Word: petroleum
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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...
...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...
...effect of reduced fuel subsidies will ripple through economies, increasing costs across a wide range of industries, boosting inflation, undermining government budgets and stirring up unrest among citizens who are already feeling the bite of slower growth. In India, as elsewhere, the main reason governments impose controls on petroleum products such as diesel, kerosene and liquefied petroleum gas (LPG) is to help millions who live on less than $1 a day - and to give politicians a chance to stay in power on election day. "There's the economics of it and there's the politics of it," says Suman Bery...