New Oil Field in Gulf May Yield Billions of Barrels
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What could be a major discovery of domestic oil in the Gulf of Mexico was announced today by a trio of companies led by Chevron Corporation.
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Chevron Corp said on Tuesday it had   successfully drilled for oil in the Gulf of Mexico's deep   waters and analysts said the find suggested there may be more   oil in the region that provides a quarter of U.S. output.
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The kingdom&#39;s oil reserves, the world&#39;s largest, could increase by almost 77 per cent to top 461 billion barrels in a few years, the country&#39;s oil minister said Sunday.
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Oil surged above $70 on Monday on news a cyclone was headed towards the oil-producing Arabian peninsula with a potential to disrupt shipping and output.
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Saudi Arabia, Kuwait and the United Arab Emirates, which account for almost half of OPEC&#39;s oil output, said they&#39;re committed to boosting capacity to meet soaring demand that has driven prices to a record.
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Chevron and its partners have successfully extracted oil from a test well in the deep waters of the Gulf of Mexico, an achievement that could be the biggest breakthrough in domestic oil supplies since the opening of the Alaskan pipeline.
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OPEC will increase the cartel&#39;s oil production by 1 million barrels a day to meet the global demand for oil. Kuwaiti Oil Minister Sheik Ahmad Fahad al-Ahmad al-Sabah said the cartel
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&quot;The kingdom has a surplus production of around two million barrels, which can be used when needed,&quot; says Saudi Arabia Oil Minister Ali al-Naimi.
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Here's a way to benefit from an increase in the global demand for oil.
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Oil surged above $70 on Monday on news a cyclone was headed toward the oil-producing Arabian peninsula with the potential to disrupt shipping and output.
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Royal Dutch Shell's Texas expansion will create the U.S.'s biggest oil refinery.
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RIYADH: Saudi Arabia will increase oil production capacity to 11 million barrels per day (bpd) within weeks in a bid to curb record prices, Oil Minister Ali Al Nuaimi said yesterday.
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Crude oil futures rose on concern Hurricane Ivan may disrupt production, refining and the arrival of shipments as it moves into the Gulf of Mexico, where a quarter of US oil and natural gas is pumped.
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Saudi Arabia is raising its oil production capacity in an effort to cool the red-hot crude futures market. The world&#39;s largest oil exporter says it will raise capacity from 9.5 million barrels a day to 11 million barrels.
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HOUSTON -- Oil giant Exxon Mobil Corp. said yesterday it will spend some of its record profits on more than 20 new global projects in the next three years, investments expected to add 1 million oil-equivalent barrels a day to the company's volumes at peak production.
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PARIS Oil prices hit a new record of nearly $51 a barrel in New York Tuesday as traders turned their attention to the Gulf of Mexico, where production is still suffering delays caused by Hurricane Ivan.
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Oil surged above $70 on Monday on news a  cyclone was headed towards the oil-producing Arabian peninsula  with a potential to disrupt shipping and output.