Kuwait is expected to surge its crude exports to China by 36 percent this year to 8 million tonnes, as the Gulf oil exporter works hard to land a major refinery deal with top Asian refiner Sinopec Corp. For full story, click here
Cuba is holding talks regarding oil exploration and production deals with Russia, China and Angola, with Moscow shaping up as the partner that could make the communist island energy self-sufficient. Basic Industry Minister Manuel Marrero, said: The Cuban oil industry’s venturing out into deep sea waters in the Gulf of Mexico very likely will result [...]
Owing to inefficiencies, funding constraints and shut-in of oil wells due to crisis in the Niger Delta, approximately 430 million barrels of crude oil have been lost by Nigeria in the NNPC, Shell Joint Venture deal. Shell’s African Executive Vice President, Ms. Ann Pickard, said: The inefficiencies in the sector that are blocking Nigeria from [...]
Chevron, the world’s fourth-largest oil company, will take a final decision by the end of January 2009 on buying a 24% stake in Reliance Petroleum (RPL) and hold on to the 5% it already has in the company. For full story, click here
Exxon Mobil Corp and Turkey’s state-run oil company, TPAO, signed a deal Wednesday for the joint exploration and development of oil and natural gas off its Black Sea coast. For full story, click here
Brazil’s state-run oil firm signed an agreement to explore for oil in deep Caribbean waters north of Cuba that officials in Havana say could contain 20 billion barrels of crude. For full story, click here
China National Petroleum Corp (CNPC) has signed an agreement with Uzbekistan’s state-owned Uzbekneftegaz to explore oil there. For full story, click here For CNPC’s website, click here
The PetroVietnam Oil Corporation (PV Oil) signed a $3 bn contract with the Dung Quat Oil Refinery factory to supply crude oil and materials for distribution when the factory opens in 2009. For full story, click here
Another rough day for investors this Monday. As it became clear that the American House of Representatives would reject the authorization law for the executive’s $700 billion financial sector bailout plan, commodities began to tank. Oil futures shed more than $10 of their value during the day, dropping to $96.37 per barrel.
The expiration of October trading certainly played a disproportionate role in the record one-day gain, as it exercised a huge pressure on short positions. The meteoric rise also illuminates how much the vacillation is due to speculative activity.
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