According to Reuters news agency reports from Beijing, China September 24, local media reported that the second phase of the Strategic Petroleum Reserve as a part of China has recently begun to far away from the capital of the western region of Xinjiang Dushanzi the construction of 5.4 million cubic meters of oil cans. China attended the groundbreaking ceremony, local media quoted government officials as saying that the project will cost 2.65 billion (0.39 billion U.S. dollars) and plans to be completed by July 2011.
Last year, China completed by the end of the first phase of the strategic oil reserves, the Chinese government had said that China plans to relatively low prices when the oil reserves.
Sep. 27, 2009
Total issued a warning the world will face a shortage of oil
September 21 in Paris, Europe, France's No. 3 largest oil company Total's CEO Christophe de Margerie told reporters today said that due to inadequate investment worldwide may face severe shortage of oil supply. As the economic crisis, many oil companies can only try to use fewer investments in the development of new oil reserves.
He said: "If we do not take measures, then the world will be 2 to 3 years to face a serious shortage of oil supplies." He also said he believes oil prices per barrel from the current level of about 70 U.S. dollars once again climbed to more than 100 U.S. dollars a barrel.
Sep. 22, 2009
He said: "If we do not take measures, then the world will be 2 to 3 years to face a serious shortage of oil supplies." He also said he believes oil prices per barrel from the current level of about 70 U.S. dollars once again climbed to more than 100 U.S. dollars a barrel.
Sep. 22, 2009
China plans to invest in oil projects in Venezuela's 16 billion U.S. dollars
Venezuela and China's increasingly close cooperation in the oil field. Reporter yesterday that China has signed an investment agreement with Venezuela, China will in the next three years to invest in oil projects in Venezuela, a 16 billion U.S. dollars, the project's oil output would be raised to per day 0.9 million barrels.
Venezuelan President Hugo Chavez in a televised speech, disclosed that China has agreed to the next three years to an oil project in eastern Venezuela, invest 16 billion U.S. dollars. Chavez did not disclose details, saying only that the contract is Venezuela's state oil company and a Chinese state-owned oil company, signed Tuesday.
Because it is heavy oil project, so this investment in China involved in Venezuela's oil locked in oil, between Sinopec. CNPC overseas department stakeholders yesterday told reporters that there had been no receipt in the oil and Venezuela signed message. The office who Sinopec noncommittal on this news.
China and Venezuela in the oil sector this year has started in-depth cooperation. In February this year, China and Venezuela signed four billion U.S. dollars loan-for-oil deal. This year in August, Venezuela, committed to the next three years, almost all fuel oil output will be exported to China, will pay 8 billion U.S. dollars advance payment.
Sep. 19, 2009
Venezuelan President Hugo Chavez in a televised speech, disclosed that China has agreed to the next three years to an oil project in eastern Venezuela, invest 16 billion U.S. dollars. Chavez did not disclose details, saying only that the contract is Venezuela's state oil company and a Chinese state-owned oil company, signed Tuesday.
Because it is heavy oil project, so this investment in China involved in Venezuela's oil locked in oil, between Sinopec. CNPC overseas department stakeholders yesterday told reporters that there had been no receipt in the oil and Venezuela signed message. The office who Sinopec noncommittal on this news.
China and Venezuela in the oil sector this year has started in-depth cooperation. In February this year, China and Venezuela signed four billion U.S. dollars loan-for-oil deal. This year in August, Venezuela, committed to the next three years, almost all fuel oil output will be exported to China, will pay 8 billion U.S. dollars advance payment.
Sep. 19, 2009
OPEC increase world oil demand forecast this year and next
VIENNA, September 15, due to the global economy is expected to resume growth, Organization of Petroleum Exporting Countries (OPEC) has raised its global oil demand this year and next year's forecast. Is responsible for 40% of the world's supply of OPEC oil next year its forecast for global oil demand increased by 150,000 barrels a day, and this year its forecast for global oil demand increased by 140,000 barrels, respectively, reached 84.56 million barrels and 84.05 million barrels.
OPEC Secretariat, in its monthly report today, said that around 70 U.S. dollars a barrel oil prices "is likely to continue." The International Energy Agency (IEA) has three times this year raised its forecast for global oil demand next year. According to OPEC Secretariat, the OPEC's output quota by 11 member countries (excluding Iraq) in August of the oil production increased to 26.334 million barrels, OPEC cut production targets to complete the proportion has now dropped to 65%.
Sep. 16, 2009
OPEC Secretariat, in its monthly report today, said that around 70 U.S. dollars a barrel oil prices "is likely to continue." The International Energy Agency (IEA) has three times this year raised its forecast for global oil demand next year. According to OPEC Secretariat, the OPEC's output quota by 11 member countries (excluding Iraq) in August of the oil production increased to 26.334 million barrels, OPEC cut production targets to complete the proportion has now dropped to 65%.
Sep. 16, 2009
EIA forecasts oil prices remain at end of next year about 70 U.S. dollars
Energy Information Administration (EIA) in its monthly outlook report released Wednesday predicted the end of 2010, crude oil prices will fluctuate around 70 U.S. dollars. EIA said that in 2010 the average West Texas Intermediate crude oil price will be 72.42 U.S. dollars a barrel, with forecasts unchanged from August. The agency will forecast for the fourth quarter of this year from the previous 70 U.S. dollars down to 69.67 U.S. dollars. Is expected in the third quarter average price of 68.41 U.S. dollars, after predictive value of 67.38 U.S. dollars.
EIA said that if crude oil prices higher again, then the gasoline prices may again rise to June 22 hit a high of 2.69 U.S. dollars per gallon. 2010 average price of regular gasoline was 2.7 U.S. dollars, before the predictive value of 2.66 U.S. dollars, 2.34 U.S. dollars is expected in 2009.
Sep. 13, 2009
EIA said that if crude oil prices higher again, then the gasoline prices may again rise to June 22 hit a high of 2.69 U.S. dollars per gallon. 2010 average price of regular gasoline was 2.7 U.S. dollars, before the predictive value of 2.66 U.S. dollars, 2.34 U.S. dollars is expected in 2009.
Sep. 13, 2009
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