US output key to oil prices, says BP
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The future of oil prices rests on the ability of Gulf of Mexico producers to recover from last month&#39;s hurricanes, BP has said as it unveiled a 43 per cent rise in profits.
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Oil prices hit a new record of 50.47 US dollars a barrel on Tuesday as rebels in Nigeria threatened oil output and hurricane Ivan slashed production in the Gulf of Mexico, despite Saudi Arabian pledge to increase output.
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BP America, the US arm of British energy giant BP, is to spend more than 550 million dollars (432 million euros) over the next two years on improvements to its Alaskan oil fields, including pipeline repairs, the group has said in a statement.
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World oil prices climbed on Monday as  companies operating in the U.S. Gulf of Mexico braced for  output disruptions from powerful Hurricane Ivan.
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NEW YORK, September 15 (New Ratings) - The core Gulf members of the Organization of Petroleum Exporting Countries (OPEC) have reportedly recommended that the cartel&#39;s official output quota be boosted by 4%, or one million barrels per day.
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LONDON  - British energy giant BP PLC said Wednesday that oil and gas production rose four per cent in the fourth quarter of 2004, largely due to higher output from Russia, but added that higher taxes there would take a chunk out of earnings.
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WASHINGTONâCrude futures prices surged above $48 (US) per barrel yesterday as oil production and shipping disruptions caused by Hurricane Ivan prompted domestic supplies to shrink more than expected.
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Crude oil futures rose above $42 a barrel Wednesday after government data showed an increase in US fuel supplies. Traders were also focused on an upcoming OPEC meeting at which the group could trim output in response to falling prices.
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Opec has raised its output quotas in an attempt to bring oil prices below $40 a barrel. The cartel of leading oil producers says it will pump another million barrels of crude a day, bringing total output to 27 million barrels a day.
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World oil prices shot higher on Monday  as companies operating in the Gulf of Mexico braced for output  disruptions from powerful Hurricane Ivan.
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US Energy Secretary Samuel W. Bodman ahead of an OPEC meeting next month urged oil-producing states on Monday to pump more crude to ease pressure on prices.
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British energy giant BP said that it planned to invest 3.0 billion dollars (2.36 billion euros) in its refinery in the US state of Indiana, in a move aimed at boosting motor fuel output.
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Federal Reserve Governor Ben Bernanke said Monday the US economy will be able to weather higher oil prices. Speaking at a banking conference in Washington, Bernanke said that oil
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Major Gulf oil producer Kuwait will back a hike of 1 million barrels per day in OPEC&#39;s output ceiling if crude prices remain at record levels, a move
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BP, the worldâs second-biggest oil company, said production over the third quarter would be about 3.88 million barrels a day. That was an 11 per cent rise on the same period the year before and was helped
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World oil prices rose on Thursday as  Hurricane Ivan reached the U.S. Gulf Coast, shutting more than  1 million barrels daily of output in the Gulf of Mexico and 13  percent of U.S. refining capacity.
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The U.S. government on Thursday said  BP Plc  could continue to pump oil from the western half  of its giant Prudhoe Bay field in Alaska, although the oil  major reiterated it would decide only next week whether to do  so.