Because of the Middle East chaos and the OPEC's plan to cut production, international oil prices have been rising lately. On Jan. 2, oil closed up 3.9% to $46.34 a barrel on the New York Mercantile Exchange. An energy expert has suggested that at this price China should speed up its oil reserves, said xinhuanet.com today.

The national security of the United States of America is tied first and foremost to our energy requirements. These requirements MUST be independent of all foreign entanglements, they must be purely American. There is no legitimate reason why Americans should be paying $3.00 to $3.50 at the pump for regular gasoline while Corporate Oil giants are reaping billions of dollars in pure profits. This simply should not be. It is tantamount to an economic rape of the American consumer and our role in the national economy.

Brazil has discovered huge new petroleum reserves in its south that could turn the country into one of the biggest oil producers in the world, the Government and its state-controlled oil company announced.

Brazil has discovered huge new petroleum reserves in its south that could turn the country into one of the biggest oil producers in the world, the government and its state-controlled oil company.

Russian President Vladimir Putin said on Thursday that the U.S.-led invasion of Iraq was mainly aimed at controlling the Gulf state's oil reserves.

Three Russian companies - Gazprom, Lukoil and Novatek - will participate in the fourth round of bidding for the right to operate oil fields in Libya, the National Oil Corporation (NOC) said Wednesday.

China's Ministry of Land and Resources has certified the discovery of 445 million tons of proven oil reserves in the newly discovered Jidong Nanpu oil field in Bohai Bay, bringing the total possible oil and gas reserves to 1.18 billion tons of oil equivalent.

Brunei will begin drilling a new oil well this week in collaboration with France's Total SA, officials said, marking a fresh effort to bolster the tiny sultanate's oil and gas reserves.

Imperial Energy, a British company focused on oil exploration and production in former Soviet republics, rejected Monday Russian authorities' estimate of its oil reserves in the country, and stood by its own figures.

Iraq will need $75 billion to develop its oil industry, three times more than was originally thought, a government expert said Thursday.

India will build crude oil reserves of five million tonnes at an estimated investment of Rs.24 million ($585 million) to address its rising energy demand, Petroleum Minister Murli Deora said on Wednesday, June 20th.

The debate over how much readily accessible oil remains on Earth has been revived with the release of a new report that suggests there is enough to last about 40 years.