Currently viewing the tag: "oil"

The Devil’s Excrement and OPEC

By On November 26, 2008 · Leave a Comment

On October 16th, Oil prices plummeted below $70 for the first time in 16 months, loosing half its value since hitting a record high of $147.27, prompting the oil cartel OPEC to call an emergency meeting.

OPEC cut production by 1.5 million barrels a day starting November after their emergency meeting on October 24th [...]

Continue Reading →

Crude Improvement – Cerro Negro Upgrader Project

By On October 20, 2008 · 2 Comments

Cerro Negro is a strategic association formed by the state oil company of Venezuela, PDVSA (42 percent), ExxonMobil (42 percent) and Veba Oel of Germany (16 percent). Operadora Cerro Negro S.A., an ExxonMobil subsidiary, operates the project.

The complex can process 120,000 barrels of heavy crude oil a day, which it converts to 108,000 [...]

Continue Reading →