October 9, 2012 |
Iraq could overtake Russia as the world's second-largest oil supplier behind Saudi Arabia by the 2030s, nearly tripling its current output, according to a report from the International Energy Agency. In what the Paris-based group calls a “landmark study,” Iraq could double its production by the end of the decade, reaching 6.1 million barrels a day by 2020 from the 3 million barrels it currently turns out. The country, currently the third-largest oil exporter, could top 8.3 million barrels by 2035, making it “by far the largest contributor to global supply growth,” according to the report.
March 10, 2011 |
Saudi Arabia produced 9.1 million barrels of oil a day in February, 1 million barrels more than its official output quota as an OPEC member, the Saudi Petroleum Ministry said, part of an effort to calm prices that rose sharply after oil exports from Libya plummeted. Oil prices were mixed Tuesday ? falling 64 cents to $104.38 a barrel in New York but rising $2.88 to $115.94 in London ? after the Energy Department reported that U.S. oil supplies had increased more than expected and energy officials sought to reassure markets in the face of continuing unrest in Libya and the Mideast.
February 23, 2011 |
With the price of oil flirting with the $100-a-barrel level for the first time in more than two years, stock investors increasingly fear that Mideast turmoil could put the brakes on U.S. economic growth. Financial markets were spooked Wednesday by signs that the confrontation between Libyan strongman Moammar Kadafi and anti-government protesters was intensifying. Protesters said they seized control of a major city in the western part of the country, while the government was said to be massing fighters around Tripoli, the nation's capital, in preparation for potential clashes in coming days.
January 29, 2011 |
Oil prices surged Friday as concerns mounted that anti-government protests in Tunisia, Egypt, Lebanon and Yemen could affect Middle East oil production. If that happens, analysts said, oil prices could quickly rise to $130 a barrel. The protests sent crude oil futures for March delivery up $3.70, or 4.3%, to close at $89.34 a barrel on the New York Mercantile Exchange. Analysts said traders were buying up oil in case the anti-government sentiment spreads and disrupts oil output.
January 3, 2011 |
A pistol sits next to a battered radio while Peter Bashir Bandi, a rebel turned political leader, lounges in a gold brocade chair listening to reports about what may soon be the world's newest, and most precarious, nation. He speaks eloquently of democracy and stitching together a country from deserts and jungles. But his gun is seldom far from his grasp, a sign that southern Sudan has known little peace in Bandi's lifetime, tumbling through two civil wars that spread mass graves, famine and generations of orphans across the land.
May 12, 2010 |
Brazil and its huge offshore oil finds may be getting much of the oil world's attention these days, but Latin America's energy scene has another rising star: Colombia. In the latest upward revision of the nation's production targets, a top official of state-controlled oil company Ecopetrol said Monday that Colombia's crude oil output should reach at least 1.2 million barrels a day by the end of 2012, nearly double the average daily production reached last year. The ramping up of crude production would strengthen the country's status as the region's fourth-largest oil producer and probably lead to increased Colombian exports to the U.S., analysts said.