Worldwide Energy Demand Set to Rise

Global energy demand is supposed to escalate 44 percent over the coming two decades with majority of the demand arising from developing countries such as China and Russia, the U.S. government’s best energy forecasting agency reported this week.   The worldwide economic down flow has struck energy consumption, but a desired recovery next year could re-spark   [...]

Russia to Skip OPEC Meeting as OPEC to Decide to Keep Production Levels Unchanged

Russia is all set to skip a meeting of the Organization of Petroleum-Exporting Countries oil manufacturers group in Vienna next week, the Russian energy minister recently announced amongst assorted signals on Russia’s willingness to join in OPEC production cuts.  Addressing during an EU-Russia summit, Sergei Shmatko said that Russia would not attend the May 28 meeting [...]

IEA Predicts Higher Oil Prices

IEA Expects Oil Demand to Go Down in 2009

The International Energy Agency has announced in its latest report that the global oil demand will reduce aggressively in 2009 as the global economic slowdown further eats away consumption. IEA in the report released on January 16th 2009 amended its former 2009 approximation down by 940,000 barrels per day to 85.3 million barrels per day, [...]

Oil Prices Hit US$34 a Barrel

Oil prices extended its recent losses on Friday, notching its biggest weekly loss since the 1991 Persian Gulf War, as rising fuel inventories in the US heightened concerns over slumping energy demand. The January futures contract fell below US$34 per barrel, as fears about a deepening global recession offset the proposed production cuts by OPEC.
US [...]

OPEC Comes Under Pressure as Oil Prices Plummet

For the third time in several months, Organization of Petroleum-Exporting Countries ability to halt plummeting crude costs amongst a global economical meltdown will be examined during a meeting Saturday.
Nevertheless, the consequence of the meeting, called to appraise the affect of earlier output cuts, likely hinges on a key issue with which the Organization of Petroleum [...]

Oil Prices Fall as U.S. Jobless Rate Rises

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