In the late winter of 2006, the citizens of Burlington, Vermont prepared to elect one of five candidates to a three-year term for an open mayor’s seat.  At one forum, a citizen stood up and asked, “Within the next mayoral term, it’s likely the price of oil will hit $90 a barrel and gas will […]

OPEC-member Kuwait has reconfirmed that its oil reserves are 100 billion barrels, disputing a report that the figure was around half that amount.
“We confirm that Kuwait’s oil reserves are 100 billion barrels,” acting oil minister Mohammad al-Olaim told reporters after briefing parliament in a closed-door session about the levels of reserves in the Gulf emirate.

China has made its largest oil find in more than three decades, an offshore field with proven reserves of nearly 3 billion barrels, which should provide temporary relief from rising consumption and ease fears of energy insecurity.
The discovery in Bohai Bay off Hebei province in northern China, which PetroChina described Thursday evening as a […]

Oil giant Shell is expected to pay out more than $700m in fines and compensation to settle the reserves fiasco that has dogged the company for the last few years.
The figure was revealed by Shell after it offered to settle damages claims of $352m with European investors and hoped to find a similar solution with […]

In a little reported development, Iraq’s Oil Minister has claimed that Iraq has over 300 billion barrels of oil reserves, which would mean the country top’s Saudia Arabia.
Hussain al-Shahristani made the claim to a Lebanese newspaper at the weeek, although there remains confusion as to whether he was talking about confirmed reserves or a general […]