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Oil News

Oil hits $145
Oil roared past $145 per barrel for the first time Thursday boosted by a weak US dollar and Middle East tension, reported AFP. Brent North Sea crude for August delivery hit $145.11 in early Asian trade, before easing back to $144.90.

Oil will hit $150, says Russia's president
Dmitry Medvedev, the President of Russia, the world's second-biggest oil producer, said that he expects crude oil prices to rise to $150 a barrel and retard global growth, reported Reuters. The Russian president described OPEC's influence as exaggerated, saying that the organization's decisions don't always have a long-term impact on oil prices.

Oil hits new highs
Oil prices climbed above $144 a barrel in London on Wednesday after data revealed a drop in stockpiles of US crude. Brent North Sea crude oil for August delivery jumped $3.98 to trade as high as $144.65 a barrel. New York's main oil futures contract, light sweet crude for August, leapt to an intraday record of $143.91 just before the close of trade.

Qatar's natural gas output jumps 17.9%
Qatar's natural gas production totalled 59.8bn cubic metres in 2007 from 50.7bn cubic metres in 2006, an increase of 17.9%, according to the 2008 BP Statistical Review of World Energy. The country's proven reserves were at 904.06 trillion cubic feet at the end of last year, accounting for 14.4% of the world total. The Russian Federation had 25.2% of global proven reserves, followed by Iran with 15.7%, reported the Peninsula.

KSA has no plans to boost production
Saudi Oil Minister Ali al-Naimi said the kingdom is planning no further increases in crude production following its June 23 announcement that it would pump an extra half-million barrels a day, reported CNN. He said he was 'troubled' by the current high levels of petroleum prices, but added that the kingdom has 'nothing to do with prices where they are today'.