Brazil: Petrobras' third-quarter profits up 96%

" Wed, 12 Nov 2008 04:27:45 GMT Brazil's Petrobras oil company has posted a record third-quarter net profit of 96 percent compared to the same quarter last year.  The profit almost doubled because of increase...

Energy body IEA warns on oil prices

" One of the world's leading authorities on energy supply says the era of cheap oil is over and prices could soon be back up to $100 a barrel.  The International Energy Agency (IEA), in its World Energy...

Iran: Parliament and Ahmadinejad set to clash over impeachments (UPDATED)

Iranian President Ahmadinejad is having a rather difficult time. The Parliament (Masjid) is pushing towards the impeachment of another of his Minister. This time, the Minister of Communication and Information...

China and Iraq Sign Oil Deal

"  BAGHDAD — An Iraqi state-owned oil company, North Oil, has signed a contract with a Chinese state-owned oil corporation, CNPC, that was first negotiated during Saddam Hussein’s regime, an official in...

A troika first, then a Gas OPEC?

As Iran, Qatar and Russia prepare to attend a new round of talks on gas cooperation in Doha, on Wednesday, Moscow expressed its willingness to create a Gas Troika to boost cooperation and stabilise world prices....

Libyan leader blasts 'unipolar world'

As the current US economy crisis turns into a world recession, international system is also showing signals of a transformation. In such context, the call  for a multi polar world or a new...

Libya and Russia 'in nuclear deal'?

As Libya continues to improve relations with the international community and the US, its leader Muammar Gaddafi is believed to have procured a civil nuclear cooperation deal with Russia. Gaddafi was in...

Chavez: Russians drilling for gas

After the successful launching of a Chinese made Satellite yesterday, Venezuelan President announced today that a Russian enterprise to explore natural gas has just started. A Russian vessel with a drilling...

A Gas OPEC in the making?: The Russian initiative, the Iranian approval (upda...

Russia has called upon Iran and Qatar for a meeting on November 18 in Moscow. They would discuss the creation of a OPEC like organization on natural gas. This big gas troika would have been already...

Despite sanctions, Iran promises to supply gas to Europe (Updated)

Iran reasures Europe that sanctions are not blocking its Persian Pipelin project to provide them wiht gas by 2014. "According to plans drawn up by Tehran, Turkey will be a key transit route for Iranian...

Venezuela and Ecuador revise bilateral deals and confirm commitment to furthe...

Caracas, Venezuela, 28 October, 2008. Today, the Venezuelan President, Hugo Chavez, met his Ecuadorian counterpart, Rafael Correa, to review the current status of their bilateral agreements and...

A Gas OPEC in the making?

" In early 2007, the Leader of the Islamic Revolution in a meeting with the then Security Council chief of the Russian Federation, said as half of the known gas reserves of the world exist in Russia and Iran, the...

Iran, Russia ink 6 trade protocols

" MOSCOW – The Islamic Republic of Iran and the Russian Federation signed six protocols on broadening their trade and economic cooperation in their fifth joint economic workgroup session on Thursday. ...

Chavez wants USD 70-90 oil price

"Venezuelan President Hugo Chavez says OPEC should create a price band for crude oil between USD 70 and USD 90 per barrel.  "Let's put that band back again, but not between 22 and 28 (dollars per barrel) ......

OPEC Cuts Oil Production Amid falling Oil Prices

OPEC has agreed to cut production due to rapidly falling oil prices.  Airlines and other Oil dependent companies rushed to buy call options to lock in the current prices.  A call option means buyers can...

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