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Oil Rises Close to Five-Week High on OPEC, U.S. Supply Decline
Crude oil rose, nearing a five-week high, after an unexpected decline in U.S. crude supplies and on speculation that OPEC will resist calls to pump more oil.
Oil stockpiles dropped by 3.97 million barrels last week, the U.S. Energy Department reported yesterday, the eighth decline in nine weeks and almost twice as much as analysts had [...]
The Oil Price in New York Market
Commerce at Thursday, the price of commodity exchange incorporated reachs at the price of 77.43 dollars, the price of approximant comes near the price of commerce on August 1.
In market London, day jum’at fall as of us 30 cents, so reaching level 74.47 dollars per barrel.
Following some conditions influencing the price of commodity exchange incorporated, [...]
Crude Oil Near Four-Week High on Storm, Signs OPEC Will Freeze Supply
The Organization of Petroleum Exporting Countries will maintain existing targets when it meets Sept. 11, the Algerian and Qatari oil ministers said. Hurricane Felix is on a westerly path that could reach Mexico’s Cantarell, the world’s third-largest oil field, by the end of the week.
Crude oil traded near a four-week high in New York as [...]
Oil company Total SA 2Q Profit Drops 1 Percent
Oil company Total SA said Thursday that its second-quarter net profit edged down 1 percent as improved refinery margins failed to offset the weaker U.S. dollar.
Net income fell to 3.41 billion euros ($4.66 billion) from 3.44 billion euros in the same period a year ago, said Total, one of the world’s largest publicly traded oil [...]
Aabar in $446mn oil rigs sale
Abu Dhabi-based Aabar Petroleum Investments Co. said on Sunday it agreed to sell its oil-rigs unit for $446 million to focus on petroleum exploration and production.
Aabar, the Middle East’s first publicly listed oil and gas company, sold Dalma Energy to GulfCap Group, it said in a statement. GulfCap is owned by investors in Saudi Arabia, [...]
Exxon Profit Slips As Production Falls
Exxon Mobil profit slipped about 1 percent in the second quarter, disappointing analysts as higher exploration and production costs, and lower oil and gas production offset big earnings in the refining and marketing end of the business.
Though the $10.26 billion in profit was the fourth-largest quarterly profit for a public company in U.S. history, Exxon’s [...]
Total’s Dolphin Gas Project starts production
Total has announced that the Dolphin Gas Project is now producing natural gas from Qatar and is exporting it to the United Arab Emirates.
The partners in the Project, Total, 24.5%, Mubadala Development Company, on behalf of the Government of Abu Dhabi, 51%, and Occidental Petroleum, 24.5%, are grouped together in the company Dolphin Energy Limited.
Dolphin [...]
OPEC says crude supply not to blame for oil price
Saudi Arabia and other OPEC members said on Wednesday they are not to blame for near-record oil prices, pointing the finger at a global shortage of refinery capacity and international political tension.
The Organization of the Petroleum Exporting Countries is ready to pump more, but for now sees no need and has rebuffed calls from consumer [...]
Pakistan Petroleum Plans Intl Oil & Gas Exploration
State-run Pakistan Petroleum Ltd. (PPL.KA), in a joint venture with Austrian oil and gas company OMV AG (OMV.VI), hopes to acquire oil assets in Africa, the Middle East and Central Asia, a senior company executive said Friday.
Pakistan Petroleum – leading energy-deficient Pakistan’s drive to buy stakes in foreign fields – plans to invest $15 million [...]
