Kuwait's oil officials have recently said that the Petroleum Exporting Countries (OPEC) could cut crude oil production next year in response to market demand decline. He said that OPEC's Monthly Oil Market Report released the latest forecast, the international market next year, the average daily demand for OPEC crude than the reduction of 0.46 million barrels a day this year, which means that the organization might cut production to stabilize oil prices.
He said that OPEC's production cuts will be a challenge, because all member states look forward to as the global economic recovery next year, will increase crude oil production. OPEC's ministerial meeting on the 9th of this month decided to maintain the current crude oil production unchanged. The organization released 15 monthly report predicted that in 2010 the international market demand for OPEC oil will be 28.06 million barrels per day.
Sep. 20, 2009
Russia hopes to foreign companies to help develop offshore oil field
MOSCOW, Russia's Deputy Minister of Natural Resources September 15, said Russia wants to foreign companies to help develop its huge offshore oil and gas reserves, because the Russian company could not complete the development of its own operations. The vice minister in remarks delivered before July, the Russian Natural Resources Minister said that Russia should consider amending the prohibition of foreign companies to participate in developing oil and gas reserves of law.
As oil prices since 2002, rose seven-fold, the Russian enact laws to prohibit foreign companies to participate in developing their own natural resources. Foreign companies are being forced to leave the implementation of projects. In 2006, Shell's Sakhalin -2 project give up control. In 2008, British Petroleum was forced to agree to Russia's Gazprom to sell gas field Kovykta control. As the global economic downturn and the drop in oil prices, Russian companies have to reduce this year's investment plans. Last year, foreign direct investment in Russia fell by 2.8% this year is expected to be further reduced.
Sep. 17, 2009
As oil prices since 2002, rose seven-fold, the Russian enact laws to prohibit foreign companies to participate in developing their own natural resources. Foreign companies are being forced to leave the implementation of projects. In 2006, Shell's Sakhalin -2 project give up control. In 2008, British Petroleum was forced to agree to Russia's Gazprom to sell gas field Kovykta control. As the global economic downturn and the drop in oil prices, Russian companies have to reduce this year's investment plans. Last year, foreign direct investment in Russia fell by 2.8% this year is expected to be further reduced.
Sep. 17, 2009
The U.S. plans to 31.5 billion U.S. dollars oil and gas industry tax collection
Recently, the Obama administration plans to the collection of oil and gas company 31.5 billion U.S. dollars in taxes, said the U.S. too much attention to oil and gas, leaving other industries pay the price. The U.S. Treasury Department's chief economist, said in testimony to the Senate, the Group of Experts, the current subsidies lead to over-investment in oil and gas industry. This is by far the most clearly related to the federal government want an end to domestic oil and gas production support the bill.
Alan Krueger of the expert group said the current U.S. oil and gas industry subsidies to encourage over-production of oil and gas, and accounts for the resources of other industries, but also with the Obama administration to reduce greenhouse gas emissions, develop new clean energy economy goals do not match.
American Petroleum Institute, president of Devon Energy Corp. Chief Executive Officer Larry Nichols said the expert group, which is very ridiculous, the current variety of energy research have shown the need to increase domestic energy sources, rather than oil and natural gas is the most important source of energy, so the fight against oil and natural gas production is utterly unjustifiable.
Sep. 14, 2009
Alan Krueger of the expert group said the current U.S. oil and gas industry subsidies to encourage over-production of oil and gas, and accounts for the resources of other industries, but also with the Obama administration to reduce greenhouse gas emissions, develop new clean energy economy goals do not match.
American Petroleum Institute, president of Devon Energy Corp. Chief Executive Officer Larry Nichols said the expert group, which is very ridiculous, the current variety of energy research have shown the need to increase domestic energy sources, rather than oil and natural gas is the most important source of energy, so the fight against oil and natural gas production is utterly unjustifiable.
Sep. 14, 2009
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