Mthombo is no crude white elephant

Godwin Sweto responds to Jeremy Wakeford's opinion piece on Project Mthombo, PetroSA's proposed 360 000 barrels-a-day crude-refinery project.

Libya no-fly zone calls mount as new battles loom

Libya's air force stepped up air strikes and heavy shelling was heard on Tuesday as the revolt against Muammar Gaddafi entered its third week.

Alarm raised over Saudi 'peak oil'

US envoy warns that reserves are perhaps 40% overstated and the kingdom won't be able to keep prices down.

Algerian youths riot over food prices, unemployment

Hundreds of youths clashed with police in several cities in Algeria, including the capital, over food price rises and chronic unemployment.

Opec set to hold oil supply steady

Oil at close to $70 means Opec will almost certainly keep existing output cuts in place when it meets in Vienna on Wednesday.

Opec stays the course, hopes for high prices

Opec ministers on Thursday decided to "stay the course" and keep output steady as they bet on a strengthening economy to boost oil prices.

Opec banks on end of recession to drive oil prices

Oil ministers appear ready to sit back and let a recovering economy lift crude prices instead of trying to bolster them by cutting back production.

Oil rises towards $60 on US drawdown

Oil rose towards $60 a barrel on Wednesday after US inventory data showed an unexpected drawdown.

Opec call for oil cuts 'could hinder global recovery'

Opec's call for compliance with recent production cuts could undermine a global economic recovery, the Centre for Global Energy Studies said on Monday

Oil slips on weak global demand

Worries about global economic growth and expectations of a weak US jobs report pushed oil prices lower on Friday.

Oil tops $47 on Gaza, Russia gas row

Oil jumped to a three-week high on Monday after an Iranian military commander called for an oil boycott over Israel's offensive in the Gaza Strip.

Angola backs budget, may cut spending if oil stays low

Angola approved a $42-billion spending plan for 2009 despite fears the recent slump in oil prices will increase the country's budget deficit.

Opec defers new oil supply cut as divisions emerge

Gulf producers want to see strict compliance with recent output curbs of two million barrels a day before considering further reductions.

Oil falls toward $63 as economic gloom counters Opec

Oil fell to near a 17-month low on Monday, extending the previous session's $4 loss amid growing doubts over whether governments can tame a crisis.

Opec cut decision proving ineffective

Opec's decision to cut output is proving ineffective against speculators, its president Chakib Khelil said on Saturday.

Nigerian militants tell oil workers to leave delta

Nigerian militants on Saturday warned oil firms in the Niger Delta to withdraw their workers in the next 24 hours or face a hurricane of retaliation.

Iran says Opec oversupplying

Iranian Oil Minister Gholam Hossein Nozari said Monday that Opec was oversupplying the market as he arrived for a meeting of the cartel in Vienna.

Iran official says $100 oil price 'appropriate'

Iran's Opec governor said an oil price of $100 per barrel was "appropriate" in current conditions, the Oil Ministry's news agency Shana reported.

Oil slips to $105 a barrel after Gustav blows over

Oil prices fell sharply again on Tuesday to as low as $105,46 a barrel -- nearly 30% down from the recent record high of just over $148.

Opec may cut output if price trends down

Opec should consider cutting oil production at the next meeting if member nations determine that recent price declines constitute a downturn.

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