The Oil Daily articles from September 2005

The Oil Daily archives from September 2005

US to loan SPR oil, waive fuel specs.(Strategic Petroleum Reserve)
September 1, 2005... Attempting to preempt a worst case scenario of fuel shortages and high prices following the havoc inflicted by Hurricane Katrina in the oil and gas sector, the Bush administration on Wednesday announced a series of measures including easing...

Refinery, pipeline fears spur gasoline spike.
September 1, 2005... With anxiety increasing over the duration of downstream outages, gasoline futures on the New York Mercantile Exchange (Nymex) soared to a high of $2.92 per gallon on Tuesday before coming off when the Environmental Protection Agency (EPA)...

Nymex crude falls on SPR release; eyes remain on Gulf.
September 1, 2005... A decision by the US government to tap its emergency oil reserve after Hurricane Katrina shut down rigs and refineries in the Gulf Coast region had a big impact on the crude market Wednesday, with prices falling in the afternoon by $1.71 from...

Daily oil & gas price review.(Illustration)
September 1, 2005... Daily Oil & Gas Price Review Prices for Wednesday, August 31, 2005 [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -0.45 64.26 ...

EIA weekly statistics.(Illustration)
September 1, 2005... EIA Weekly Statistics For Week Ended Aug. 26, 2005 US Crude Oil: Stocks (1) (millions of bbl) Current Previous Week Week Chg. PADD 1 15.1 17.3 -12.7%...

Damage reports indicate months of shut-in oil and gas in Gulf.
September 1, 2005... Katrina was no lady. And the full extent of the hurricane's impact on the oil and gas patches is not yet apparent because companies cannot get through flooded roadways, further congested with downed trees and fallen power lines, to assess the...

Canada names board chief.(Diana Lee Dalton appointed at Canada-Nova Scotia Offshore Petroleum Board)(Brief Article)
September 1, 2005... Canada's Natural Resources Minister R. John Efford and Nova Scotia Energy Minister Cecil Clark on Wednesday named long-time energy consultant Diana Lee Dalton to head the Canada-Nova Scotia Offshore Petroleum Board. Dalton joins the board,...

Shell eyes new LNG projects in Venezuela after setback.(Royal Dutch-Shell Group of Cos.)(Liquefied natural gas)
September 1, 2005... Even after Venezuela's recent announcement that Shell will not participate in the Mariscal Sucre LNG project, Shell Venezuela President Sean Rooney says the company is optimistic about its possible role in a gas export project. In a...

US judge allows genocide lawsuit against Talisman to proceed.(Talisman Energy Inc.)
September 1, 2005... A US district judge in New York has allowed a lawsuit to proceed against Calgarybased oil and gas producer Talisman Energy on charges of aiding genocide in Sudan, despite efforts by the Canadian and US governments to stop the suit and the fact...

Big Oil pledges relief.(Top Briefs)(Brief Article)
September 1, 2005... Oil companies have started to make donations to assist disaster relief efforts in the Gulf Coast arising from the devastating Hurricane Katrina. Exxon Mobil, BP, Chevron and Citgo were among those announcing contributions to various relief...

Transocean lands contracts.(Corporate News)(Brief Article)
September 1, 2005... Houston-based Transocean Inc. announced Wednesday $700 million in contracts with a consortium led by Statoil for two of its rigs. The company said the consortium consists of Statoil, Eni, Norsk Hydro and Royal Dutch Shell, and the rigs...

Berry hikes Capex, dividend.(Corporate News)(Berry Petroleum Co.)(capital expenditure )(Brief Article)
September 1, 2005... Berry Petroleum said its board of directors has approved a 27% increase in its capital spending budget for 2005 to $136 million and has also authorized an increase in its dividend. The Bakersfield, California-based independent said most of...

Alaskan output up in August.(Exploration & Production)(Brief Article)
September 1, 2005... At the other end of the US production spectrum from the beleaguered Gulf of Mexico, Alaska had a good month in August, adding nearly 40,000 b/d compared to July, preliminary data from the state's Revenue Tax Division show. Total crude...

Stock market scorecard.(NEWS ALERT)(Petroleum industry)(Illustration)
September 1, 2005... Stock Market Scorecard Integrated Close 1-Day Majors 8/31 Chg. % Chg. Marathon 64.31 +2.32 +3.74% Total 131.84 +4.69 +3.69 Statoil 24.47 +0.82...

Petrobras acquires Nigeria block.(International)(Petroleo Brasileiro S.A.)(Brief Article)
September 1, 2005... Brazil's state oil company Petrobras bought operating rights to explore at an offshore block in Nigeria for $81 million, expanding its presence in the African country expected to become Petrobras' key overseas production base. Petrobras...

PetroChina sells shares.(International)(PetroChina Company Ltd)(Brief Article)
September 1, 2005... PetroChina on Wednesday sold 3.52 billion Hong Kong-listed shares to raise funds for acquisitions. The placement was valued at HK$21 billion (US$2.7 billion). A source said that PetroChina would use the funds to acquire assets from its...

NLNG restart in three weeks.(International)(Nigerian Liquefied Natural Gas Co.)(Brief Article)
September 1, 2005... Nigeria's liquefied natural gas plant plans to resume full production in three weeks after fixing a leak on its main supply pipeline which forced a cut in output last week, the company said on Wednesday. The leak caused a three-day fire...

Ecuador lifts force majeure.(Latin America)(Petroleos del Ecuador)(Brief Article)
September 1, 2005... Ecuador's state oil company Petroecuador lifted a force majeure on oil exports following a significant recovery of its oil production after violent protests curtailed production at two of its most important oil producing regions. On Aug....

Shell considers Colombia sale.(Latin America)(Royal Dutch Petroleum Co.)(Brief Article)
September 1, 2005... Royal Dutch Shell might sell its 38 service stations in Colombia as part of a worldwide change in business strategy, the company said late Tuesday. "We are considering offers from interested companies, but up to now no decision has been...

Petrobras makes deep find.(Latin America)(Brief Article)
September 1, 2005... Brazil's state controlled energy company Petrobras said Wednesday it found oil in the ultra deep waters of the Santos Basin. The oil was found in the BM-S-10 block, where Petrobras is the operator (65%), with partners BG (25%) and Partex (10%)....

BG names new Canada boss.(Personnel)(BG Canada Exploration and Production Inc. appoints Glenn McNamara )(Brief Article)
September 1, 2005... BG's North American subsidiary announced Wednesday the appointment of Glenn McNamara as President of BG Canada Exploration and Production Inc. McNamara joins BG Canada from Exxon Mobil. According to a BG news release, McNamara was...

Progress made in devastated gulf oil sector.
September 2, 2005... Four days after Hurricane Katrina ripped through the US Gulf of Mexico and smashed into the Gulf Coast, some normalcy is being restored in the regional energy industry as ports reopen and petroleum pipelines come back on line. But industry...

Prices spike in panicked retail market.
September 2, 2005... With retail gasoline prices soaring because of Hurricane Katrina, analysts wonder how high they will go and whether high prices will keep consumers from filling their tanks. The climbing prices might continue upward because some Gulf Coast...

Fears of new storm in distance lift Nymex crude, gasoline.
September 2, 2005... With the crude and product markets still recovering from the devastation caused by Hurricane Katrina, traders on Thursday cast a wary eye on reports that another tropical depression had formed deep in the Caribbean Sea and was moving northwest....

Daily oil & gas price review.(Petroleum industry)(Illustration)
September 2, 2005... Daily Oil & Gas Price Review Prices for Thursday, September 1, 2005 [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +0.81 65.07 ...

Crews work to bring back oil and gas volumes after storm.
September 2, 2005... A significant amount of Gulf of Mexico oil and natural gas remained shut-in Thursday, as pipeline crews and producers continue assessing damage from Hurricane Katrina. As of mid-day Thursday, the Minerals Management Service (MMS) said that...

Bush waives shipping rule, releases SPR oil to facilitate supply.(George W. Bush, strategic petroleum reserve)
September 2, 2005... The Bush administration on Thursday took two majors steps to rein in skyrocketing gasoline prices, temporarily waiving restrictions on foreign flagged vessels to ship fuels between US ports and releasing 6 million barrels of crude from the...

Pioneer to exit deepwater gulf, launch $1 billion share buyback.
September 2, 2005... In a further strategic alignment following last year's acquisition of Rockies gas producer Evergreen Resources, Pioneer Natural Resources plans to sell off its deepwater Gulf of Mexico assets and spend $1 billion to buy back its own shares. The...

More oil firms offer aid.(Top Briefs)(Brief Article)
September 2, 2005... US commodities firm Koch Industries and supermajor ConocoPhillips both announced Thursday they are contributing to efforts to assist people in the wake of Hurricane Katrina. ConocoPhillips said it is giving $3 million to assist relief...

Gas in storage rises 58 Bcf.(EIA Gas Storage Report)(Brief Article)
September 2, 2005... Stocks of working natural gas in US storage facilities rose 58 Bcf for the week ended Aug. 26, leaving storage levels at 2,633 Bcf, according to the Energy Information Administration (EIA). Stocks are 50 Bcf lower than last year at this...

Working gas in storage.(EIA Gas Storage Report)(Brief Article)(Illustration)
September 2, 2005... Working Gas in Storage (in Bcf for week ended Aug. 26) Region 8/26 8/19 2004 E. Consuming 1,503 1,452 1,532 W. Consuming 379 377 352 Producing 751 746 799 Total 2,633...

Valero closes Premcor deal.(Valero Energy Corp. acquired Premcor Inc.)(Brief Article)
September 2, 2005... Top independent refiner Valero Energy on Thursday said it has completed its acquisition of Premcor, making it the largest refinery company in North America. The company said it will take a onetime, noncash charge of $600 million...

Candax shuts Tunisia well.(Candax Energy temporarily closed El Bibane 3)(Brief Article)
September 2, 2005... Montreal-based independent Candax Energy said on Thursday it had temporarily shut down production from El Bibane 3, the sole producing well in the El Bibane Field, offshore Tunisia. Candax discovered corrosion of the El Bibane 3 wellhead...

Stock market scorecard.(petroleum industry)(refineries)(Illustration)
September 2, 2005... Stock Market Scorecard Integrated Close 1-Day Majors 9/1 Chg. % Chg. Amerada Hess 134.27 +7.17 +5.64% ConocoPhillips 69.00 +3.06 +4.64 Marathon 66.82 +2.51 ...

FMC wins Congo contract.(FMC Technologies Inc.)
September 2, 2005... FMC Technologies, which designs technology systems for the energy industry, on Thursday said it won a $115 million contract to supply subsea systems to the Moho Bilondo Project off the coast of the Congo. Moho Bilondo, which is majority...

Atwood wins Bulgaria contract.(Atwood Oceanics Inc.)(Melrose Resources PLC.)(Brief Article)
September 2, 2005... Houston-based Atwood Oceanics announced Thursday that its drilling rig, the Atwood Southern Cross, has been awarded a contract by Melrose Resources Sarl to drill three wells with options to drill two more off the coast of Bulgaria in 2006. ...

Ecuador lowers Oriente price.(Petroleos del Ecuador)(Brief Article)
September 2, 2005... Ecuador' state owned oil company Petroecuador increased the price differential for its Oriente crude by 38 cents for September. Under the new formula, Petroecuador will sell an Oriente barrel at the price of the West Texas Intermediate (WTI)...

Shell settles lawsuits.(Royal Dutch-Shell Group of Cos.)(Brief Article)
September 2, 2005... Royal Dutch Shell said it will pay $9.2 million and adopt certain corporate governance principles to settle shareholder lawsuits related to an oil reserves-overbooking scandal last year. The actions, pending in United States federal courts...

El Paso completes rockies deal.(acquires Medicine Bow Energy Corp.)(Brief Article)
September 2, 2005... Houston-based El Paso on Thursday said it has completed its purchase of Denver-based Medicine Bow Energy Corp. for about $834 million in cash. El Paso said the estimated oil and natural gas reserves associated with Medicine Bow Energy are...

Weatherford closes deal.(Weatherford International acquires Precision Drilling)(Brief Article)
September 2, 2005... Houston-based Weatherford International reported Thursday that it has completed acquiring Precision Drilling's energy services and international contract drilling divisions for about $945 million in cash. Precision's energy services...

IEA releases emergency crude, gasoline.(International Energy Agency)
September 6, 2005... A move by the International Energy Agency (IEA) to release fuel from emergency stockpiles spurred a large sell-off in crude and products markets Friday. But the price-dampening effect of the move may be short-lived depending on the extent of...

Storm damage tightens US spot market.
September 6, 2005... Hurricane Katrina is tightening the US spot market, making sours and sweets more expensive versus benchmark West Texas Intermediate (WTI) as production from the US Gulf of Mexico is shut in. But there is no acute shortage as demand from...

Outlook bleak for Gulf gas output with treatment plants down.
September 6, 2005... Shut-ins remained widespread in the Gulf of Mexico on Friday, with about 90% of oil and 80% of natural gas output shut-in, despite the fact that electricity was restored to some pipelines. The Minerals Management Service (MMS) said Friday...

Total, Aramco pledge funds.(Brief Article)
September 6, 2005... Total and Saudi Aramco on Friday joined the growing list of international oil companies contributing to relief efforts along the US Gulf Coast in the wake of Hurricane Katrina. French Total announced a commitment of $1 million to the...

Daily oil & gas price review.(Petroleum industry)(Illustration)
September 6, 2005... Daily Oil & Gas Price Review Prices for Friday, September 2, 2005 [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -2.71 62.36 ...

Katrina damage assessments spell long winter in US natural gas markets.
September 6, 2005... With reports of significant damage to Gulf infrastructure from Hurricane Katrina beginning to roll in, a sinking feeling is beginning to settle on the natural gas industry that a catastrophic shortfall in natural gas stores may be in the offing...

US rig count rises by three.(Baker Hughes Drilling Report)(Brief Article)
September 6, 2005... The number of rigs searching for oil and gas in the US rose by three to 1,447 last week, oil services firm Baker Hughes said Friday. During the same week last year, there were 1,249 rigs at work. The number of rigs searching for oil in the...

Katrina adds strength to already-strong oil company shares.
September 6, 2005... Hurricane Katrina's impact on commodity prices and refining margins has provided a huge boost to oil company share prices. In the days following the powerful storm, shares prices jumped more than 10% in many cases, as a result of oil prices...

Worker displacement a major obstacle to resuming Gulf operations.
September 6, 2005... Besides trying to assess the status of billions of dollars of equipment in the wake of Hurricane Katrina, oil and gas operators also are trying to determine how their thousands of employees fared. The widespread displacement of personnel in the...

Venezuela resolves contract issue ahead of big gas award.
September 6, 2005... The Venezuelan government and oil companies have finally reached common ground on the longstanding controversial issue of what terms would apply if companies hit oil by chance while exploring for natural gas in the Gulf of Venezuela, an...

Calgary rumor has Shell interested in EnCana.(Royal Dutch-Shell Group of Cos.)
September 6, 2005... Speculation abounds in Calgary that supermajor Royal Dutch Shell may bid for EnCana, North America's largest independent natural gas producer and the second largest company on the Toronto Stock Exchange in terms of market capitalization. ...

Refining, ANWR, offshore drilling top agenda in Congress.(Arctic National Wildlife Refuge)
September 6, 2005... Less than a month ago, President Bush signed into law a comprehensive energy bill with much fanfare, praising congressional leadership for making it possible. But energy issues are once again climbing back into the priority list in Congress as...

Troubled Regal takes new hit as problems in Greece emerge.(Regal Petroleum Ltd.)
September 6, 2005... UK independent Regal Petroleum's Greek operations have been paralyzed by escalating "industrial unrest," which may see the troubled company exit the country, Regal announced Friday. Regal management has met with Greek union representatives...

Oceaneering lands Brazil contract.(Latin America)
September 6, 2005... Houston-based Oceaneering International has received a $42 million contract with Petrobras to supply umbilicals for several projects being developed by Brazil's state-run energy company. An Oceaneering official said the contract calls for...

Seniat to complete tax review.(Latin America)(Brief Article)
September 6, 2005... Venezuela's tax authority will complete a back tax review of energy companies in October as part of an ongoing government campaign to maximize oil revenues, the tax chief said on Friday. "I am going to sit down with the press and give a...

Canadian gas storage.(Brief Article)
September 6, 2005... Enerdata reported that the amount of natural gas in Canadian storage facilities rose 11.6 Bcf to 396.3 Bcf for the week ended Aug. 26. Storage caverns are 78.6% full, up from 76.4% the previous week but down from 85.2% a year ago. (Bcf)...

Ecuador mulls Chile crude.(Latin America)(Brief Article)
September 6, 2005... Ecuador may buy 100,000 bbl of diesel fuel from Chile but has not yet accepted Venezuela's offer to sell 500,000 bbl of crude due to the high price of the offer, according to Energy Minister Ivan Rodriguez. Oil output is slowly recovering...

California opens gas probe.(Brief Article)
September 6, 2005... California's attorney general opened an investigation on Friday into possible illegal profiteering by gas stations and oil companies in the state following Hurricane Katrina. Because America's most-populous state gets none of its crude oil...

Stock market scoreguard.(petroleum industry)(Illustration)
September 6, 2005... Stock Market Scorecard Integrated Close 1-Day Majors Sep. 2 Chg. % Chg. Total 136.18 -0.06 -0.04% BP 69.80 -0.15 -0.21 Statoil 25.28 -0.06 ...

Cooper Cameron makes deal.(Cooper Cameron acquires Dresser Inc.)(Brief Article)
September 6, 2005... Cooper Cameron said on Thursday it has agreed to buy certain businesses from the flow control division of Dresser, Inc. for approximately $224 million in cash. The transaction is expected to close during the fourth quarter of 2005, the...

Magellan buys marine terminal.(Magellan Midstream Partners)(Brief Article)
September 6, 2005... Tulsa, Oklahoma-based Magellan Midstream Partners Friday announced it has acquired a privately owned marine terminal facility in Wilmington, Delaware, for $55 million. A Magellan spokesman said the marine terminal is located at the Port of...

Gazprom LNG arrives in US.(Liquefied natural gas)(Brief Article)
September 6, 2005... Russian gas giant Gazprom on Friday celebrated its first foray into liquefied natural gas (LNG) and into the US gas market with the arrival of its first traded cargo. Gazprom's UK-based Marketing & Trading unit acquired the 60,000 ton...

Tight products market seen for many months.
September 7, 2005... Despite some recent progress with restarting refineries in the Gulf Coast, the gasoline market is expected to be tight for months to come, and lost distillate production is likely to shift heating oil and diesel supplies from a surplus to a...

Damage to deepwater rigs, pipes still unclear.
September 7, 2005... Although some 70% of the evacuated platforms and rigs in the US Gulf of Mexico have been re-manned and oil and gas production is increasing, severe storm damage to some large deepwater platforms--including to Shell's Mars platform--and...

Crude, products plummet on Gulf Coast refinery restarts.(Brief Article)
September 7, 2005... Crude oil and gasoline prices on the New York Mercantile Exchange (Nymex) fell sharply on Tuesday, the result of an improved supply picture. Prices plunged on news that more refineries are restarting in the Gulf Coast. But some analysts caution...

Daily oil & gas price review.(Illustration)
September 7, 2005... Daily Oil & Gas Price Review Prices for Tuesday, September 6, 2005 [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -1.62 60.74 ...

Toughest tasks remain for firms returning shut Gulf output.
September 7, 2005... Offshore oil and gas producers in the Gulf of Mexico made significant strides in returning shut-in wells to operation over the Labor Day weekend, but they may have accomplished just the easy part. According to the US Minerals Management Service...

Global demand growth steady in August despite high prices.
September 7, 2005... The global oil surplus held its ground in August, albeit with a downwardly revised July, at around 1 million barrels per day, despite some big bites taken out of non-Opec supplies by weather, accidents, protests and seasonal maintenance. By far...

Feds, states take steps to keep fuel flowing, prices in check.(Hurricane Katrina 2005)
September 7, 2005... Federal and state governments are taking more steps to ensure product supplies are not adversely affected further in the aftermath of Hurricane Katrina. The Department of Energy (DOE) on Tuesday initiated its planned sale of 30 million barrels...

Gulf Coast petrochemical plants suffer from damage, feedstock loss.
September 7, 2005... Refineries were not the only downstream facilities to suffer damage from last week's devastating hurricane. Katrina also whacked the Gulf Coast's petrochemical sector pretty hard. Deutsche Bank reduced its third-quarter earnings estimates...

Refiners post big share gains on Katrina damages, supply fears.(gas industry of United States)
September 7, 2005... Skyrocketing US gasoline prices following Hurricane Katrina's devastating march through New Orleans and parts of the US Gulf Coast gave a big boost to share prices of US refiners last week, with refiners comprising one-third of the energy...

Canada's Penn West to farm out exploration acreage.
September 7, 2005... One of Canada's biggest royalty trusts, Penn West Energy Trust, announced on Tuesday plans to sell exploration rights to more than 1,235,500 acres of undeveloped land in western Canada worth more than C$300 million (US$252 million). The...

Kuwait pledges $500m in aid.(to USA)(Brief Article)
September 7, 2005... The government of Kuwait has pledged $500 million in aid to the US in the wake of Hurricane Katrina. According to an Opec statement, the aid will include both humanitarian and petroleum supplies, in particular, gasoline. Kuwaiti Energy...

Rowan gets land rig deal.(Corporate News)(Brief Article)
September 7, 2005... The Rowan Cos., headquartered in Houston, announced Tuesday it has been awarded long-tem drilling contracts from three operators for six new land rigs in a deal that could yield about $107 million in new drilling revenues for the Houston-based...

Entergy withdraws forecast.(Corporate News)(Brief Article)
September 7, 2005... Entergy, which provides electricity to the New Orleans area, on Tuesday withdrew its earnings forecast for this year and 2006 on widespread damage to its service area from Hurricane Katrina. But the utility said it has enough liquidity, between...

Oceaneering OKs new projects.(Oceaneering International Inc.)(Brief Article)
September 7, 2005... Houston-based oil services firm Oceaneering International said Tuesday that its board of directors has authorized spending about $40 million for new capital projects--with half of that money expected to be spent this year. Oceaneering Chairman...

Halliburton to raise prices.(Corporate News)(Brief Article)
September 7, 2005... Halliburton will increase prices across all of its energy services business lines next month, the company's Chairman and Chief Executive David Lesar said on Tuesday, although he declined to specify the size of those price increases. "With the...

Stock market scorecard.(NEWS ALERT)(Illustration)
September 7, 2005... Stock Market Scorecard Integrated Close 1-Day Majors 9/6 Chg. % Chg. Marathon 65.70 +0.63 +0.97% Kerr-McGee 88.90 +0.57 +0.65 Exxon Mobil 61.06 +0.38...

Nymex gets London green light.(Corporate News)(Brief Article)
September 7, 2005... Nymex Europe, an arm of the New York Mercantile Exchange (Nymex), announced that the UK's Financial Services Authority (FSA) on Monday recognized it as a UK investment exchange. Nymex submitted its final application for approval to the...

Firms forms Utah venture.(Houston Exploration Company, Enduring Resources)(Brief Article)
September 7, 2005... The Houston Exploration Company on Tuesday announced it has entered into a joint venture with Enduring Resources to develop properties in Utah's Unita Basin. Under the terms of the agreement, each company will contribute 40,000 acres and...

Suncor output to hit 100% soon.(Teck Cominco Ltd. to acquire UTS Energy Corp and Petro-Canada)(Brief Article)
September 7, 2005... Calgary-based Suncor Energy reported on Tuesday that production at its oil sands facility during August averaged approximately 143,000 b/d, including about 24,000 b/d of in-situ bitumen production. The company said year-to-date oil sands...

CNPC may sell part of PetroKaz.(China National Petroleum Corp.)(PetroKazakhstan)(Brief Article)
September 7, 2005... Barely three weeks after China National Petroleum Corp. (CNPC) won a contest to buy Canada-based PetroKazakhstan for US$4.18 billion, rumors have surfaced that the Chinese company plans to sell a 30% to 50% stake in its acquisition target to...

Report criticizes UN program.(Kofi Annan being criticised)
September 7, 2005... A sweeping yearlong probe of the Iraq oil-for-food program has concluded that the UN allowed "illicit, unethical, and corrupt behavior" to overwhelm the $64 billion operation, and must adopt sweeping reforms to reclaim its credibility before...

Aramco cuts October prices.(International)
September 7, 2005... Saudi Arabia cut term prices for October export crude across the board, except for Arab Super Light to Asia, which it is raising by 40 cents. This is the third straight month that Saudi Aramco, the state-owned oil company, has lowered its...