We do not disclose any communications between Merck and the Canada Revenue Agency," Merck Frosst said in a statement. "As is articulated in certain SEC filings, Merck Frosst Canada's tax returns for the years 1998 through 2004 are being examined by the Canada Revenue Agency.
Meanwhile, OPEC Secretary General Abdalla el-Badri told The Wall Street Journal Asia the cartel is not in discussions to boost production by 500,000 barrels. El-Badri's comments counter rumours that Saudi Arabia is pushing for a production increase. In September, OPEC bowed to Saudi pressure and announced a production increase of 500,000 barrels a day, effective Nov. 1.
... close of US$90.46 a barrel Thursday on news that OPEC production increases aren't coming as fa...
... environment, largely absent any positive news in the bilaterals except for the significant excep... made available for this project from the OPEC fund for international development, France, the US...
Following a late-summer freefall of almost 25 per cent, oil prices have bounced around the $60 level in the past week. Traders must weigh rhetoric from some OPEC members calling for output cuts against denials by Saudi Arabia, the cartel's largest producer, that a deal to reduce production exists. OPEC is not scheduled to meet until December. The last time OPEC trimmed its output -- by one million barrels a day -- was December 2004 when oil traded slightly above US$40 a barrel. Over the weekend, reports from news outlets including Algerie Presse Service quoted OPEC officials as saying the 11-member cartel would reduce output by about one million barrels per day to stem a 24 per cent decline in prices since mid-July.
Doomsday scenarios are everywhere foreshadowing starvation in the developing world, food rioting around the globe and the spectre of corporate agribusiness becoming the new OPEC with runaway pricing even as the rainforests of Brazil and Indonesia are felled for agricultural land. Debating the conflicting views would take the rest of this newspaper to properly air, so perhaps Mr. Cullen has a point in suggesting a pause to explore the ramifications of this sudden and dramatic food shortage and energy price surge on this sleepy government bill.
OPEC in those days was public economic enemy No. 1. We journalists would hang on the oil ministers' every word and particularly on the words of Sheikh Ahem Zaki Yamani, oil minister of Saudi Arabia, a suave and charismatic man who characterized the new world of the oil-rich Arab nations. Sheikh Yamani was the leader of the conservative forces in OPEC. Saudi Arabia's line was to keep the West dependent on oil, while gradually increasing its price. Sudden shocks weren't good because they encouraged wholesale substitution of oil with other energy sources and, if they ushered in a recession, rapidly caused prices to drop. There is a certain madness to markets. Prices are pushed beyond where common sense says they should go. It is happening with oil. It is happening with the Canadian dollar...
...BACK in the mists of time when I was a newspaper reporter writing about energy, I covered a meeting...
OPEC on Friday cut its oil consumption forecast for the year, largely because of high prices and a slowing U.S. economy, but said demand in developing countries continues...
...Copyright F.P. Canadian Newspapers Limited Partnership Jun 14, 2008Provided by ProQue...
The EIA report and OPEC announcement fed a new frenzy of investing in oil futures, which have risen to new inflation-adjusted records this week as the falling U.S. dollar drew new investors to the market. There's an ongoing stampede to be a part of the crude oil rally," said Tim Evans, an analyst at Citigroup Inc., in New York. OPEC ministers cited falling demand in announcing their decision to hold production steady. Gasoline demand is off about one per cent over the last six weeks compared to the same period last year, according to EIA data. At the same time, gasoline supplies rose last week to a 15-year high, Evans said.
...Copyright F.P. Canadian Newspapers Limited Partnership Mar 6, 2008Provided by ProQues...
The S&P/TSX composite index moved down 43.41 points to 13,040.54. The TSX energy sector was off 1.1 per cent as oil prices fell below US$58 a barrel on warmer U.S. weather and news that OPEC is expecting a crude surplus in the spring but has no plans to cut more production. Light sweet crude for March delivery was down $2.70 to US$57.72 a barrel on the New York Mercantile Exchange.
If oil goes to US$200, as the CIBC has forecast, "we are back to the tariff rates not seen since prior to the Kennedy Round GATT negotiations in the mid-1960s. Are we seeing a major inflow of jobs back to the manufacturing sector? Not yet," he said. "But if oil prices continue to rise and transport prices even double from the current rate, you will see more and more jobs coming back." "How much of Chinese manufacturing production will be coming home remains to be seen," the report adds, "but there is certainly no reason why we should not expect to see at least comparable if not greater trade diversion than we saw during the OPEC oil shocks of the 1970s."
...Copyright F.P. Canadian Newspapers Limited Partnership May 28, 2008Provided by ProQue...
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