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

Oil steady, investors brace for further crude draw

(Reuters) - U.S. crude eased 16 cents to $76.67 a barrel by 0201 GMT, adding to Monday's 19-cent decline after a day of volatile trade that saw prices swing between $76.05 to $77.33.




But after a seven-week, $12 rally fuelled by U.S. refinery troubles, a spurt of renewed fund investment and OPEC's adherence to supply curbs, prices remain within shouting distance of last July's all-time high $78.40 a barrel.


Read more at Reuters.com Hot Stocks News

Crude Oil Declines on Report That OPEC Is Concerned About High Oil Prices

(Bloomberg) -- Crude oil fell after Reuters reported
the Organization of Petroleum Exporting Countries was concerned
about high oil prices and their impact on the world economy.

The group may pump more oil to increase supplies, though
it's unclear whether extra production will be needed this year,
OPEC President Mohamed al-Hamli said, according to Reuters. OPEC,
which produces 40 percent of the world's oil, considers $60 to
$65 a barrel a ``reasonable'' price for crude, KPC World, the
monthly bulletin of the Kuwait Petroleum Corp. reported.


Read more at Bloomberg Energy News

Barclays Capital Raises 2008 Brent Crude Oil Price Forecast by 11 Percent

(Bloomberg) -- Barclays Capital raised its 2008
price forecasts for Brent crude oil by 11 percent, citing rising
demand and a lack of growth in non-OPEC production.

Brent will average $73.60 a barrel next year, up $7.40 from
the previous forecast, the London-based investment bank said in a
report yesterday. West Texas Intermediate crude, the U.S.
benchmark grade, will average $73.90, a $6.60-a-barrel increase.


Read more at Bloomberg Energy News

UPDATE 1-Venezuela bills Conoco, Chevron $37.2 mln in taxes

(Reuters) - President Hugo Chavez decreed the takeover of four
foreign-run, joint venture heavy crude upgrader projects to
ensure the state oil company had at least a 60 percent stake in
each.




Chevron negotiated to stay on in its project, which is
known as Ameriven. But ConocoPhillips last month decided to
leave the OPEC nation and seek compensation for its loss of
assets.


Read more at Reuters.com Bonds News

OPEC sees modest 2008 demand, lower need for its oil

(Reuters) - The assessment, in OPEC's July Monthly Oil Market Report, underscores OPEC's view that crude supply is enough and oil prices near a record high reflect a strain on refineries and other factors beyond its control.




"The outlook for the oil market in 2008 is shaping up to be quite similar to the current year, with continued tightness in the downstream supporting high product prices and frequent refinery outages exerting further upward pressure, despite the healthy crude oil market," OPEC's report said.


Read more at Reuters.com Business News

Monotype Imaging sees IPO of 11 mln shares at $13-$15 each

(Reuters) - The Woburn, Massachusetts-based company said it applied for
a Nasdaq listing under the symbol "TYPE."





Read more at Reuters.com Government Filings News

Big private equity groups polish German image

(Reuters) - The new group includes Blackstone , Allianz Capital
Partners , Apax [APAX.UL], Advent, Bain Capital, BC
Partners, CVC [CVC.UL], KKR [KKR.UL], Permira [PERM.UL] and TPG
[TPG.UL].




The new group will commission studies from independent
research institutes on the economic importance of private equity
activities in Germany, with group members providing data about
their investments, BVK said.


Read more at Reuters.com Mergers News

Lower oil revenue hits Algeria trade surplus

(Reuters) - The trade surplus of OPEC member Algeria shrank by $4.48 billion to $10.56 billion in the first five months of 2007 due to lower oil and gas earnings, official figures showed on Tuesday.

The data issued by customs centre CNIS and published by Algeria's official news agency APS showed exports fell 12 percent to $21.19 billion while imports reached $10.63 billion, up 19 percent from the same five-month period of 2006.


Read more at Reuters Africa

WRAPUP 1-Chavez drives Exxon, ConocoPhillips from Venezuela

(Reuters) - Exxon Mobil Corp. and ConocoPhillips decided
to quit their oil operations in the OPEC nation after they
failed to strike a deal with the government to stay in
multibillion-dollar projects that the anti-U.S. leader decreed
should be taken over.




Four other oil majors -- Chevron Corp. , Norway's
Statoil , Britain's BP Plc and France's Total
-- signed pacts that allow Venezuela to increase its
stake to at least 60 percent in projects worth $30 billion.


Read more at Reuters.com Bonds News

Investor group settles suit over CBOT merger

(Reuters) - CBOT, in a statement, said it was not a party to a settlement. A CME spokeswoman told Reuters it had reached a settlement.




A lawyer for LAMPERS, John Coffey of Bernstein Litowitz Berger and Grossman, told Reuters that a settlement had been reached that provides for "a release of CBOT and the directors and the resolution of the litigation."


Read more at Reuters.com Business News

Algeria sees OPEC keeping output steady in September

(Reuters) - OPEC is expected to keep its oil output ceiling unchanged when it meets in September because the global crude market is well supplied, Algerian Energy and Mines Minister Chakib Khelil said on Thursday.

Khelil also told state radio that high oil prices were boosted by reduced refinery capacity, strong demand and geopolitical crises.


Read more at Reuters Africa

IEA raises world oil demand forecast, ups pressure on OPEC

(Reuters) - World oil demand will rise more quickly than previously thought this year, the International Energy Agency said on Tuesday, adding weight to consumer nations' calls for more OPEC oil.

In its June monthly report, the adviser to 26 industrialised countries lifted its forecast for 2007 growth in world oil demand to 1.7 million barrels per day (bpd) or two percent, up 200,000 bpd from the previous forecast.


Read more at Reuters Africa

Sudan says still in discussions to join OPEC

(Reuters) - Sudan's oil minister said on Monday the African producer was still in discussions to join OPEC, though he gave no timeframe for a decision.

"The decision is ours -- we're still working on it," said Awad Ahmed al-Jaz at the Asia Oil and Gas conference in Kuala Lumpur.


Read more at Reuters Africa

Oil slips, holds $71 as OPEC says supplies ample

(Reuters) - London Brent crude , seen as currently more representative of the global market, was down 13 cents at $71.09 a barrel at 0309 GMT, after rising 20 cents on Thursday. U.S. crude fell 12 cents to $66.81 after a 97-cent rally.




OPEC President Mohammed al-Hamli said on Thursday oil supplies were sufficient and there was no need for an emergency meeting. Consumers have been urging the group to produce more oil to lower prices.


Read more at Reuters.com Hot Stocks News

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

Brazil, Colombia, Mexico: Latin America Preview for Local Corporate Bonds

(Bloomberg) -- The following events and economic
reports may influence trading in Latin American local bonds
today. Bond yields are from the previous session.

Brazil: Inflation as measured by the FIPE economics
institute's consumer price index probably accelerated to 0.3
percent in the four weeks through May 23 from 0.25 percent the
previous week, according to the median estimate of five
economists surveyed by Bloomberg. The institute is slated to
release the data after 4 a.m. New York time.


Read more at Bloomberg Bonds News