Oil prices ease from record highs

Oil prices eased from recent highs in Asian trade on Monday after international finance ministers warned that near-term global economic prospects had weakened. In afternoon trade, New York's main oil contract, light sweet crude for delivery in May, fell by 29 cents to $109,85 per barrel.

Energy agency cuts forecast for world oil demand

World oil demand will rise much less than expected in 2008 because of slower economic growth in the United States and other industrialised countries, the International Energy Agency (IEA) said on Friday. The IEA, adviser to industrialised countries, also pointed to a drop in oil inventories.

Oil bubbles near $109

Oil prices were close to $109 in Asian trade on Wednesday, underpinned by the United States dollar's dive to a new low against the euro and supply concerns, dealers said. In late morning trade, New York's main contract, light sweet crude for April delivery, traded briefly at $108,90 a barrel, up 15 cents from its record closing high of $108,75 on Tuesday.

IEA: Oil market could be set for lengthy slowdown

The world oil market could be set for a lengthy slowdown, the International Energy Agency (IEA) said on Wednesday, signalling a sharp shift in the climate that pushed the oil price to $100 last month. "Just as the demand shock of 2004 shaped the oil market for the next three years, so too could the pending slowdown," the IEA said in its monthly review of oil trends.

Venezuela halts oil supplies to Exxon Mobil

Venezuelan President Hugo Chávez stopped oil exports to Exxon Mobil on Tuesday, escalating a multibillion-dollar fight with the United States company two days after threatening to cut off all supplies to America. The anti-US president's retaliation for Exxon's legal offensive pushed oil prices higher in late trading.

Opec set to resist pressure for more oil

Opec is widely expected to resist consumer calls for more oil when it meets on Friday, worried by a slowing United States economy and the onset of seasonally lower demand in the spring. Oil has fallen to around $91 a barrel from a record $100,09 on January 3, easing pressure on Opec to pump more.

Tough to pump more oil, even at $100

Oil at $100 a barrel should give exporters every incentive to pump more, but their difficulty in doing so shows the world is struggling to sustain production. A growing number of leading industry figures now question mainstream forecasts for supply, suggesting the era of "plateau oil" is nearer than many had admitted.

India eyes role as 'wind superpower'

India might be painted as a pollution-spewing, global-warming economy of one billion people but it is also one of the world's biggest wind power users, part of a focus on renewable energy mostly unnoticed in the West. Years of tax incentives have helped make India one of the fastest-growing markets for wind power, a major component of renewable energy.

Oil prices drop on Opec news, stronger dollar

Oil prices dropped on Tuesday after a key Organisation of the Petroleum Exporting Countries (Opec) member left open the possibility the oil cartel will increase output to curb rising prices, and following the strengthening of the dollar overnight. Light, sweet crude for December delivery fell by six cents to $94,56 a barrel.

Oil crosses $98 a barrel

Oil prices jumped to a new trading record above $98 a barrel on Wednesday amid expectations of declining United States supplies. The weak dollar and the Organisation of the Petroleum Exporting Countries's apparent reluctance to pump more crude into the market also boosted prices.

Oil decline 'brings risk of war and unrest'

World oil production has already peaked and will fall by half as soon as 2030, according to a report that also warns that extreme shortages of fossil fuels will lead to wars and social breakdown. Global oil production is currently about 81-million barrels a day -- the report expects that to fall to 39-million by 2030.

Oil prices surge following Opec supply report

Oil prices surged above $85 a barrel on Monday for the first time after the Organisation of the Petroleum Exporting Countries (Opec) said crude production by non-Opec countries is falling even as global demand for oil is rising. Prices were also supported by concerns Turkish forces will pursue Kurdish rebels into Iraq.

Nigeria loses ground in Opec in face of unrest

Oil output in Nigeria has plunged by a quarter since the start of 2006 in the face of political unrest in the Niger Delta, reducing the country's influence in the Organisation of Petroleum Exporting Countries (Opec) and limiting the effectiveness of Opec itself.

World oil price tops $81

Oil prices topped 81 dollars a barrel for the first time on Tuesday, setting another record high amid fears of critically tight supplies for the winter season in the United States. Opec's announcement last week that it would pump an extra 500 000 barrels per day from November has failed to stop the surge in price.

Oil hits record high after Opec fails to calm market

Oil hit a record high of nearly $79 a barrel on Wednesday, after the Organisation of the Petroleum Exporting Countries's (Opec) modest output increase failed to allay winter supply concerns and ahead of United States inventory data. US light crude for October delivery set a record high of $78,99 a barrel.

Oil prices slip after record close

Oil prices slipped on Wednesday after finishing at a record close in the previous session on worries about tight supplies. Light, sweet crude for October delivery fell six cents to $78,17 a barrel in Asian electronic trading on the New York Mercantile Exchange by late afternoon in Singapore.

Opec considers modest oil output rise

Opec was meeting on Tuesday to consider a modest rise in oil output proposed by Saudi Arabia and other Gulf Arab states in a gesture to consumers worried by the economic impact of $77 oil and rapidly diminishing stocks. But the plan to add 500 000 barrels per day of oil had yet to convince all Opec ministers.

Climate scientist gives SA thumbs-up

The South African government's attitude to global warming was very encouraging, chief scientific adviser to the British government David King said on Friday. The South African-born King, who is in the country for a series of ministerial meetings on a range of issues, also gave the thumbs-up to this country's planned pebble-bed modular nuclear reactor.

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