NIGERIA

By Edward Tapamor Peak oil is a reality. It may take a generation for al the effects to be played out but they will be played out. They will never be solved by current economic thinking, because it was current economic thinking that caused it.

Commodity Online NEW DELHI: Indian firms NTPC and Essar have decided to participate in oil and gas exploration in Nigeria.

Crude oil futures rose to another record on Monday on the falling dollar, a decreased chance for an OPEC output hike, and downbeat U.S. manufacturing and spending reports.

Oil futures surged to a new record on Thursday as reports showed more signals of an economic slowdown in the U.S., the dollar fell against the euro and Nigeria reported a partial shutdown in production.

Oil rose towards $101 a barrel on Thursday, trading within sight of its record high, as the U.S. dollar sank to a new low and after a supply cut in Nigeria, Africa's top exporter.

Oil prices fell back on Wednesday from a record of $100.10 a barrel on speculation U.S. crude stockpiles will rise.

Oil prices on Friday declined amid fears that the US economy is headed for a recession that may result into decreased demand for oil despite US being the largest energy consumer.

Oil fell on Wednesday after results from the weekly inventory report showed U.S. crude oil supplies fell.

Crude Oil rose over $2 on Tuesday as investors predicted that a report from the U.S. government tomorrow report will indicate a fall in oil inventories.

Oil halted a three-day slide to rise above $96 a barrel on Tuesday on expectations of a continuing drop in crude stocks in top consumer the United States and signs OPEC will not raise output.

Oil prices broke above $100 a barrel for the first time on Thursday after a U.S. government report showed a steep slide in crude inventories in the world's biggest energy consumer.

Bribery investigations into U.S. oilfield companies is likely to spur reform in the industry

Oil bounced back above $89 a barrel on Monday as traders bet last week's nearly $10 selloff was overdone, and might turn the tides against an expected increase in OPEC output when the cartel meets later this week.

A Nigerian company sued the One Laptop Per Child (OPLC) association for violating its patents on a multilingual keyboard.

Iran Oil Minister Gholamhossein Nozari said on Friday it was too early to predict what action OPEC might take when it meets in early December, leaving the door open for a possible production rise to cool prices.

An unprecedented vaccination campaign has produced strong results in fighting polio in India and if sustained, the crippling disease could be eradicated in the next two years, a top WHO expert said.

French oil giant Total posted a 3 percent drop in third-quarter adjusted net profit on Wednesday, despite higher oil prices and production, but the result beat forecasts and it maintained a key output target.

Asian stocks rose to a fresh life high on Monday as investors bet there will be a U.S. interest rate cut this week, which sent the dollar to a record low against the euro and a basket of major currencies.

Delegations gathered in Libya on Saturday to launch talks to end 4-1/2 years of conflict in Sudan's Darfur region but the absence of key rebels cast doubt on whether negotiations could produce any meaningful deal.

Oil rallied to a fresh record high above $92 a barrel on Friday as the dollar tumbled to a record low, Washington imposed new sanctions on Iran and gunmen shut more oil production in Nigeria. Oil's bullish momentum has pulled in increasing amounts of speculative investment and waves of technical buying have been triggered as U.S. oil pierced successive lines of resistance.

The German telecommunications supplier Ericsson has announced its participation in the Millennium village project to provide connectivity in Africa especially in rural areas.