Monday, July 24, 2006

Oil news

Cantarell, in Mexico: Down 7% since the beginning of the year. Already at the levels of July, 2005, when Hurricane Emily blasted through the Gulf. As a supergiant that's had extensive oil-recovery techniques applied to it, Cantarell may very well be a bellweather for much of the oil industry.

Meanwhile, in response to American snubs, Moscow is shutting US firms out of new oil field development.

And oil still hovers around $75 a barrel.

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