THE WALL STREET JOURNAL ONLINE
October 18, 2006 4:26 p.m.
Crude-oil futures fell below $58 a barrel on the New York Mercantile Exchange after U.S. crude stockpiles rose and speculation increased that OPEC wouldn’t reach consensus on a production cut. Here is Wednesday’s roundup of oil and energy news:
* * *
OPEC’S DILEMMA: The Organization of Petroleum Exporting Countries faces a double challenge when it meets Thursday night in Qatar in its latest effort to bolster sagging oil prices. Members must hammer out a tricky agreement about how to share the pain of any cut in crude-oil output that they announce at the meeting. At the same time, they must smooth over internal divisions that could threaten the cartel’s longer-term credibility as a price enforcer over the world’s oil markets.
•Lukoil Earnings Jump: Russian oil producer OAO Lukoil Holdings reported a 65% rise in second-quarter net profit due to higher oil prices and oil output, as well as increased refining margins. Lukoil also unveiled a plan to double its oil output to 4 million barrels a day by 2016.
•Occidental Earnings Fall: Occidental Petroleum posted a 33% drop in third-quarter earnings but enjoyed higher revenue due to increased oil and gas production and a strong performance in its chemicals division.
•India Seeks Refinery in Turkey: India’s top oil refiner, Indian Oil Corporation, has asked Turkish regulators for the right to build a $6 billion refinery at Ceyhan, according to TradingMarkets.com.
•Clamor for Nukes: More countries than ever want the United Nations nuclear-energy watchdog to give them the OK to have nuclear power, the Chicago Tribune reports.
•Bad Weather Shuts Norwegian Field: Bad weather forced Norway’s state-controlled Statoil ASA to shut down an offshore oil field that produces 140,000 barrels daily because of lifeboat restrictions.
•Pacific Ethanol Makes Deal: Ethanol producer Pacific Ethanol said it bought a minority interest in Colorado ethanol-plant operator Front Range Energy LLC from Eagle Energy LLC in a deal worth more than $60 million.
•Home-Heating Tips: Want to save money on your home-heating bill this winter? The Associated Press has tips.
This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON
EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON.
EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
