Crude Oil Falls a Second Day After Reuters Reports OPEC May Raise Output

(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. Reports that
Chevron Corp. started its refinery in El Segundo, California, last
week helped pull oil prices lower.


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Venezuela says some oil majors reject takeovers

(Reuters) - Exxon Mobil , ConocoPhillips , Chevron Corp. , Norway's Statoil , Britain's BP Plc and France's Total are the targeted companies in projects valued above $30 billion and capable of producing 600,000 barrels per day.




"It seems there are some transnational companies that do not want to accept ," said Chavez, who met his energy minister to review the progress in negotiations earlier on Friday.


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U.S. Energy Stocks Rally as Oil Rises; S&P 500 Index Is Little Changed

(Bloomberg) -- Energy producers rallied after the
price of crude oil climbed, while utilities retreated as bond
yields remained near five-year highs.

Chevron Corp. and Exxon Mobil Corp. rose after oil advanced
on concern U.S. refiners aren't keeping up with increased gasoline
demand. Exelon Corp. and Dominion Resources Inc. led shares of
utilities lower as higher returns on bonds make their dividends
less appealing.


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Chevron Postpones $3 Billion Jack Oil Project in U.S. Gulf for Second Time

(Bloomberg) -- Chevron Corp., the second-largest
U.S. oil company, won't resume drilling at the $3 billion Jack
prospect in the Gulf of Mexico until late this year or early 2008
because of a shortage of rigs.

The company, which halted work on the project in August
because it needed to use the Cajun Express rig to finish a more
pressing project, planned to resume drilling next month. A
scarcity of rigs that can operate in waters of 7,000 feet (2,134
meters) and bore 6 miles below the seabed forced a second
postponement, Chevron spokesman Mickey Driver said in an
interview today.


Read more at Bloomberg Energy News