After testing price barriers during intraday trading for five consecutive sessions, the near-month benchmark US crude contract closed above $73/bbl in New York on July 13, and analysts said it could be headed higher this summer.
Producers’ current investment decisions may be clouded by such questions as the extent to which nonconventional fuels may be produced and used in the future and the effects those fuels may have on oil demand, said the Organization of Petroleum Exporting Countries in the group’s 2007 World Oil Outlook.
Brazilian federal police arrested three top executives of state-owned Petroleo Brasileiro SA (Petrobras) on July 10, along with the directors of three shipyards-Angraporto Offshore, Maua Jurong, and IESA-and others for alleged involvement in fixing repair contract bids for at least three offshore oil platforms.
Alkanolamines are used widely in gas treating plants. Because acid-gas removal from natural gas requires regeneration of alkanolamines, the energy requirement for the stripping section (condenser and reboiler) will be much greater when the inlet sour gas contains a high concentration of acid gases.