Record demand from Asia will likely send oil prices rocketing to $150 (U.S.) a barrel by July 4, a U.S. analyst predicted Friday, triggering an immediate jump of more than $6 to $134 a barrel in New York.
Posts on ‘June 6th, 2008’
Crude skyrockets on a sliding dollar, geopolitics and a Wall Street report predicting $150-a-barrel oil.
NEW YORK (Reuters) – Oil jumped more than 8 percent to a record $139 a barrel on Friday, extending a two-day rally to more than $16 as the slumping U.S. currency and rising tensions between Israel and Iran attracted a flood of buyers.
Shell Canada plans a giant refinery along five miles of St. Clair River shoreline now dotted with farms and marinas, across from St. Clair and Marine City. The refinery would process up to 250,000 barrels a day of heavy crude oil from rich tar sands in Alberta, making fuel for the Canadian market.
Indications emerged yesterday that the Nigerian National Petroleum Corporation (NNPC) can no longer generate enough revenue to sustain its operations. This is even as it was revealed that the Shell Petroleum Exploration Company (SNEPCO) has sued NNPC for $2.4billion
Royal Dutch Shell PLC (RDS.A) was forced to relinquish control of its Sakhalin-2 oil and gas project to OAO Gazprom (OGZPY.PK) for $7.45 billion when the Russian government threatened to block investment plans by canceling building permits on environmental grounds. And just last year, TNK-BP was talked into selling its 62.8% stake in one of the worlds largest gas fields, the Kovytkta field, to Gazprom, after Russian authorities threatened to revoke the companys license to develop it.
Jorma Ollila, Chairman of Nokia and Royal Dutch Shell, receives aggregate remuneration of EUR 1,125,000
In fact, Shells compensation to Ollila was up 75 per cent from the previous year, as in 2006 his earnings as the chairman of Shell were only EUR 430,000.
The old guard is starting to change at the oil and natural-gas behemoth Exxon Mobil Corp., as newcomers begin to succeed long-serving directors who have reached retirement age.
In 2006, Royal Dutch Shell (RDS.A) ceded control of its Sakhalin II project to Gazprom after pressure from the authorities.
There is no sign Russia is going to be a safer place to do business in the near future. For now, investors should be aware the Russian risk premium is here to stay. Russians should be aware that, ultimately, it will be they who will pay it.
The struggle for control of TNK-BP is the first big test for Tony Hayward’s leadership of BP.
Formed in 2003, TNK-BP has netted BP huge gains and accounts for about a fourth of the companys global production. As oil prices have spiked, however, the Kremlin has sought to take back lucrative energy assets. The problems plaguing the venture appear to many as an attempt to squeeze the companys British partners out of the country.
“This is all about money.” Asked whether BP had mishandled the escalating dispute, he said: “There isn’t that much they could do about it.”
Jenkins cites the UN, Nato, the World Bank, Unesco and the EU in his list of organisations that need to be accountable; but how about Save the Children, Oxfam International, Shell, Anglo American and the Bill & Melinda Gates Foundation?
At BP’s headquarters in St James’s Square, there is a distinct sense that, after months of scattered but sustained disruptions to its vital Russian business, the end game is approaching.