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OIL NEWS * Worldwide
* Singapore - Oil drops below $90 a barrel, U.S. markets closed for holiday
Singapore - The Associated Press/The Trucker, by GILLIAN WONG -21 Jan 2008: -- Oil prices fell Monday in Asia as concern over the U.S. economy drove down regional stock markets and outweighed concern that OPEC will resist pressure to raise crude production levels... Oil prices have now retreated more than $10 from a record above $100 a barrel early this year on worries a flagging U.S. economy would dampen fuel demand. Prices had gained Friday on hopes that President George W. Bush's economic stimulus plan would work... But most stock markets have since reacted pessimistically, uncertain Bush's plan is enough to stave off a severe economic downturn in the world's largest oil consumer...* Brazil - State oil company, Petrobras says it discovered giant gas reserve
Sao Paulo,Brazil -AP/PeakOil -21 Jan 2008: -- Brazil's state oil company said Monday it has discovered a huge natural gas reserve off the coast of Rio de Janeiro that could be as big as the recently discovered giant Tupi oil field... Petroleo Brasileiro SA's said in a press release posted on its Web site that the potential reserves in the new field were located about 5,100 meters (16,800 feet) below the surface of the Atlantic Ocean, just 37 kilometers (23 miles) west of the Tupi field...* Venezuela - Boosts oil investment
Caracas,Venezuela -Business Week/PeakOil -21 Jan 2008: -- State oil company Petroleos de Venezuela SA will spend $15.6 billion on oil-related investments this year, a 56 percent increase over last year, the country's oil minister said Monday... Oil Minister Rafael Ramirez said the higher investment is aimed at helping PDVSA meet its goal of increasing crude output to 5.8 million barrels a day by 2012... The government says output is currently more than 3 million barrels a day, though independent analysts estimate the true figure is considerably less...Labels: oil news latin america
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