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Teen solves centuries-old math problem
OPEC won't increase output this winter.
Chakib Khelil, president of the Organization of Petroleum Exporting Countries, has been asked repeatedly to increase production as prices have increased for oil, and every time the cartel denies that supply is the cause of the high prices.
At a recent speech, Khelil again refused to increase supply and said OPEC will not consider increasing supplies in winter months, Xinhua reported.
He said that if demand were to significantly increase, OPEC would consider an increase, but it would not do it to try to bring prices down, especially after this last week when prices fell from record highs.
Khelil and OPEC continue to point to the exchange rate of the U.S. dollar as the main source of increased prices, Xinhua reported.
Oil exploration is set to begin in Chile.
At least five international oil companies were awarded exploration blocks in Chile's southern Magallanes region, and drilling could begin as early as next month.
Winners include Canada's Apache Corp., U.S.-based Pan American Energy LLC, U.S.-Swiss consortium IPR-Manas, New Zealand's Greymouth Petroleum Holding Ltd. and a group composed of Methanex, Geopark and Wintershall.
Exploration contracts are for up to seven years. Last year nine blocks were awarded for oil and gas exploration and development, Uruguayan news agency Mercopress reported.
Domestic sources will help Chile cut back its imports. The country currently imports about 98 percent of its crude oil, 96 percent of its coal and 75 percent of its natural gas.
Argentina is Chile's major natural gas supplier and currently is facing its own shortages.
ExxonMobil will convert gas to liquids in Nigeria.
The global oil major announced its Nigerian arm has started building its natural-gas-to-liquids project. The $1.3 billion project is being partially funded by local banks.
The project is part of the government's goal of finding alternative energy sources to meet growing demand.
Energy companies including Shell have had problems with production in Nigeria because of violence.
The plant, once complete, will be capable of producing about 275 million barrels of natural gas liquids a day.
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Closing oil prices, July 30, 3 p.m., London
Brent crude oil: $125.72
West Texas Intermediate crude oil: $125.28
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(e-mail: energy@upi.com)
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