"OPEC Holds Production Quotas Steady, Predicting Demand Recovery"
OPEC decided to keep production quotas unchanged a meeting today in Vienna, banking on a recovery in oil demand toward the end of the year. The Organization of Petroleum Exporting Countries, responsible for 40 percent of global crude supply, agreed to maintain production quotas at 24.845 million barrels a day, Saudi Oil Minister Ali al-Naimi said. It’s the second time this year the 12-member group has met without revising that total. “The market is oversupplied, it’s true,” OPEC Secretary General Abdalla el-Badri told at a press conference afterwards, saying the group decided against cutting.....Complete Story
"Barron's and Fortune Rankings of Energy Companies"
Barron's newspaper recently released its 2009 Barron's 500 company rankings that had a reasonable representation of energy companies. At about the same time, Fortune magazine published its rankings of the top 500 companies. The two rankings are based on different measures of financial performance. The sharp reversal of fortunes for energy commodities and the stock market during the second half of 2008 had contributed to energy companies not ranking as highly for the latest year, but still demonstrating better.....Complete Story
"Frontline Says Third of Oil Tanker Orders at Risk"
Frontline Ltd., the world’s largest operator of supertankers, said it was the first publicly traded shipping line to cancel contracts for new oil carriers and predicted a third of all orders will be delayed or canceled. The Hamilton, Bermuda-based company said today it canceled $556 million of orders for two supertankers and four suezmaxes, out of a total of 18 contracts. Similar moves by other shipping lines may “emerge in the next few weeks,” Jens Martin Jensen, chief executive officer of its management unit, said by phone. The annulments show other owners “might be able to do something” to.....Complete Story
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