|
1998 World Oil Market Chronology
''Sources include: Dow Jones (DJ), New York Times (NYT), Wall Street Journal (WSJ), and the Washington Post (WP).'' *January 7: Due to the continuing Asian economic crisis, South Korea's refiners have reportedly cut operations to around 80 percent of capacity. The refiners have also had difficulty securing crude oil supplies for delivery in late January or February, which could cut operations to as low as 70 percent-75 percent of capacity. (DJ) *January 15: Environmentalists hail the implementation of a 50-year moratorium on mining and oil exploration in the Antarctic. A protocol for the protection of the Antarctic was adopted by twenty-six countries in 1991, but it could not be implemented until Japan's ratification cleared the way last month. Antarctica contains 70 percent of the world's fresh water, and the moratorium attempts to preserve the world's least polluted continent. (WP) *February 5: Following a ruling by a federal judge denying a request from environmentalists and Na ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed by the Yellow Sea, while its eastern border is defined by the Sea of Japan. South Korea claims to be the sole legitimate government of the entire peninsula and List of islands of South Korea, adjacent islands. It has a Demographics of South Korea, population of 51.75 million, of which roughly half live in the Seoul Capital Area, the List of metropolitan areas by population, fourth most populous metropolitan area in the world. Other major cities include Incheon, Busan, and Daegu. The Korean Peninsula was inhabited as early as the Lower Paleolithic period. Its Gojoseon, first kingdom was noted in Chinese records in the early 7th century BCE. Following the unification of the Three Kingdoms of Korea into Unified Silla, Silla and Balhae in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ARCO
ARCO ( ) is a brand of gasoline stations currently owned by Marathon Petroleum after BP sold its rights. BP commercializes the brand in Northern California, Oregon and Washington, while Marathon has rights for the rest of the United States and in Mexico. ARCO had been established in 1966 as the "Atlantic Richfield Company", an independent oil and gas company formed after the merger of Atlantic Petroleum and the Richfield Oil Corporation. History From 1966 to 2000, the 'Atlantic Richfield Company', doing business as ARCO, was an independent American oil company with operations in the United States, Indonesia, the North Sea, the South China Sea, and Mexico. After its acquisition of Anaconda Copper Mining Company in 1977, ARCO had owned hard rock mines in several western states, which has created environmental clean-up liabilities to the company to this day even after the mines were closed in the early 1980s. In 2000, BP acquired ARCO for $26.8 billion. ARCO's retail and mark ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oil Market Timelines
An oil is any nonpolar chemical substance that is composed primarily of hydrocarbons and is hydrophobic (does not mix with water) & lipophilic (mixes with other oils). Oils are usually flammable and surface active. Most oils are unsaturated lipids that are liquid at room temperature. The general definition of oil includes classes of chemical compounds that may be otherwise unrelated in structure, properties, and uses. Oils may be animal, vegetable, or petrochemical in origin, and may be volatile or non-volatile. They are used for food (e.g., olive oil), fuel (e.g., heating oil), medical purposes (e.g., mineral oil), lubrication (e.g. motor oil), and the manufacture of many types of paints, plastics, and other materials. Specially prepared oils are used in some religious ceremonies and rituals as purifying agents. Etymology First attested in English 1176, the word ''oil'' comes from Old French ''oile'', from Latin ''oleum'', which in turn comes from the Greek (''elaion ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1999 World Oil Market Chronology
''Sources include: Dow Jones (DJ), New York Times (NYT), Wall Street Journal (WSJ), and the Washington Post (WP).'' *January 1: British Petroleum Company and Amoco Corporation complete their $53 billion merger. Chicago-based Amoco is the United States' fifth-largest oil company with roughly 9,300 gasoline stations. London-based British Petroleum, the world's third largest oil company, sells its products through a network of about 17,900 stations. (DJ) *February 4: Italy's ENI SpA and Russia's RAO Gazprom, the world's largest natural gas producer, agree to build a natural gas pipeline from Russia to Turkey at a cost of nearly $3 billion. Each project partner will hold a 50 percent stake in the project. The proposed pipeline, called the Blue Stream project, is expensive by industry standards partly because it would run at great depth under the waters of the Black Sea. (Asian WSJ) *February 10: U.S. Energy Secretary Bill Richardson visits Saudi Arabia to discuss potential U.S. investme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chronology Of World Oil Market Events (1970-2005)
Basic overview The 1970s ''See: 1970–79 world oil market chronology'' 1970 *January 1: US Federal oil depletion allowance reduced from 27.5 to 22.0 percent. *May 3: Trans-Arabian Pipeline delivery from Saudi Arabia to the Mediterranean interrupted in Syria, driving oil tanker rates to all time highs from June to December. *September 4 – October 9 Libya raises posted prices and increases tax rate from 50 percent to 55 percent. Iran and Kuwait follow in November. *December 9: OPEC meeting in Caracas establishes 55 percent as minimum tax rate and demands that posted prices be changed to reflect changes in foreign exchange rates. 1971 *January 12: Negotiations over posted prices begin in Tehran between 6 OPEC Persian Gulf states and 22 oil companies. *February 3: OPEC mandates "total embargo" against any company that rejects 55 percent tax rate. *February 14: Tehran agreement signed. Companies accept 55 percent tax rate, immediate increase in posted prices, and further succe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1997 World Oil Market Chronology
*February 5: Japan's Ministry of Finance announces plans to cut import tariffs on crude oil and most petroleum products from April 1, 1997, in a phased process that will reduce the country's crude oil import tariff rate to zero in April 2002. (DJ) *February 24: Qatar inaugurates the world's largest liquefied natural gas (LNG) exporting facility and formally launches Qatar Liquefied Gas Co., which will have total output capacity of 6 million tons per year of LNG. The facilities are part of a new $7.2 billion industrial zone which also includes a sea port with a capacity to handle 25-30 million tons of LNG annually. Qatar plans to build more gas liquefaction plants in the area to exploit its natural gas reserves of around . (DJ) *April 1: A Shell spokesman confirms the company will declare force majeure at its Nigerian Bonny terminal due to local protests which disrupted of the company's oil production. Although the protests have ended and production is returning to normal, the back ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Colombia
Colombia (, ; ), officially the Republic of Colombia, is a country in South America with insular regions in North America—near Nicaragua's Caribbean coast—as well as in the Pacific Ocean. The Colombian mainland is bordered by the Caribbean Sea to the north, Venezuela to the east and northeast, Brazil to the southeast, Ecuador and Peru to the south and southwest, the Pacific Ocean to the west, and Panama to the northwest. Colombia is divided into 32 departments and the Capital District of Bogotá, the country's largest city. It covers an area of 1,141,748 square kilometers (440,831 sq mi), and has a population of 52 million. Colombia's cultural heritage—including language, religion, cuisine, and art—reflects its history as a Spanish colony, fusing cultural elements brought by immigration from Europe and the Middle East, with those brought by enslaved Africans, as well as with those of the various Amerindian civilizations that predate colonization. Spanish is th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amoco
Amoco () is a brand of fuel stations operating in the United States, and owned by BP since 1998. The Amoco Corporation was an American chemical and oil company, founded by Standard Oil Company in 1889 around a refinery in Whiting, Indiana, and was officially the Standard Oil Company of Indiana until 1985. Originally part of the Standard Oil Company trust, it focused on producing gasoline for the new automobile market. In 1911, as part of the break-up of the Standard Oil trust, it became an independent corporation. Incorporated in Indiana, it was headquartered in Chicago, and formally adopted the name Amoco in 1985. Although the Amoco Corporation merged in 1998 into BP Amoco, the Amoco name was resurrected in 2017 as a brand that service station owners could choose to use when they purchased supplies from BP in selected areas of the United States. In 1925, Standard Oil of Indiana absorbed the American Oil Company, founded in Baltimore in 1910, and incorporated in 1922, by Lou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Caspian Sea
The Caspian Sea is the world's largest inland body of water, often described as the world's largest lake or a full-fledged sea. An endorheic basin, it lies between Europe and Asia; east of the Caucasus, west of the broad steppe of Central Asia, south of the fertile plains of Southern Russia in Eastern Europe, and north of the mountainous Iranian Plateau of Western Asia. It covers a surface area of (excluding the highly saline lagoon of Garabogazköl to its east) and a volume of . It has a salinity of approximately 1.2% (12 g/L), about a third of the salinity of average seawater. It is bounded by Kazakhstan to the northeast, Russia to the northwest, Azerbaijan to the southwest, Iran to the south, and Turkmenistan to the southeast. The sea stretches nearly from north to south, with an average width of . Its gross coverage is and the surface is about below sea level. Its main freshwater inflow, Europe's longest river, the Volga, enters at the shallow north end. Two deep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
OPEC
The Organization of the Petroleum Exporting Countries (OPEC, ) is a cartel of countries. Founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), it has, since 1965, been headquartered in Vienna, Austria, although Austria is not an OPEC member state. , the 13 member countries accounted for an estimated 44 percent of global oil production and 81.5 % of the world's proven oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so-called " Seven Sisters" grouping of multinational oil companies. The formation of OPEC marked a turning point toward national sovereignty over natural resources, and OPEC decisions have come to play a prominent role in the global oil market and international relations. The effect can be particularly strong when wars or civil disorders lead to extended interruptions in supply. In the 1970s, restrictions in oil production led to a dramatic r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Environmentalism
Environmentalism or environmental rights is a broad philosophy, ideology, and social movement regarding concerns for environmental protection and improvement of the health of the environment, particularly as the measure for this health seeks to incorporate the impact of changes to the environment on humans, animals, plants and non-living matter. While environmentalism focuses more on the environmental and nature-related aspects of green ideology and politics, ecologism combines the ideology of social ecology and environmentalism. ''Ecologism'' is more commonly used in continental European languages, while ''environmentalism'' is more commonly used in English but the words have slightly different connotations. Environmentalism advocates the preservation, restoration and improvement of the natural environment and critical earth system elements or processes such as the climate, and may be referred to as a movement to control pollution or protect plant and animal diversity. Fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
.jpg "Click for more on -> OPEC")
