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Keyword: oilmarkets

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  • Venezuela To Propose New Deal ‘To Fix’ The Oil Markets

    01/16/2017 3:48:43 PM PST · by bananaman22 · 21 replies ^ | 16-01-2016 | Para
    Recession-struck Venezuela will send a new proposal to OPEC and non-OPEC producers to try to stabilize crude oil prices, Venezuelan President Nicolas Maduro said on Sunday. “Venezuela, as of next week, will circulate a letter with a new proposal, a new formula for the stability of real and just prices so that it can be studied and debated by all the governments that have signed this deal,” the president said in a speech, without providing details, as quoted by Reuters. Venezuela was one of the most vehement supporters and promoters of OPEC’s supply-cut deal, in which OPEC and 11 non-cartel...
  • Obama to pitch $52M plan to regulate oil markets [Maxine Waters Dream Coming True]

    04/17/2012 6:02:22 AM PDT · by SoFloFreeper · 30 replies
    Fox ^ | 4/17/12
    Under pressure to take action on rising gasoline prices, President Obama wants Congress to strengthen federal supervision of oil markets, increase penalties for market manipulation and empower regulators to increase the amount of money energy traders are required to put behind their transactions. The White House plan, which Obama was to unveil Tuesday, is more likely to draw sharp election-year distinctions with Republicans than have an immediate effect on prices at the pump. The measures seek to boost spending for Wall Street enforcement at a time when congressional Republicans are seeking to limit the reach of federal financial regulations.

    05/25/2003 2:08:55 AM PDT · by kattracks · 2 replies · 201+ views
    New York Post ^ | 5/25/03 | LEONARD GREENE
    <p>May 25, 2003 -- With 13 years of crippling economic sanctions finally lifted, Iraq is set to resume oil exports next month, an interim government official said yesterday, a major step toward rebuilding the country's economy.</p> <p>"By two to three weeks, Iraq will be back in the market," said Thamir Ghadhban, director of Iraq's oil ministry, at a news conference. "It will take a few weeks but we should be producing 1.3 to 1.5 million barrels per day by the middle of next month."</p>
  • Lower Supply Raises Oil Prices

    05/14/2003 4:56:00 PM PDT · by Willie Green · 10 replies · 189+ views
    The New York Times ^ | May 14, 2003 | BLOOMBERG NEWS
    For education and discussion only. Not for commercial use.Crude oil prices rose to their highest level in four weeks yesterday after the International Energy Agency said inventories had tumbled 10 percent from last year. Bombings in Saudi Arabia, the world's top producer, also contributed to the rally. Oil supplies held by the 30 nations belonging to the Organization for Economic Cooperation and Development ended March at 2.34 billion barrels, down 260 million barrels from a year earlier, according to the agency, which advises industrialized countries on oil policy. Prices have gained 10 percent this month on expectations of further drops...
  • The burden of 'black gold'

    05/12/2003 4:38:01 PM PDT · by jennyp · 5 replies · 124+ views
    BBC News ^ | 5/12/2003 | Jonathan Duffy
    Iraq's great oil reserves will ease the way to a better future for this downtrodden country, we are told. But the "black gold" is more often a curse than a blessing, according to a new report. There can be few jackpots in this world quite as big as striking oil. As the fuel that drives the world's economy, the "black gold" ranks top of the list of natural resources a government would wish for in its backyard. Perhaps the luckiest of all winners in this lottery of buried wealth is Iraq. While Saudi Arabia is the only country thought...
  • 'Quiet' efforts credited for stability in oil rates

    05/08/2003 11:32:16 PM PDT · by JohnHuang2 · 2 replies · 217+ views
    Washington Times ^ | Friday, May 8, 2003 | By Timothy Burn
    <p>Energy Secretary Spencer Abraham said yesterday that the Bush administration's "quiet diplomacy" kept global oil prices from skyrocketing during the war with Iraq.</p> <p>"We have emerged from that period in really much more stable and strong condition than other energy crises in the last 30 years," Mr. Abraham said in an interview with editors and reporters at The Washington Times.</p>
  • War and strife help BP to record first-quarter profit

    04/30/2003 9:53:57 PM PDT · by chance33_98 · 2 replies · 144+ views
    War and strife help BP to record first-quarter profit LONDON: British energy giant BP plc has produced record profits for the first quarter as a result of war, strikes and unrest in key oil nations that lit a fire under crude and fuel prices during the period. BP’s net profit adjusted for exceptional items and to reflect the current cost of supplies grew 136% from a year ago to US$3.73bil for the three months to March. The result of Britain’s biggest company and the world's No. 3 oil firm was at the top end of analysts’ expectations and came...
  • New petrol price drop looms

    04/27/2003 1:22:27 PM PDT · by Calamari · 4 replies · 176+ views
    The New Zealnd Herald ^ | April 28,2003 | Reuters
    New petrol price drop looms 28.04.2003 NEW YORK - The prospect of even lower petrol prices is looming following Opec's surprise decision to cut back less than expected on oil production. Oil plummeted on Friday - ending the week 15 per cent down - after the cartel opted to raise its official production quotas and make only small reductions in the extra crude it pumped to stop prices from spiking during the war on Iraq. After four straight days of falling prices, US crude futures ended the week at US$26.26 ($47.34) a barrel, down 38USc on the day and 15...
  • Iraq Oil Begins To Flow Again As Petroleum Industry Revives

    04/23/2003 8:26:31 AM PDT · by Stand Watch Listen · 2 replies · 266+ views
    Wall Street Journal | April 23, 2003 | Chip Cummins
    BAGHDAD -- U.S. and Iraqi engineers have resumed oil production in the south of the country and may relaunch output in the north this week, marking early breakthroughs in the attempt to revive Iraq's petroleum industry. Four southern wells began producing a modest amount of Iraqi crude, according to an American general in charge of restarting Iraq's oil-production infrastructure. Iraq has two major oil producing regions: a southern region near the city of Basra and a northern region near Kirkuk. The country's southern fields produced about 60% of the country's prewar production of about 2.5 million barrels of oil a...
  • The Oils of War (Iraq)

    04/22/2003 1:17:31 PM PDT · by Shermy · 6 replies · 190+ views ^ | April 22, 2003 | James B. Stewart
    THE MARKETS ARE treating the fall of Saddam and the extraordinary history we've been watching this past week as a non-event. In my view, they couldn't be more short-sighted. Let's sidestep for a moment the admittedly fascinating, complex and profound geopolitical implications of the stunning coalition military victory and focus on the one thing that will mean the most to markets world-wide: oil. Relatively little is being written on this vitally important aspect of the conflict, which is surprising given that many accused the U.S. of fostering a war in Iraq for the primary if not sole purpose of getting...
  • LIQUID WEALTH A MIRAGE: Oil income not enough to cover the costs of rebuilding

    04/12/2003 4:16:33 AM PDT · by sarcasm · 42 replies · 220+ views
    San Francisco Chronicle ^ | April 12, 2003 | Carolyn Lochhead
    <p>Washington -- Iraq sits atop the world's second-largest oil reserves. Yet oil will not come close to covering the immediate expenses of rebuilding its broken economy.</p> <p>In fact, experts warn that the vast pool of liquid wealth under Iraqi soil is a mixed blessing that complicates the reconstruction of Iraq's political and economic life while posing separate dangers to the Bush administration's navigation of oil politics.</p>
  • House Endorses Drilling in Alaska Refuge

    04/10/2003 9:00:13 PM PDT · by NormsRevenge · 9 replies · 188+ views
    SJ Mercury News ^ | 4/10/03 | H. Josef Hebert - AP
    <p>WASHINGTON - The House on Thursday night endorsed oil drilling in an Alaska wildlife refuge, setting up a likely confrontation with the Senate as Congress struggles to produce a comprehensive energy policy.</p> <p>An attempt to strip a House energy bill of a provision that would allow development of the refuge's oil was turned back by a 228-197 vote. Drilling opponents argued more oil could be saved with higher auto fuel economy requirements than the refuge could produce.</p>
  • Venezuela's Chavez says Iraq war hurts U.N., OPEC

    04/11/2003 2:28:08 PM PDT · by kattracks · 14 replies · 193+ views
    Reuters | 4/11/03
    Venezuela's Chavez says Iraq war hurts U.N., OPEC CARACAS, Venezuela, April 11 (Reuters) - Venezuelan President Hugo Chavez said on Friday the U.S.-led invasion of Iraq had destroyed the role of the United Nations, threatened the unity of the OPEC oil exporters' cartel and turned the world into a dangerous place. Speaking on the first anniversary of a military coup that briefly toppled him last year, the leftist president said the U.S.-British campaign in Iraq would weaken the Organization of Petroleum Exporting Countries, of which both Iraq and Venezuela are members. Venezuela, the world's No. 5 oil exporter, is a...
  • U.S. plan for Iraq sparks glut fears

    04/11/2003 1:59:53 AM PDT · by JohnHuang2 · 12 replies · 163+ views ^ | Friday, April 11, 2003
    A U.S. plan for getting Iraq back on its feet may deliver a body blow to the economies of oil-producing Gulf states, according to Arab analysts, who are greeting the remarks by Vice President Dick Cheney about Iraq's future crude production with suspicion. Cheney predicted Iraq may be able to pump as much as 3 million barrels of oil a day by the end of this year, which would generate annual sales of $20 billion to help it rebuild. The total cost of reconstruction in Iraq is estimated to reach $100 billion. Iraq averaged production of 2.48 million barrels a...
  • OPEC interests a possible war casualty

    04/10/2003 4:18:45 PM PDT · by Shermy · 3 replies · 103+ views
    Asia Times ^ | April 11, 2003
    CARACAS - United States-based oil companies will get the lion's share of the petroleum business in Iraq once the war there is over, undermining the interests of OPEC (Organization of Petroleum Exporting Countries), say oil industry experts, who also warn that an end to the war will not immediately translate into abundant supplies of inexpensive crude. "There is no doubt that the military occupation of such an important oil exporting country, with a nationalist government, is creating cracks in OPEC and affecting the mid- and long-term interests of its other members, like Venezuela," says Víctor Poleo, a professor of graduate...
  • UN to okay sale of Iraqi oil?!?

    04/09/2003 4:28:10 PM PDT · by Semper Vigilantis · 28 replies · 134+ views
    I just heard on FoxNews that the UN has to approve the usage/sale of Iraqi oil?
  • Oil industry suppressed plans for 200-mpg car

    04/09/2003 1:08:01 PM PDT · by Nov3 · 125 replies · 1,907+ views
    TimesOnline ^ | March 31, 2003 | Simon de Bruxelles
    THE original blueprints for a device that could have revolutionised the motor car have been discovered in the secret compartment of a tool box. A carburettor that would allow a car to travel 200 miles on a gallon of fuel caused oil stocks to crash when it was announced by its Canadian inventor Charles Nelson Pogue in the 1930s. But the carburettor was never produced and, mysteriously, Pogue went overnight from impoverished inventor to the manager of a successful factory making oil filters for the motor industry. Ever since, suspicion has lingered that oil companies and car manufacturers colluded to...
  • Little relief in sight at gas pump: High prices seen through summer

    04/09/2003 2:25:02 AM PDT · by sarcasm · 11 replies · 125+ views
    Boston Globe ^ | April 9, 2003 | Andrew Caffrey
    <p>Gasoline prices in the United States are expected to average about $1.56 a gallon for regular unleaded, and could be a few cents more in Massachusetts. While that is lower than two months ago, when prices spiked during a winter cold spell - surpassing $1.70 a gallon in Massachusetts - it is 17 cents a gallon above last summer's levels, the US Energy Information Administration said, and would be among the highest summertime prices in more than a decade.</p>
  • OIL PRICES, If taxpayers are financing the liberation of Iraq, shouldn't we demand a price decrease?

    04/09/2003 8:37:43 AM PDT · by 1Old Pro · 68 replies · 223+ views
    Oil Rises as Baghdad Falls, OPEC Cuts Seen Cheney- Up to 3 Mln Bpd Oil Production I'm convinced that we have manipulated oil prices and allowed the OPEC nations to keep prices high knowing that the Iraq spigots would be opened and eventually lower prices. They are already cutting production to keep prices artificially high. If Americans are going to pay for this war, at least we should let Iraq flood the market and give us a break on energy costs for the next decade.
  • War optimism likely to lead to lower gas prices

    04/09/2003 12:31:48 AM PDT · by JohnHuang2 · 3 replies · 148+ views
    Washington Times ^ | Wednesday, April 9, 2003 | By H. Josef Hebert
    <p>Gasoline prices are expected to slide to a national average as low as $1.56 a gallon this summer thanks to lower oil prices and optimism about the war in Iraq, the government said yesterday.</p> <p>The Energy Department's statistical agency revised its price forecast sharply downward to reflect the recent fall in crude-oil prices. But it also warned of uncertainties that could cause prices of crude oil as well as gasoline to increase.</p>
  • Gas Prices Will Keep Falling, U.S. Says

    04/08/2003 4:47:42 PM PDT · by rs79bm · 11 replies · 199+ views
    WASHINGTON (AP) - After falling nearly a dime in three weeks, gasoline prices are expected to keep sliding to a national average of $1.56 a gallon this summer thanks to lower oil prices and optimism about the war in Iraq, the government says. The Energy Department's statistical agency revised its price forecast sharply downward Tuesday to reflect the recent fall in crude oil prices. But it also warned of uncertainties that could cause prices of both crude oil and gasoline to rebound. The price of crude, which hit a high of nearly $40 a barrel on Feb. 27, was around...
  • Opec calls crisis meeting to cut production as oil price tumbles

    04/07/2003 5:13:48 PM PDT · by Calamari · 48 replies · 337+ views ^ | 08 April 2003 | By Philip Thornton
    The oil cartel Opec is considering an emergency cut in production to prevent a free-fall in the oil price, which yesterday tumbled to a four-month low at one point as the US-led Allied forces scored fresh gains in Iraq.
  • Gas Prices Drop for 1st Time in 4 Months

    04/06/2003 8:05:43 PM PDT · by Indy Pendance · 7 replies · 100+ views
    AP ^ | April 6, 2003
    CAMARILLO, Calif. (AP) -- Gas prices dropped 6 cents a gallon nationwide over the past two weeks as oil market jitters about the war in Iraq eased, an industry analyst said Sunday. Trilby Lundberg attributed the decrease to greater certainty about Middle East oil supplies. Only a few Iraqi oil fields have been set on fire and the blazes were extinguished quickly, he said.Lundberg said the increased confidence pushed down crude prices, which are reflected at the pump.The average price, including all grades and taxes, was about $1.70 a gallon Friday, according to the Lundberg survey of 8,000 gas stations...
  • Developments in Iraq's Oil Fields

    04/03/2003 3:07:09 AM PST · by kattracks · 1 replies · 176+ views
    AP | 4/03/03
    Developments in Iraq's Oil Fields .c The Associated Press THE OIL FIELDS: Firefighters in the Rumeila South oil field were pumping water into man-made lagoons on Thursday, preparing to again attack the two remaining fires at oil wells. Teams from Boots & Coots International Well Control and the Kuwait Oil Co. failed to put out the blazes earlier this week because they lacked sufficient water. Both teams then gave up using water tanks and instead dug lagoons to hold more water. They expected to be ready to battle the fires on Friday, said Aisa Bouyabes, the Kuwaiti team leader. Rumeila...
  • Iraqi Oil Flows, but Not to Buyers

    04/03/2003 12:28:45 PM PST · by JohnHuang2 · 6 replies · 150+ views
    Associated Press | Thursday, April 3, 2003 | By BRUCE STANLEY
    Iraqi Oil Flows, but Not to Buyers By BRUCE STANLEY .c The Associated Press LONDON (AP) - Despite U.S. air attacks around prized oil fields in northern Iraq, crude from the area still flows by pipeline into Turkey. The oil could pay for millions of dollars in emergency food and medicine for Iraq, but industry sources and U.N. officials say it's sitting in storage because potential buyers can't contact the Iraqi-run company that owns it. After two weeks of fighting, American and British forces say they have secured key oil facilities in southern Iraq, including 600 of the 1,000 southern...
  • Oil Exports Jump 8% In March

    04/02/2003 10:32:56 PM PST · by Stavka2 · 1 replies · 118+ views
    Moscow Times ^ | 3 April 03
    Oil exports via state pipeline monopoly Transneft rose by 8 percent in March 2003 after a February fall, while output hit another post-Soviet high, industry sources said Wednesday. Oil production, booming for a fifth-straight year, rose to 8.17 million barrels per day compared with 8.1 million bpd in February. Exports rose by 260,000 bpd in March compared with February and reached 3.36 million bpd. Industry sources said bad weather in the main ports had forced oil producers to curb output in the first three months of 2003, when their production was 100,000 bpd less than expected. But they said...
  • Developments in Iraq's Oil Fields, World Oil Markets (4-1-2003 Latest Update)

    04/01/2003 12:54:59 PM PST · by Cagey · 4 replies · 144+ views
    AP ^ | 4-1-2003
    THE OIL FIELDS: Firefighters resumed efforts Tuesday to extinguish the remaining two blazes at sabotaged oil wells in Iraq's Rumeila South oil field. A shortage of water Monday hindered a team from Boots & Coots International Well Control, while Kuwaiti firefighters were unable to contain a fire at a damaged well head nearby. Rumeila South, just north of the Kuwait-Iraq border, is one of Iraq's biggest oil fields. Firefighters already extinguished five fires there and hope to put out the remaining two within a week. Some Iraqis who previously worked at Rumeila South were returning to ask for their jobs...
  • Iraq's Big Southern Oil Fields May Not Export For 3 Months

    03/28/2003 9:14:39 AM PST · by Stand Watch Listen · 11 replies · 245+ views
    Wall Street Journal | March 28, 2003 | Bhushan Bahree and Jeanne Whalen
    It will take about three months for Iraq's big southern oil fields to start exporting again, a British commander predicted, suggesting that the global petroleum industry could be pinched by an outage of Iraqi supplies for longer than many analysts had anticipated. The handful of blazes that erupted amid war in Iraq's prize Rumeila fields are steadily being put out. But the commander of British forces in the Persian Gulf said Thursday it would take time and about $1 billion to repair the fields. "They are in terrible condition," said Air Marshal Brian Burridge. "It will take three months, and...
  • Balance sheet of gouging

    03/28/2003 12:06:04 AM PST · by JohnHuang2 · 3 replies · 163+ views
    Washington Times ^ | Friday, March 28, 2003 | Jerry Taylor and Peter Van Doren
    <p>Gasoline prices have gone up from a national average of $1.22 a year ago to a startling $1.71 today. The industry says it's supply and demand. Consumer activists say it's gouging. Who's right? Well, both are.</p> <p>The supply and demand explanation is straightforward. On top of the Venezuelan labor strike and war jitters in the Middle East, the winter in the Northeast — a region that relies heavily on heating oil — has been unusually cold. Refineries have accordingly been making heating oil rather than gasoline, so gasoline supplies are relatively scarce. Scarce gasoline equals rising prices.</p>
  • US may face higher gas prices whatever the outcome in Iraq

    03/27/2003 2:24:40 AM PST · by sarcasm · 2 replies · 123+ views
    Boston Globe ^ | March 27, 2003 | Andrew Caffrey
    <p>Political violence in Nigeria has cut production of high-grade crude oil used for gasoline in the United States by 40 percent, forcing refineries on the East Coast in particular to scramble for replacement stocks and bidding up prices in the process. Meantime, Venezuela's state-owned petroleum industry, which still hasn't fully recovered from the civil strife begun in December, is in such poor condition that some analysts warn it may see a drop in output.</p>
  • Developments in Iraq's Oil Fields, World Oil Markets

    03/24/2003 1:17:06 PM PST · by Mr. Mulliner · 3 replies · 146+ views
    Associated Press ^ | March 24, 2003
    Developments in Iraq's Oil Fields, World Oil MarketsThe Associated PressPublished: Mar 24, 2003THE OIL FIELDS: Fighting around seven burning oil wells in the Rumeila South oil field in southern Iraq has driven out some civilian firefighters, an official said Monday. U.S.-led forces had previously thought the field's facilities were secure. "It's not nearly as safe as they said it was," said Brian Krause, vice president and senior blowout specialist for Houston-based Boots and Coots. "We're kind of sitting ducks out there." U.S. Marines declared the field unsafe for journalists to visit Monday, and canceled plans for a media tour....
  • Crude Oil Rises as U.S. Forces Battle Iraqi Troops at Nasiriyah

    03/24/2003 2:25:46 AM PST · by sarcasm · 1 replies · 148+ views
    Bloomberg ^ | March 24, 2003 | Sri Jegarajah
    <p>London, March 24 (Bloomberg) -- Crude oil rebounded from a four-month low after the fiercest fighting so far in the war between the U.S. and Iraq raised concern protracted hostilities may disrupt supplies from the Middle East.</p> <p>Crude oil lost about a fifth of its value last week on initial speculation that the war would end quickly. The battle for Nasiriyah, a key river crossing, raised concern of resistance to the advance to Baghdad, 185 miles (298 kilometers) to the northwest. Iraqi President Saddam Hussein vowed to continue fighting in his first televised speech since Thursday.</p>
  • Iraq-Turkey Oil Pipeline Open - Sources

    03/22/2003 12:44:28 AM PST · by pkpjamestown · 2 replies · 158+ views
    REUTERS ^ | 03-22-03 | REUTERS
    ANKARA (Reuters) - The pipeline that supplies Iraqi oil from the city of Kirkuk to Turkey's Mediterranean port of Ceyhan is still open and carrying crude but no tankers are waiting to be loaded, Turkish sources told Reuters on Saturday. "Oil is still flowing," said a Turkish shipping source. "But in a few days the flow may be cut due to lack of further storage capacity." Shipping sources said there were no tankers waiting at Ceyhan. Storage capacity at Ceyhan is about 6.5 million barrels and 11 of 12 oil tanks are used for storage, sources said. The pipeline is...
  • Texas oil industry set to profit from Iraq war

    03/21/2003 3:22:42 PM PST · by Hoboken · 18 replies · 186+ views
    Dallas Business Journal ^ | 03/21/03 | William Hoffman
    Texas oil and gas companies are well-positioned to benefit from the rebuilding of Iraq's multibillion-dollar oil industry, experts say GREATER METROPLEX — The Texas oil industry will be a big winner of a quick end to the regime of Saddam Hussein, industry observers agree. "Texas is probably in the best position of any area, probably in the world, that can benefit from this," said Mark Baxter, director of the Maguire Energy Institute of the Cox School of Business at Southern Methodist University in Dallas. John Gerdes, senior vice president and director of energy research at Dallas-based Southwest Securities Inc., said...
  • Allied Troops Capture Key Oil Facilities

    03/21/2003 2:39:54 PM PST · by kattracks · 12 replies · 189+ views
    Allied Troops Capture Key Oil Facilities By RAVI NESSMAN and BRUCE STANLEY .c The Associated Press SOUTHERN IRAQ (AP) - U.S. and British troops have captured many key facilities in Iraq's southern oil fields, saving them from possible sabotage and ensuring their use for the country's postwar reconstruction, senior military officers said Friday. American units advancing west of the southern city of Basra secured the Rumeila field, whose daily output of 1.3 billion barrels makes it Iraq's most productive. Coalition forces also discovered that only seven oil wells were on fire in southern Iraq - far fewer than many officials...
  • Have gas prices fallen in your area?

    03/21/2003 12:35:10 PM PST · by hsmomx3 · 41 replies · 1,940+ views
    With the price of oil on the decline are you seeing the price at the pump falling as well? We're not.
  • Oil Plunges as West Secures Key Oilfields

    03/21/2003 11:42:58 AM PST · by WillVoteForFood · 14 replies · 181+ views
    MSN Money ^ | 03/21/03 | Reuters / MSN
  • Oil prices tumble in wake of war's first shots

    03/20/2003 6:10:25 AM PST · by CholeraJoe · 9 replies · 132+ views
    Oil prices tumble in wake of war's first shotsAssociated PressLONDON -- Oil prices tumbled in early trading today after the U.S. military launched air attacks on Baghdad, with futures contracts in New York falling by as much as $1.88 a barrel. The Organization of Petroleum Exporting Countries sought to calm oil markets by announcing that its members have pledged to maximize production to make up for any disruption in crude exports from Iraq. "I am herewith reiterating OPEC's resolve to make up for any supply shortfall resulting from developing events. To this end, member countries have pledged to use, in...
  • Oil Prices Plunge on Expectation of Quick War, No Shortages

    03/18/2003 3:12:36 PM PST · by chance33_98 · 26 replies · 161+ views
    Oil Prices Plunge on Expectation of Quick War, No Shortages By Brad Foss The Associated Press Published: Mar 18, 2003 NEW YORK (AP) - The price of oil plunged 9 percent Tuesday, falling to its lowest level in more than two months as traders bet that the impending United States invasion of Iraq will go smoothly and that global stockpiles of crude are sufficient to offset any supply disruptions. The April futures contract fell $3.26 to $31.67 a barrel on the New York Mercantile Exchange, the lowest close since Jan. 8. However, with U.S. supplies low and uncertainty in...
  • U.S. Biggest Buyer of Iraqi Oil as Market Forces Trump Politics

    03/14/2003 6:57:25 AM PST · by areafiftyone · 145+ views
    <p>New York, March 14 (Bloomberg) -- As the Bush administration masses troops in the Persian Gulf in preparation for a war to topple Saddam Hussein, U.S. refineries are the biggest customers for the crude oil Iraq produces.</p> <p>Shipments to the U.S. more than tripled from September to January, according to the Commerce Department. Iraq supplied 17.1 million barrels in January, 6.4 percent of total U.S. oil imports and up from 5.15 million four months earlier.</p>
  • Oil Markets Have Less Margin Of Error Than In Last Iraq War

    03/11/2003 6:53:02 AM PST · by Stand Watch Listen · 1 replies · 123+ views
    Wall Street Journal | March 11, 2003 | Chip Cummins
    Producers, Shippers, Users Are All Facing New StrainsBy Chip Cummins, Bhushan Bahree and Thaddeus Herrick, Staff Reporters Of The Wall Street JournalIn the months leading up to the Gulf War, the last time oil prices got as high as now, a number of players took elaborate steps to bring oil markets back to normal. It could be harder this time. Though prices soared after Iraq invaded Kuwait and the world embargoed oil from both nations, prices had begun declining even before U.S. bombs rained on Iraq months later. Then they plummeted, averting a full-blown oil shock.Relief came because independent decision...