Category: Oil and Gas Industry
Saudi Arabia Oil and Gas Industry
In January 2009 Saudi Arabia oil and gas industry has been able to discover three new natural gas fields and five new oil fields. This information has been provided by Ali bin Ibrahim-al-Naimi who is minister of petroleum and mineral resources of Saudi Arabia. Saudi Aramco, which is a state owned oil and gas company of Saudi Arabia, has declared that its major investments would not be affected by financial problems across globe.
Mexico Oil and Gas Industry
Mexico Oil and Gas Industry has witnessed a mixed result ever since post-nationalization. Mexico is sixth biggest producer of oil in world having seventh largest natural gas reserve in western hemisphere. Petróleos Mexicanos (PEMEX), Mexico’s state-owned petroleum company, which is a major force of oil and gas industry of Mexico, intends to pull in more bids from drilling contractors for 500 new development wells on Chicontepec field. Higher output from Chicontepec field is expected to compensate falling production from other fields of oil and gas industry at Mexico.
US Oil and Gas Industry
As per latest information on US oil and gas industry, Total, which is a major oil and gas company of France, has announced on 14th January 2009 in a company statement that it would purchase 50 percent in American Shale Oil. American Shale Oil is a sister concern of IDT, which is a diversified telecommunications services provider based in New Jersey.
Oil Fields
Oil fields are regions with abundant underground oil reservoirs. Oil wells are drilled in these fields to extract crude oil and petroleum by-products. The largest oil fields in the world are found in the Middle East, in Saudi Arabia, Iraq, Iran, Kuwait and the UAE. Other oil rich countries include the Russia and other former Soviet Union states, Nigeria, the US and Venezuela.
The US, China, Japan, Russia and Germany are the major oil consumers.
Historical Oil Price Charts and Graphs
A review of historical oil prices shows that oil displays wide price swings when markets suffer from scarcity or oversupply. The price cycle of crude oil ranges from a small duration to several years.
Major Events: Historical Oil Prices
From 1948 to 1970, oil prices remained stable at around $3 per barrel. A major development was the formation of OPEC in 1960; consisting of Iraq, Iran, Saudi Arabia, Kuwait and Venezuela.
