Energy Sector

OPEC oil ministers warn of consequences of oil price drop

Organization of Petroleum Exporting Countries (OPEC)Vienna  - The decline in prices of crude oil during the worldwide recession will have consequences for the medium- and long- term for the international oil industry, said the current President of the Organization of Petroleum Exporting Countries (OPEC) on Sunday.

Speaking at the start of the 152nd conference of OPEC oil ministers in Vienna, Jose Maria Botelho de Vasconcelos warned that the organization already had to to stop long-term investment due to low oil prices.

Botelho, who is Angola's oil minister, also spoke of job losses worldwide in the industry.

OPEC oil price down by nearly 1 dollar

OPEC oil price down by nearly 1 dollarVienna  - Half a week before the Orga

Mozambique tackles high energy bill, rural darkness

Mozambique tackles high energy bill, rural darknessMaputo  - Mozambique's government announced a string of measures to improve access to energy for millions of Mozambicans and to reduce the burden of the sector on state finances, local media reported Wednesday.

The government of President Armando Guebuza announced plans to dismantle the monopoly on fuel imports, invest 8.5 billion dollars in the implementation of a four-year plan to expand electricity nationwide, and expand natural gas output for the domestic and export markets.

Obama sets stage for pollution limits with new reporting rule

Obama sets stage for pollution limits with new reporting rule Washington  - The United States will ask companies to report on their greenhouse-gas emissions that are blamed for global warming, setting the stage for government-imposed limits on climate pollution supported by President Barack Obama and long resisted by his predecessor.

The Environmental Protection Agency (EPA) on Tuesday said it will ask most major polluting firms to submit annual reports on their emissions levels beginning with 2010.

Russia, Hungary move forward on South Stream pipeline

South Stream pipeline Moscow - Russia and Hungary agreed to set up a joint venture to build the Hungarian stretch of the South Stream pipeline, Russian Premier Vladimir Putin said Tuesday after talks with his Hungarian counterpart Ferenc Gyurcsany in Moscow.

Russian gas export monopolist Gazprom and Hungary's energy firm MOL also plan to build new underground storage facilities in the agreement inked Tuesday, Putin was cited by news agency Interfax as saying.

OPEC oil price rises above 44 dollars

OPEC oil price rises above 44 dollarsVienna  - The price for oil produced by

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