U.S. Oil Reserves Get a Big Boost
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An oil discovery by Chevron Corp. has bolstered prospects that petroleum companies will be able to tap giant reserves that lie far beneath the deep waters of the Gulf of Mexico.
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NEW YORK, December 27  - Saudi Arabiaâs oil reserves could increase 77% to 461 million barrels in a few years, since the oil rich country continues to maintain spare capacity of two million barrels per day to help control the global
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Oil prices surged to a new high above  $47 a barrel Wednesday on evidence from major economies that  energy costs are not substantially slowing the economic growth  that fuels oil demand.
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Oil prices rose on Wednesday, boosted by  a looming cold front in the United States and production  glitches that have knocked around a million barrels daily from  the world's crude supply.
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ConocoPhillips said it probably will add the equivalent of 800 million barrels of oil to its proved reserves after its $1.99 billion investment in OAO Lukoil, Russia&#39;s biggest oil company, and a planned increase in the stake.
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Crude oil rose and natural gas soared in New York as the approach of Hurricane Ivan disrupted production and tanker shipments in the Gulf of Mexico, where a quarter of US oil and natural gas is pumped.
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Oil prices rose on Wednesday, as  production glitches knocked around a million barrels daily from  world supply and U.S. government data showed a  bigger-than-expected fall in crude oil stocks.
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Oil prices surged to a new high of $47 a barrel on Wednesday on evidence from major economies that energy costs are not substantially slowing the economic growth that fuels oil demand.
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Crude oil in New York rose to a record $53.80 a barrel after the US said some production shutdowns in the Gulf of Mexico caused by Hurricane Ivan may last as long as six months.
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The price of oil jumped back above 90 dollars on Friday, helped by a recovery in global stock markets on the back of plans for a stimulus package to prevent the US economy falling into recession, traders said.
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That&#39;s according to the Lundberg Survey. It cites an increase in crude oil supplies combined with the recovery of US offshore oil production after Hurricane Ivan.
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Oil prices rose nearly $2 on Thursday  after a big fall in U.S. natural gas inventories triggered  renewed concerns about winter fuel stocks in the world's  biggest energy-consuming nation.
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Oil prices added to strong gains on Thursday, spurred by persistent OPEC talk of a cut in supplies ahead of the second quarter that could drain healthy U.S. stockpiles before summer.
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The Gulf of Mexico discovery, which could boost US reserves by half, set a new depth record.
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Oil prices surged to a new high above $47 a barrel on Wednesday on evidence that energy costs are not substantially slowing the economic growth that fuels oil demand.
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U.S. crude oil supplies rose more than  expected last week as imports surged to their second highest on  record, the federal government said on Wednesday.
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Oil extended gains above $71 on Friday,   buoyed by healthy U.S. economic growth that suggest recent   record-high prices may not hit robust demand for oil.