Word: petroleum
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Dates: during 2000-2009
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...week when oil prices shot to $143 a barrel, the mood at the World Petroleum Congress in Madrid is surprisingly somber. Perhaps the oil company CEOs and OPEC ministers, gathered for the biggest conference in the industry's calendar, are feeling besieged by the relentless drumbeat of public outrage. Perhaps they have been worn down by their ongoing efforts to blame each other for spiraling prices. Or maybe they just think it in poor taste to gloat about their record profits. But even Monday's news that Iraq would open six of its oil fields to international contracts - news that...
...Maybe so, but that didn't prevent the key industry players from pointing fingers at each other. At Monday's opening plenary, British Petroleum CEO Tony Hayward called the suggestion that speculation was behind the doubling of crude prices in the past year a "myth," and instead blamed geopolitics, a decline in Russian production and increased demand for the crunch. "Supply is not responding adequately to rising demand," he said. "The problem is above ground, not below it." ExxonMobil CEO Rex Tillerson echoed the last part of Hayward's equation: "Look, it's hard for us to fully understand what...
...Like the long line of chauffeured Mercedes waiting outside a conference whose purported theme is "sustainability," that isn't the only contradiction at the World Petroleum Congress. Although some industry experts have suggested that peak oil is near or at hand, many at the conference insisted that future supplies were adequate. "The question is not whether we are to going to achieve the next trillion barrels," said SaudiAramco's Muhammed Saggaf at a panel dedicated to the subject. "The question is where it's going to come from...
...tops what the country was generating before the invasion. The Pentagon also zinged the GAO for using, as an oil-production benchmark, the "arbitrary goal" of 3 million bbl. a day set by the U.S.-run occupation authority immediately following the invasion. More importantly, the Pentagon said, is that petroleum exports are at their highest level since the fall of Saddam Hussein's government...
...goal is to bring back stability to the oil market.' IBRAHIM AL-MUHANNA, adviser at the Petroleum Ministry of Saudi Arabia, after officials announced plans to increase output to a record 10 million...