12th June 2009
The Organization of Petroleum Exporting Countries said oil production rose for a second month in May, weakening compliance with quotas, as the group lowered its forecast for global oil demand in 2009.
The 11 OPEC members bound by production quotas, which exclude Iraq, pumped 25.903 million barrels a day in May, an increase of 118,800 barrels a day from April, the Vienna-based organization said in its monthly oil report today, citing secondary sources that include estimates from analysts and...
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12th June 2009
European Union governments rejected a plan to publish weekly data on commercial oil stocks because of concerns about the cost for industry, settling instead for monthly information that is less useful for markets.
EU energy ministers said the plan to match U.S. practices risked being too onerous for oil companies such as Royal Dutch Shell Plc, BP Plc and Total SA amid the recession. Oil prices have fallen to about $72 a barrel from a record $147.27 last July, when EU finance ministers called...
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12th June 2009
Exxon Mobil Corp., the largest U.S. energy company, plans to help TransCanada Corp. finance and build a $26 billion pipeline to carry North Slope natural gas to U.S. markets.
The 1,700-mile (2,700-kilometer) pipeline will haul gas from Alaska’s North Slope to a network of conduits in Alberta, Canada, that serve industrial and residential demand in the U.S. Midwest. TransCanada of Calgary announced the agreement today in a statement.
Irving, Texas-based Exxon is joining the pipeline proje...
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