According to the oil giant's results being released first quarter of this year, as oil and gas prices continue to fall, Exxon Mobil, Chevron, Shell and other giants of the world's top five oil profits across the board with the sharp drop in the same period last year .
The second-largest U.S. oil and gas company Chevron's results on the 1st release said that more than a quarter of the company's profit dropped 64 percent over the same period last year. According to recently released results one after another, the world's largest oil company Exxon Mobil, the third largest U.S. oil company ConocoPhillips, the two European oil companies Shell and British Petroleum (BP) of these four oil giants first quarter profits dropped 58 percent, respectively, 80%, 62% and 62%.
According to the Associated Press reported that, in general, the five oil companies profit the first quarter of 13.3 billion U.S. dollars accumulated over the same period last year fell 63 percent overall.
There is no doubt that the deteriorating economic situation led to oil and natural gas prices is a sharp drop in profits the oil giant said. First quarter of last year, the international oil price is also up to three digits, and once in the year surged to 150 U.S. dollars a barrel close to the peak; and now, as a result of the global economic downturn hit the market demand, international oil price has dropped to 50 U.S. dollars per barrel from top to bottom.
British Petroleum CEO Tony Hayward said, because consumers will continue to face severe economic situation, the recent international oil prices will remain low.
Source: www.in-en.com May. 1, 2009
Azerbaijan plans to increase exports twice the number of North American oil
It is reported that the National Oil Company of Azerbaijan (SOCAR), an official said here today that the company plans to export North American oil a day increase in the number of double to 20 million barrels per day. However, the official did not elaborate on plans for a timetable for this increase.
Azerbaijan national oil company responsible for marketing and deputy manager of the economy Guliyev said that his company currently is the company's Azeri Light AZR-E crude oil to open up new markets, including Canada.
Guliyev in a press conference that only 20 percent of Azerbaijan's oil sales are sold in the Americas region. Canada's oil market is an ever-growing emerging markets, where demand is increasing.
2008 Azerbaijan produced 44 million tons (8.84 million barrels) of oil.
Vice president of the Azerbaijani national oil company told Reuters last month the financial television reporter said that Azerbaijan plans to increase oil production of at least 50 million tons, Azerbaijan did not plan to join OPEC. The National Oil Company of Azerbaijan in 2008, the average daily supply to North America by 7.3 million barrels per day.
Source: www.in-en.com Apr. 30, 2009
Azerbaijan national oil company responsible for marketing and deputy manager of the economy Guliyev said that his company currently is the company's Azeri Light AZR-E crude oil to open up new markets, including Canada.
Guliyev in a press conference that only 20 percent of Azerbaijan's oil sales are sold in the Americas region. Canada's oil market is an ever-growing emerging markets, where demand is increasing.
2008 Azerbaijan produced 44 million tons (8.84 million barrels) of oil.
Vice president of the Azerbaijani national oil company told Reuters last month the financial television reporter said that Azerbaijan plans to increase oil production of at least 50 million tons, Azerbaijan did not plan to join OPEC. The National Oil Company of Azerbaijan in 2008, the average daily supply to North America by 7.3 million barrels per day.
Source: www.in-en.com Apr. 30, 2009
OPEC needed to cut from the market 720,000 barrels of oil production
Algiers reported that the Organization of Petroleum Exporting Countries (OPEC) Secretary-General Abdallah Badri April 26, said here so far to comply with OPEC output decision is good, but, in order to ensure the full realization of production target, OPEC still need to cut from the market 722,000 barrels of oil production.
Badri is in the Algerian capital Algiers, at a press conference, made these remarks.
Badri said: "OPEC members so far to comply with decisions of the recent production is a very good, but, in order to fully achieve the production goal, we also need to be reduced from the market lost 722,000 barrels of oil production."
Badri also said that lower oil prices to OPEC member countries have investment projects have had a great impact, in the OPEC member countries planned to invest 165 projects so far, 35 investment projects have been postponed to 2013 was implemented.
Source: www.in-en.com Apr. 30, 2009
Badri is in the Algerian capital Algiers, at a press conference, made these remarks.
Badri said: "OPEC members so far to comply with decisions of the recent production is a very good, but, in order to fully achieve the production goal, we also need to be reduced from the market lost 722,000 barrels of oil production."
Badri also said that lower oil prices to OPEC member countries have investment projects have had a great impact, in the OPEC member countries planned to invest 165 projects so far, 35 investment projects have been postponed to 2013 was implemented.
Source: www.in-en.com Apr. 30, 2009
OPEC: oil prices may be close to a record level last year
From 12-member Organization of Petroleum Exporting Countries (OPEC) on April 26 warned that the global economic recession as a result of disruption of a lot of oil and gas exploration and energy projects, oil prices may be close to a record in July of last year's record.
OPEC and Minister of Finance, 13 in Asia held in Tokyo before a meeting called for more stringent monitoring of global oil prices.
13 OPEC and Minister of Finance, agreed that Asia's rise or fall in oil prices is detrimental to the interests of oil producing countries is not conducive to the interests of oil-consuming countries.
OPEC and Minister of Finance, 13 in Asia in a joint statement from the economic crisis on oil prices bounced back sharply after rising concerns about the prospect.
Source: www.in-en.com Apr. 29, 2009
OPEC and Minister of Finance, 13 in Asia held in Tokyo before a meeting called for more stringent monitoring of global oil prices.
13 OPEC and Minister of Finance, agreed that Asia's rise or fall in oil prices is detrimental to the interests of oil producing countries is not conducive to the interests of oil-consuming countries.
OPEC and Minister of Finance, 13 in Asia in a joint statement from the economic crisis on oil prices bounced back sharply after rising concerns about the prospect.
Source: www.in-en.com Apr. 29, 2009
Libya to invest 5 billion U.S. dollars to start construction of the Energy Center
Libyan government officials said, Libya in the April 26 start operating in the country's energy companies to build a five billion U.S. dollars of the energy center.
The Energy Center is a Libyan national economic and social development funds and the Gulf of Bahrain Islamic investment bank, a loan company cooperative projects. Gulf loan will finance the project, the Energy Center will be built in the Libyan capital Tripoli, 43 miles west of the brink of the Mediterranean coastal areas.
Libyan company in charge of the national investment promotion said that the completion of the project will require 3-5 years, and the construction of the first phase of infrastructure will require 18 months.
Energy Center (or Energy Economic Zone) to oil and gas production companies, refining companies, as well as participation in shipping, energy trading and support services for the commercial infrastructure.
Libya plans to in 2012 before the country's crude oil output to double about to achieve this goal will require 30-40 billion U.S. dollars of investment. Libya also wants to be an important natural gas producing countries, Libya intends to 2010 the country's natural gas production from the current 2.7 billion cubic feet increased to 3000 million cubic feet in 2015 to reach 3.8 billion cubic feet.
Source: www.in-en.com Apr. 28, 2009
The Energy Center is a Libyan national economic and social development funds and the Gulf of Bahrain Islamic investment bank, a loan company cooperative projects. Gulf loan will finance the project, the Energy Center will be built in the Libyan capital Tripoli, 43 miles west of the brink of the Mediterranean coastal areas.
Libyan company in charge of the national investment promotion said that the completion of the project will require 3-5 years, and the construction of the first phase of infrastructure will require 18 months.
Energy Center (or Energy Economic Zone) to oil and gas production companies, refining companies, as well as participation in shipping, energy trading and support services for the commercial infrastructure.
Libya plans to in 2012 before the country's crude oil output to double about to achieve this goal will require 30-40 billion U.S. dollars of investment. Libya also wants to be an important natural gas producing countries, Libya intends to 2010 the country's natural gas production from the current 2.7 billion cubic feet increased to 3000 million cubic feet in 2015 to reach 3.8 billion cubic feet.
Source: www.in-en.com Apr. 28, 2009
Russia believes that oil prices will rise in 2010 in 70-80 U.S. dollars
MOSCOW, April 26 reported that the Russian energy minister Sergei Shmatko told the media here today told reporters that about 50 U.S. dollars per barrel of oil simply can not ensure that the oil and gas exploration and production, but the price of crude oil in the next 12 to 18 months will be rebound to 70-80 U.S. dollars a barrel level.
Shmatko said: "We are interested in a fair price."
In response to Shmatko Reuters reporters Ti Chude and Shi Jiedi 2 largest oil-producing countries need the oil to how to develop its crude oil reserves of the issue, said that the current oil prices can not ensure the continuity of oil production, mining or the implementation of the new technology sufficient funds required.
Source: www.in-en.com Apr. 27, 2009
Shmatko said: "We are interested in a fair price."
In response to Shmatko Reuters reporters Ti Chude and Shi Jiedi 2 largest oil-producing countries need the oil to how to develop its crude oil reserves of the issue, said that the current oil prices can not ensure the continuity of oil production, mining or the implementation of the new technology sufficient funds required.
Source: www.in-en.com Apr. 27, 2009
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