Venezuela Led 9 Billion-Barrel Gain in OPEC Proven Oil Reserves Last Year

(Bloomberg) -- OPEC's proven crude oil reserves
rose 1 percent last year, led by increases in Venezuela and
Iran, at a time when European and U.S. oil companies such as BP
Plc and Repsol YPF SA struggled to find new deposits.

The tally for the 12-nation producer group rose by 9.2
billion barrels to 922.48 billion barrels at the end of 2006,
OPEC said today in its Annual Statistical Bulletin. The increase
was the biggest in four years and equivalent to all of the
proven reserves of Norway, Europe's biggest oil supplier.


Read more at Bloomberg Energy News

South Korea Orders Garuda, Six Other Airlines to Improve Safety Standards

(Bloomberg) -- South Korea's transportation
ministry said it would bar PT Garuda Indonesia and six other
overseas airlines from flying to the country if they didn't
raise safety standards.

State-owned Iran Air, Cambodia's PMTair and Royal Khmer
Airlines Co. were also ordered to make improvements, Lee Kwang
Hee, a director at South Korea's Aviation Safety Oversight
Division said today. Problems included shortages of spare parts
or engineers, as well as a lack of safety manuals, Lee said.


Read more at Bloomberg Emerging Markets News

Oil Rises to Nine-Month High on Gasoline-Supply Concerns, Iranian Tensions

(Bloomberg) -- Crude oil rose to a nine-month high
in New York on concern that U.S. refineries are failing to keep
up with growing gasoline demand, and after Iran said it isn't
willing to suspend its nuclear program.

Refineries operated at 89.2 percent of capacity last week,
the lowest since May 4 and the lowest utilization rate in 15
years for the second week in June, an Energy Department report
showed yesterday. Iran, the Middle East's second-largest producer
of crude oil, said its nuclear research is advancing. The U.S.
and its allies accuse Iran of developing nuclear weapons.


Read more at Bloomberg Commodities News

Oil prices may hit $80 a barrel

(Reuters) - Oil prices could surge to $80 a barrel this year because of tropical storms, rising demand for gasoline and disruptions in crude supplies from Nigeria, a senior Iranian oil official said on Sunday.

"The $80 price is a maximum forecast for oil in the current year but the average price of oil in the current year will be $66.20," Mohammad Ali Khatibi, deputy director for international affairs of the National Iranian Oil Company (NIOC), said.


Read more at Reuters Africa

Oil heads for $71 after Oman cyclone disruptions

(Reuters) - Oil rose towards $71 a barrel on Wednesday, its highest level in two weeks, after a cyclone shut Oman's oil and gas exports before weakening on its way to Iran.

London Brent crude edged up 15 cents to $70.60 a barrel by 0915 GMT. U.S. light crude gained 7 cents to $65.68 a barrel.


Read more at Reuters Africa

Colorado, Utah Rival OPEC Reserves, Lure Shell, Chevron, Exxon With Shale

(Bloomberg) -- Colorado and Utah have as much oil as
Saudi Arabia, Iran, Iraq, Venezuela, Nigeria, Kuwait, Libya,
Angola, Algeria, Indonesia, Qatar and the United Arab Emirates
combined.

That's not science fiction. Trapped in limestone up to 200
feet (61 meters) thick in the two Rocky Mountain states is
enough so-called shale oil to rival OPEC and supply the U.S. for
a century.


Read more at Bloomberg Exclusive News

U.S. Stocks Fall on Greenspan Comments, Reports of Persian Gulf Navy Ships

(Bloomberg) -- Most U.S. stocks fell on reports
former Federal Reserve Chairman Alan Greenspan warned that
Chinese shares may face a ``dramatic decline'' and on speculation
the military is adding to forces near Iran.

Shares of utility and technology companies led the retreat.


Read more at Bloomberg Stocks News