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Timizzer Oil & Gas News: EU-China cooperation, OPEC strategy, US-China Shale gas talks 04/05/2012 by Timizzer

Oil drops as OPEC keeps quotas steady

Oil prices have edged up as the Organization of the Petroleum Exporting Countries (OPEC) and its partners are set to extend output cuts until at least the end of 2019 at their meeting in Vienna.

[ ] Oil ($/bbl): Nymex Crude Future 85.04, Dated Brent Spot 100.09. WTI Cushing Spot 86.53 Natural Gas ($/MMBtu): Nymex Henry Hub Future 2.35, Henry Hub Spot 2.35, New York City Gate Spot 2.45 BP to … more

[ ] "Stability is the key to a sustainable global energy future for us all. Stability for investments and expansion to flourish; Stability for economies around the world to grow; And stability for producers that allows them a … more

Algeria is holding 8th place as world's largest producer of natural gas reserves and 3rd largest supplier to Europe. It is the third largest holder of oil proven reserves in Africa as of January 2012, behind Libya and Nigeria, and second largest holder of natural gas proven reserves after Nigeria. (Oil and Gas Journal). Algeria is a member of Organisation of the Petroleum Exporting Countries (OPEC). The country's hydrocarbons sector accounted for 60% of its budget revenues, 36% of its GDP and over 97% of its export earning in 2010 (US State Department). (US Energy Information Administration).

Oil ($/bbl): Nymex Crude Future: 82.53, Dated Brent Spot 97.35, WTI Cushing Spot 82.70 Natural Gas ($/MMBtu): Nymex Henry Hub Future 2.18, Henry Hub Spot 2.23, New York City Gate Spot 2.40 7 countries exempt … more

Oil ($/bbl) Nymex Crude Future 82.64, Dated Brent Spot 96.18, WTI Cushing Spot 82.62 Natural Gas ($/MMBtu) Nymex Henry Hub Future 2.18, Henry Hub Spot 2.18, New York City Gate Spot 2.3 EU agreed the … more

[News , Oil and Gas , World ] Oil ($/bbl): Nymex Crude Future 83.86, Dated Brent Spot 97.57, WTI Cushing Spot 84.03 Natural Gas ($/MMBtu): Nymex Henry Hub Future 2.50, Henry Hub Spot 2.45, New York City Gate Spot 2.54 Chevron sells Australia … more

Crude oil futures tanked around 4 per-cent in the native market on Friday last week as investors and speculators resorted to heavy selling after the OPEC, the cartel that accounts for around 40 per-cent of world wide crude supplies, refused to curb production to alleviate a supply glut.