Press Review

   September 5, 2000

Oil prices rose to a 10-year high as traders predicted that the forthcoming OPEC meeting would fail to halt market turmoil. Analysts believe that any production increase agreed upon could be too late to relieve a shortage in supplies later in the year. (Financial Times)

Parts of Asia may be the hardest hit by soaring oil prices, since the developed world – including Japan – has dramatically reduced its dependence on oil since the 1970’s. South Korea’s oil consumption rose by nearly 90% between 1990 and 1998, compared to just 9% in the booming US economy. (Wall Street Journal)

Talks between the French government and truckers and other transport operators over high fuel prices failed yesterday, as truckers and farmers blocked refineries nationwide. The result was a panic run on service stations. (International Herald Tribune)

Royal Dutch/Shell is to raise its capital expenditure in the North Sea by 20% to $1.2 billion. The group believes it can bring extra production onstream within a couple of years. (Reuters)

In 2002 Spain will inaugurate two new generating stations powered by Cynara cardunculus – wild artichoke – in the north of the country. Each will burn 100,000 tonnes to produce 12 megawatts annually. (Science et Vie)