EU Oil Import Costs Soar Above $400bn

Commodities: today’s top ten news

  • The EU’s oil import costs have soared to more than $400 billion this year as crude prices continue to trade above $100 a barrel
  • Iraq signed a final $17 billion deal with Shell and Mitsubishi on Sunday to capture flared gas at southern oilfields
  • Mining giant Anglo American made
    a bid to shift the focus from its high-profile spat over a prized
    copper mine in Chile as it revealed its progress on a $10.8 billion
    expansion push
  • Iraq will send Exxon Mobil a
    further letter demanding an explanation of its contract with the
    Kurdistan region after receiving no response from the US oil giant
  • Iraq’s crude production has reached 2.95 million barrels per day and is expected to hit 3 million by the end of the year
  • Commodities are beating equities for a fifth consecutive year; the Standard & Poor’s GSCI Index of
    24 commodities rose 0.7% while the MSCI All-Country World Index of
    equities dropped 16% this year and yields on Treasuries fell to near-
    record lows

Article by Links Group on Nov 28th 2011

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