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Teen solves centuries-old math problem
Iraq's oil production highest since 2003.
Daily oil production in Iraq reportedly has reached its highest level in about five years since the U.S.-led invasion, Gulf News reported.
In the third quarter, oil production rose to 2.43 million barrels per day, up from 1.3 million barrels per day following the invasion.
An estimated $34 million has been spent on security for the pipeline from Kirkuk to the refinery in Baiji, Gulf News said, helping to increase the amount of oil exports.
Revenues for Iraq's oil sector reached $33 billion in 2008 and could move higher, as it is estimated Iraq has the largest untapped oil reserves in the world.
As Iraq brings in more money with oil, it relies less on foreign aid and can invest more in security and redevelopment.
Oil prices stabilize after dropping.
In the past week, oil prices dropped to the lowest level since May after hitting a record high in early July. But analysts are predicting prices will stay close to where they are, as long as tensions remain in the Middle East, Iran and Nigeria, the Trend Capital news agency reported.
U.S.-enforced sanctions against Iran and a weak U.S. dollar, along with violence in Nigeria and Iraq, all point to the notion that prices can only drop so low.
Iran's representative to the Organization for Petroleum Exporting Countries, Mohammad Ali Khatibi, said if the situation in Iran were to worsen, oil prices could reach $500 a barrel.
"If the region comes to the brink of war, the oil supply not only from Iran, but also from the region as a whole will be stopped as 40 percent of the world oil export is carried out through the Strait of Hormuz," Khatibi told Trend Capital.
At the same time, OPEC President Chakib Khalil said if tensions were eased, the price of oil could drop to as low as $70 or $80 per barrel. As of June, Iran was producing 3.85 million barrels of oil per day.
Many European countries, as well as the United States, have placed most of the blame for high oil prices on demand issues. Prices are also expected to creep back up as the U.S. Department of Energy reported that U.S. gasoline stockpiles dropped by 3.5 million barrels last week.
According to Energy Information Administration predictions, demand for oil will increase by 1.4 million barrels a day by 2009.
AWE joins list of oil high-rollers.
Oil producer Australian Worldwide Exploration posted record revenues this year, The Australian reported.
Like ExxonMobil, Hess, Shell, Repsol, Eni and others raking in record profits, AWE was able to increase its exploration and production. High oil prices, in addition to increased production, have helped oil companies hit record revenues.
Revenue for AWE increased 475 percent over the previous year to $821 million.
AWE reportedly is looking for additional merger deals after its acquisition of Perth-based Arc Energy led to a 152 percent increase in production for fiscal 2008.
Through that acquisition, AWE acquired a 42.5 percent stake in the Tui oil fields where 41,800 barrels per day were produced in 2008.
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Closing oil prices, July 31, 3 p.m., London
Brent crude oil: $121.32
West Texas Intermediate crude oil: $121.52
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(e-mail: energy@upi.com)
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