.
May 1, 2010 |
Chevron Corp. reported its largest profit increase in at least a decade, exceeding analyst estimates, after recovering economies around the world increased fuel demand. First-quarter net income more than doubled to $4.55 billion, or $2.27 a share, from $1.84 billion, or 92 cents, a year earlier, San Ramon, Calif.-based Chevron said Friday. Excluding severance costs, per-share profit was about $2.38, 43 cents higher than the average analyst estimate compiled by Bloomberg. Chevron Chief Executive John Watson boosted oil and natural-gas output by 4.5% with new wells from the Gulf of Mexico to Australia.
November 13, 2008 |
More than $1 trillion in annual investments to find new fossil fuels will be needed for the next two decades to avoid an energy crisis that could choke the global economy, the International Energy Agency said Wednesday. The warning from the Paris-based agency comes as major oil companies pull back investments amid the most severe economic downturn in a generation.