The Energy Department and the Paris-based International Energy Agency both lowered their global oil consumption forecasts for this year amid surging prices, but said demand for oil and petroleum products is accelerating in parts of the developing world.
In its monthly short-term Energy outlook, the Energy Department’s Energy Information Administration said oil consumption is falling more [...]

Statoil, the leading Norwegian oil and gas group, has reported record profits for 2006 owing to high prices for hydrocarbons and despite a fall of production.
Net profit surged by 32.0 percent to 40.615 billion kroner (4.98 billion euros, 6.47 billion dollars) from 30.73 billion kroner in 2005.
Sales rose by 10.0 percent to 423.5 billion euros.
Chief [...]

PetroChina, the world’s third-largest energy company by market value, said Monday that it increased oil and gas output to a record last year after including production from Kazakhstan for the first time.
Output rose 5.2 percent to the equivalent of 2.9 million barrels a day, according to a statement PetroChina posted on its Web site. Crude [...]

AUSTRALIA’S booming energy export levels are likely to continue for 24 years as world demand for gas, coal, uranium and oil continue to be pushed skyward by China.
In its World Energy Outlook for 2006, the International Energy Agency is predicting energy demand to increase by 53 per cent by 2030, a growth rate of 1.6 [...]

Oil and gas company Whiting Petroleum Corp. said Monday its third-quarter profit grew 49 percent, as increased production and oil prices helped offset lower natural gas prices.
Quarterly profit jumped to $49.5 million, or $1.35 per share, from $33.3 million, or $1.12 per share, in the year-ago period. The recent quarter’s results include a gain of [...]

Oil and natural-gas producer Parallel Petroleum Corp. on Wednesday posted a second-quarter profit, reversing a year-ago loss, as sales of oil and gas more than doubled on increased production volume and higher oil prices.
The company, which drills oil and gas from onshore fields in the U.S., said earnings totaled $2.5 million, or 7 cents per [...]

Oil and gas explorer Goodrich Petroleum Corp. swung to a profit in the second quarter, as revenue soared on the strength of oil and gas prices and increased production.
On Monday after the closing bell, Goodrich said net income after paying preferred dividends was $2.8 million, or 11 cents per share, compared with a loss of [...]