An unexpected increase in U.S. crude stockpiles and record oil production from Saudi Arabia in June has deepened concern that growing oversupply will continue to impact oil prices as nations tussle over market share.
The clerics and scholars appealed to “well-off nations and oil-producing states” to recognize their “moral obligation to reduce consumption so that the poor may benefit from what is left of the Earth’s non-renewable resources,” according to the declaration e-mailed Tuesday from Istanbul.
FuelFix.com is your daily must-read source for news and analysis on the energy business. Anchored by business reporters at the Houston Chronicle and other Hearst Newspapers, Fuel Fix incorporates blogs by energy experts, market updates, useful data and a real-time summary of the top ideas, hottest stories and latest news in the oil, gas and energy industries.
Browse previous blog posts by month and year of entry. You'll see all the posts for that time period.