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Oil Prices

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Article
/ 1 July 2008

Opec concerned about future oil demand

Opec has concerns that future demand for oil might not be strong enough to justify investment to boost oil production.

By Staff Reporter
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Article
/ 30 June 2008

Oil hits record on Israel-Iran tensions

Oil rose more than a barrel on Monday to a new record above , propelled by heightened market fears of conflict between Israel and Iran.

By Staff Reporter
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Article
/ 27 June 2008

Oil jumps to new high above $142

Oil leapt to a new record high above a barrel on Friday, extending gains after surging nearly 4% in the previous session.

By Staff Reporter
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Article
/ 27 June 2008

Oil jumps to new record near $142

Oil leapt to a new record high near a barrel on Friday, extending gains after surging nearly 4% in the previous session.

By Staff Reporter
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Article
/ 26 June 2008

Oil price could hit $170 a barrel, says Opec head

Algerian Energy Minister Chakib Khelil, president of Opec, forecast on Thursday that oil prices could rise to $150 to $170 a barrel.

By Staff Reporter
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Article
/ 24 June 2008

Oil prices won’t come down, says Opec president

Chakib Khelil, president of Opec, on Tuesday rebuffed calls from oil-consuming countries to increase supply.

By Staff Reporter
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Article
/ 23 June 2008

Oil climbs 1%, Saudi pledge fails to halt rally

Oil rose nearly 1% on Monday, as tensions between Israel and Iran stoked supply concerns and traders doubted Saudi Arabia’s promise to pump more oil.

By Fayen Wong
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Article
/ 22 June 2008

Jeddah starts oil-price dialogue, but no quick fix

World energy powers embarked on a new level of dialogue to rein in runaway oil prices at an emergency meeting in the Red Sea city of Jeddah on Sunday.

By Simon Webb and Summer Said
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Article
/ 22 June 2008

Mozambican government suspends fuel tax

The Mozambican government is to suspend temporarily customs duties and value-added tax on all imported fuel products.

By Staff Reporter
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Article
/ 22 June 2008

Oil powers seek tonic to record prices

The world’s top energy policymakers meet in the Red Sea city of Jeddah on Sunday for emergency talks on halting oil’s unrelenting rally.

By Simon Webb and Summer Said
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Article
/ 21 June 2008

Will former shepherd boy pour oil on world’s troubles?

The few words that matter at Saturday’s energy summit in Jeddah will come from a former shepherd boy, Ali al-Naimi.

By Terry Macalister
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Article
/ 21 June 2008

Ford to lose billions as oil hike bites

Fears are growing over a potential cash crisis at the United States’s top carmakers after Ford warned its losses are running into billions.

By Andrew Clark
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Article
/ 20 June 2008

Dotcom crash, credit crunch … oil bubble?

The dotcom bust shook the world almost a decade ago, last year the credit crunch seized up markets, and now an oil price bubble may cause more havoc.

By Jane Merriman
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Article
/ 17 June 2008

The new survivalism

Rising oil prices, global food shortages and the economic crisis are proof for many survivalists that society is on the brink of meltdown.

By Staff Reporter
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Article
/ 12 June 2008

Cabinet says no to cut in fuel levies

There will be no tampering with the fuel levies to try to ease the pain of oil price increases, the Cabinet has decided.

By Michael Hamlyn
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Article
/ 10 June 2008

Opec chief appeals for calm over oil

Opec secretary general Abdullah al-Badri on Tuesday appealed for calm, saying the record-high oil price was unbearable and did not reflect any shortage of supply.

By Staff Reporter
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Article
/ 10 June 2008

IEA: Oil thirst slows, tension to remain high

High global oil prices and cuts in fuel subsidies in some countries will slow growth of oil demand this year, the International Energy Agency (IEA) forecast on Tuesday, also reporting a surge in supply in May.

By Staff Reporter
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Article
/ 10 June 2008

Oil prices: Europe threatened with summer of discontent

Concerns were growing on Monday night over a summer of coordinated European fuel protests after tens of thousands of Spanish truckers blocked roads and the French border, sparking similar action in Portugal and France.

By Lynley Donnelly
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Article
/ 9 June 2008

Oil price dips after record run

Oil prices dropped more than $1 on Monday after rocketing to record heights near $140 per barrel late last week, but some analysts warned of a bubble that could burst soon.

By Staff Reporter
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Article
/ 9 June 2008

Stricken airlines face $6bn loss

Airlines will move from a profit of $5,6-billion last year to a loss of $6,1-billion this year if oil is trading at $135 a barrel, according to forecasts from the global airline body.

By Dan Milmo
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Article
/ 8 June 2008

Iran sees oil price at $150 per barrel

World crude prices are expected to reach per barrel by the end of summer, Iran’s representative to the Organisation of the Petroleum Exporting Countries (Opec) was quoted as saying on Sunday.

By Staff Reporter
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Article
/ 8 June 2008

G8 energy ministers look inward on oil

Group of Eight energy ministers on Sunday looked inward for solutions to oil’s unrelenting rally.

By Osamu Tsukimori
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Article
/ 7 June 2008

US urges cuts, not regulation, to tame oil

United States Energy Secretary Sam Bodman called on Saturday for more countries to scrap fuel price subsidies that stoke oil demand.

By Osamu Tsukimori
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