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Russia tops global oil production
Moscow (UPI) Oct 7, 2009 Russia is pumping more oil than ever before, counteracting OPEC efforts to influence the crude price with lower production levels. Russia in September produced 10 million barrels of oil per day, a new record for the country that recently surpassed Saudi Arabia as the world's biggest oil producer. The increase is due mainly to the opening of the Vankor field in the arctic. Operated by state-owned oil company Rosneft, the field is due to reach its peak production of 510,000 barrels per day in 2014; much of its oil will be delivered to China. Russia's higher oil production levels counteract OPEC efforts to raise the crude prices by reducing production. The International Energy Agency estimates that the OPEC countries in August produced just 8.2 million barrels per day. The 12-member producer group, which accounts for nearly 40 percent of global crude supply, pumped 26.25 million barrels per day in August, 1.4 million barrels over the production target set a year ago. Despite the higher production in Russia and within OPEC, the oil price Wednesday was nevertheless stable around $71 a barrel. This comes a few days after British newspaper The Independent reported that a secret plan is being drafted by China, Russia, France, Brazil and the Gulf states to replace the dollar as the pricing currency for oil by a so-called basket of currencies. Said basket would include the euro, the yen, the yuan and a future joint currency in the Gulf region. Several OPEC member states and Russia have denied the report, with experts saying the plan for a basket of currencies is highly unrealistic. Meanwhile, demand for oil is expected to be stronger than expected in the remainder of the year and in 2010 as many large economies start to recover. The U.S. Energy Information Administration Tuesday raised its outlook for world oil demand at the end of this year, nearly doubling its previous estimate to 410,000 barrels per day in the fourth quarter of 2009. "Sustained economic growth in China and signs of a turnaround in other Asian countries continue to fuel expectations of a global recovery in world oil consumption," the EIA said in a statement. Share This Article With Planet Earth
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Spanish official accused over Prestige oil spillMadrid (AFP) Oct 7, 2009 A court in Spain has accused the former head of the merchant marine service of criminal responsibility for the 2002 Prestige oil spill, judicial officials said. They said an appeals court Tuesday overturned a lower court's decision to clear Jose Luis Lopez-Sors of responsibility in the case, and ruled he should be charged with "serious negligence". On November 19, 2002, the Liberian-flag ... read more |
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