Oil prices have returned a higher Tuesday morning in the wake of the rise in Asian equity markets. Around 5:30 GMT, the December contract on the U.S. light crude gained 78 cents, or 1.23%, 64.00 dollars a barrel and Brent took 44 cents (0.72%) was 61.85 dollars.
The decline in production by OPEC decided Friday to short-term risk of not being able to stop the fall in prices of black gold, undermined by concerns about economic recession, but could in the longer term sow the conditions for a sharp rebound in prices.
The Organization of Petroleum Exporting Countries (OPEC) has revised last Tuesday its forecast of increased demand for crude in the world to 1.20% in 2008 against a previous estimate of 1.28% due to continuing high prices of black gold and the global economic crisis.
Some 25 airlines companies have ceased operations or gone bankrupt during the first six months of the year due to skyrocketing prices for fuel, a figure unmatched, according to the International Air Transport Association (Iata).
Oil prices are stable at around 137 dollars for a barrel, investors awaiting the weekly publication of the state of American stocks of crude and that release of the Monetary Policy Committee of the Federal Reserve.
Prime Minister, Mr. Zein Ould Zeidane received in audience, on Monday evening, in his office in Nouakchott, a mission of the Total French company concerned by the oil exploration in the pond of Taoudenni
PC Mauritania I Pty Ltd. detected gas in Banda NW-1 after running wireline logs in the exploration well drilled in PSC Area B off the Mauritanian coast. The well was drilled to a total depth of 2,703 metres (8,868 ft) by Atwood Oceanics Inc.
Mauritania's mineral wealth has been exploited since Neolithic times. Archeological evidence of a copper mining and refining site near Akjoujt in west-central Mauritania dates from 500 to 1000 B.C. Modern exploitation of copper at Akjoujt and the more important iron ore deposits between Fdérik and Zouîrât began after independence.
BRUSSELS, Jan 8 (Reuters) - ArcelorMittal (ISPA.AS: Quote, Profile, Research), the world's largest steelmaker, said on Tuesday it had signed a deal with Mauritania's Societe Nationale Industrielle et Miniere (SNIM) to develop an iron ore mining project."Under the terms of the Memorandum of Understanding, SNIM and ArcelorMittal will jointly develop a large iron ore mining project,
NOUAKCHOTT, Jan 9 (Reuters) - Mauritania will tighten security around its fledgling oil industry following recent attacks by suspected al Qaeda militants on French tourists and government soldiers, its oil minister said on Wednesday.The Islamic Republic, which straddles black and Arab West Africa,
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