Saudi Arabia rules out oil weapon

RIYADH (Reuters) - Saudi Arabia, the world's biggest crude exporter, believes oil should not be used as a weapon because it is the economic lifeline of Arab states, its foreign minister said.

Asked whether the oil weapon should be used if the conflict between Israel and Hizbollah escalates, Prince Saud al-Faisal said: "The two issues should not be mixed because oil is among the economic capabilities that countries... need to meet their obligations toward their citizens.

"If we ignore this reality and start asking that the foundations of our life (be used) and enter into reckless adventures, the first to be hurt will be our citizens and no wise government can accept this," he told a news conference.

Tropical Storm Chris weakened unexpectedly overnight, and is no longer expected to become a hurricane.

Q&A with Jeremy Rifkin

Let me put it this way: The power companies and energy companies understand that we’re heading toward peak oil. That’s No. 1.

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When Mexico runs dry

Mexico's economy and government are living on borrowed time, and the day of reckoning may be coming sooner rather than later.

A third of the country's federal revenues come from the profits from government-run oil fields. A single field known as Cantarell provides most of the oil and the profits. While the exact condition of this field is a closely kept secret, news leaks and the limited published data suggest that Cantarell is quickly passing its pumping prime. Production in May was down 7 percent from just the beginning of the year, according to the Los Angeles Times. The demise of an oil field can be rather sudden. As one former Mexican oil executive told the Times, "Cantarell is going to fall a lot, and quickly."

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Bangladesh: Power office ransacked in Jhalakati for power outage

Angry demonstrators deprived of regular electricity supply ransacked the power office in the town during their three-hour demonstration programme Wednesday, leaving an engineer and five police injured.

Road Projects a Casualty of Oil Crisis

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U.K.: Vegetable prices to soar as heatwave blights harvest