Energy
Oil Extends Gains as Dollar Weakens, OPEC Signals It Won't Boost Output Crude oil traded near $82 in New
York after rising as the dollar fell against the euro, buoying
demand for commodities as an alternative investment, and as OPEC
ministers indicated they would refrain from increasing output.
Al-Naimi `Very Happy' With Oil Price, Sees No Need to Change OPEC Output Saudi Arabia, the biggest and most
influential member of the Organization of Petroleum Exporting
Countries, said oil prices are in the right range and there’s no
need to change production policy.
Reliance Said to Be in Talks With Atlas Energy for Venture in Shale Gas Reliance Industries Ltd., the owner
of the world’s largest fuel-making complex, is in talks with
Atlas Energy Inc. to invest in the U.S. natural-gas producer’s
shale assets, a person familiar with the negotiations said.
Shell Plans to Spend $100 Billion by 2014 to Revive Growth in Production Royal Dutch Shell Plc, reeling from
seven years of falling output, will spend more than $100 billion
by 2014 to revive production growth.
Eike Batista's MPX to Invest $1.9 Billion to Tap Colombian Coal Deposits MPX Energia SA, an energy company
controlled by Brazilian billionaire Eike Batista, will invest
$1.9 billion over a decade to tap Colombian coal deposits and
meet rising electricity demand in other South American nations.
Governors Backing U.S. Wind Industry Urge Setting National Power Standard Congress must set a national
renewable-power standard and revamp the electric grid to help
the burgeoning U.S. wind-energy industry reach its potential and
compete globally, governors from 29 states said.
Penn West Plans to Double Spending in Alberta After Province Cut Royalties Penn West Energy Trust, Canada’s
largest conventional oil and natural-gas producing trust, will
double spending in Alberta after the government lowered royalty
rates, Chief Executive Officer Bill Andrew said.
Iraq Targets Production of 12 Million Barrels a Day, Defers OPEC Limits Iraq expects to produce 12 million
barrels of oil a day within seven years and won’t even discuss
OPEC quotas until 2012 as output accelerates after years of
conflict, the country’s oil minister said.
India Said to Propose Fund to Buy Energy Assets, Help Compete with China India may create a sovereign fund
to help state companies compete for overseas energy assets with
rivals from China, a government official said.
`Historic Flooding' Possible in One-Third of U.S. This Spring, NOAA Says One-third of the U.S. faces the
possibility of “historic flooding” in coming weeks, especially
the upper Midwest states of North Dakota, South Dakota,
Minnesota and Iowa, government forecasters said.
Global Shipping Market is in Biggest Slump Since World War II, Fisher Says The world shipping market is mired
in its biggest slump since World War II, said James Fisher &
Sons Plc, a U.K. hauler of oil products.
Natural Gas Falls in N.Y. as Cold Weather Eases, Leaving Ample Supplies Natural gas futures fell to their
lowest price in almost four months as demand for the heating
fuel eases with the end of winter weather.
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