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The largest and most advanced pier in the Middle East at Kuwait's largest refinery of Al-Ahmadi just north of Al-Shuaiba. OPEC member Kuwait is forecast to post a budget surplus of up to 22.3 billion dollars this fiscal year on the back of better than expected oil prices, a local bank said.(AFP/File/Yasser al-Zayyat)

Enlarge Photo AFP/File Slideshow:Oil Industry

Oil below $79 as Ida weakens to tropical storm

AP - Tue Nov 10, 7:26 am ET

AP - Oil prices swung around $79 a barrel Tuesday, as a storm threatening oil installations in the Gulf of Mexico weakened and investors eyed a volatile dollar.

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Gazprom 1H profit halved on sinking demand
AP via Yahoo! News - Mon Nov 9, 1:06 pm ET
Russia's Gazprom saw its earnings halved in the first six months of the year due to lower natural gas prices and sinking demand in Europe, while overall debt jumped nearly a third, the company reported Monday.
Corn, Wheat Decline as Investors Lock in Gains, Crude Slumps
Bloomberg - Tue Nov 10, 8:08 am ET
Nov. 10 (Bloomberg) -- Corn and wheat declined on speculation some investors may be locking in gains after prices jumped in Chicago yesterday and as crude oil dropped, reducing the appeal of crops processed to make biofuels.
Corn, Soybeans Decline as Investors Lock in Gains, Oil Slumps
Bloomberg - Tue Nov 10, 7:19 am ET
Nov. 10 (Bloomberg) -- Corn, soybeans and wheat declined on speculation some investors may be locking in gains after prices jumped in Chicago yesterday and as crude oil dropped, reducing the appeal of crops processed to make biofuels.
Man douses himself with gasoline at Buddhist monastery in Kent
The Journal News - 1 hour 50 minutes ago
KENT — A distressed man doused himself with gasoline at a Buddhist monastery but was taken to the hospital before he could harm himself, police said.
Futures Movers: Oil rises on storm worries, dollar weakness
Market Watch - Mon Nov 9, 5:25 am ET
Crude-oil futures top $79 a barrel as tropical storm Ida approached the Gulf Coast, raising concerns over oil and natural-gas installations in the area.
CRB Commodity Index & Crude Oil Near Perfect Buy Setup, Gold Soars in All Currencies
GoldSeek.com - Sun Nov 8, 11:41 am ET
Increasing the odds that we may see a new bull market in commodities is the crossing of the 10 week average (green) above both the 43 (blue) and 65 (red) week moving averages.
Sky Petroleum Reports 17,474 Barrels During 2009 Third Quarter
Business Wire via Yahoo! Finance - Mon Nov 9, 1:06 pm ET
AUSTIN, Texas----Sky Petroleum, Inc. , an oil and gas company, today reported that during the third quarter ending September 30, 2009, Mubarek production from the K2-ST4 well totaled 17,474 barrels of oil or 190 bopd.
Tax waivers for pipeline to cost local governments
AP via Yahoo! News - Mon Nov 9, 3:37 pm ET
Leaders from six Kansas counties want a chance to challenge the state's contention that the Canadian owner of a crude oil pipeline is eligible for millions of dollars in tax credits.
Crude oil tops $80 a barrel
UPI - Wed Nov 4, 10:18 am ET
NEW YORK, Nov. 4 (UPI) -- Crude oil topped $80 per barrel on the New York Mercantile Exchange Wednesday as the U.S. dollar dropped against the euro.
Petroleum Development upgraded, shares rise
AP via Yahoo! Finance - Mon Nov 9, 3:28 pm ET
Shares of Petroleum Development Corp. jumped on Monday as an analyst upgraded the oil and gas company, predicting improvement on the price the company gets for the natural gas it sells.
Oil Rises as Storms Cut Mexican Output, Hurricane Enters Gulf
Bloomberg - Sun Nov 8, 10:52 pm ET
Nov. 9 (Bloomberg) -- Crude oil rose from a one-week low after storms shut export terminals and production in Mexico and Hurricane Ida entered the southern Gulf.
Gazprom's profits cut in half in first half 2009
AP via Yahoo! News - Mon Nov 9, 7:36 am ET
Russian gas company Gazprom saw profit cut in half in the first six months of the year as the cost of natural gas it buys from Central Asia soared and demand plummetted in Europe.
Crude Oil Rises Above $79 Ahead Of EIA Report
INO News - Tue Nov 3, 4:26 pm ET
(RTTNews) - Crude oil prices turned higher on Tuesday as investors awaited the Energy Information Administration inventory report tomorrow, as well as jobs data and the interest rate decision.
China Raises Fuel Prices as Much as 8%; Resumes Air Surcharges
Bloomberg - Mon Nov 9, 9:35 pm ET
Nov. 10 (Bloomberg) -- China, the world’s second-largest energy user, raised gasoline, diesel and jet fuel prices by as much as 8 percent, the first increase in more than two months, as crude costs and demand climbed.
Oil Falls in New York as Tropical Storm Ida Weakens in Gulf
Bloomberg - Mon Nov 9, 10:52 pm ET
Nov. 10 (Bloomberg) -- Crude oil fell in New York as Tropical Storm Ida weakened in the Gulf of Mexico after making landfall, reducing the potential of further supply disruptions.
UPDATE: PRECIOUS METALS: Weaker Dollar Moves NY Gold Higher
INO News - 2 hours 56 minutes ago
(Updates with prices, comment, background.) NEW YORK (Dow Jones)--A reversal weaker in the U.S. dollar and higher crude oil prices are pushing gold futures higher Tuesday, although the metal remains below all-time highs from the previous day's trading.
Saudis 'foresee no shortages' of oil in the future
World Tribune - Mon Nov 9, 8:53 pm ET
ABU DHABI — Saudi Arabia has been producing about 60 percent of its crude oil capacity. Officials said the figure marked the lowest level of crude operations by the Saudi kingdom in years. They said Riyad was pumping eight million barrels per day out of a capacity of 12.5 million.
Occidental Petroleum, Mubadala and NOGA Form Joint Operating Company in Bahrain to Further Develop the Bahrain Field
GlobeNewswire via Yahoo! Finance - Tue Nov 10, 8:21 am ET
LOS ANGELES -- Occidental Petroleum Corporation , Mubadala Development Company and the National Oil and Gas Authority of Bahrain announced the creation of a new joint operating company, Tatweer Petroleum-Bahrain Field Development Company , which will serve as the operator for the Bahrain Field.
Gazprom profits plunge 49.8%
AFP via Yahoo! News - Mon Nov 9, 6:56 am ET
Russian energy giant Gazprom, the world's biggest gas firm, said on Monday that net profit plunged 49.8 percent in the first half of 2009 compared to the figure 12 months earlier owing to higher expenses.
Has BP Actually Moved Beyond Petroleum?
Fast Company Magazine - Thu Nov 5, 3:39 pm ET
When BP gave itself the tagline "Beyond Petroleum" in 2000, few environmentalists took the company seriously. Just one year later, Mother Jones magazine named BP as one of the 10 worst corporations for its environmental and human rights records, and in 2006, the company faced criminal charges for spilling 270,000 gallons of crude oil in the Alaskan tundra. Even more recently, BP was nominated ...

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