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Need to know: Opec summit… Shell deal in Iraq…

Times Online

September 8, 2008

Need to know: Industrial fears … BBC in talks … Opec summit

Natural resources

Opec, the oil-producing cartel, will begin its six-monthly summit tomorrow. Shokri Ghanem, the head of Libya’s delegation, said that the oil market was in oversupply and production should be cut. Opec members are expected to trim production quotas, which could push oil prices up again.

Royal Dutch Shell The Iraqi Government said it had approved a preliminary natural gas deal between Royal Dutch Shell and the state-run South Oil Company. Iraq, with the world’s third largest proven oil reserves, has said it will prioritise the development of its gas reserves and could become a supplier to Europe.

Lonmin is exploring a threeway merger with two rival mining groups to create the world’s second-biggest platinum company as an alternative to being taken over by Xstrata, the mining giant.

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