Aberdeen-based oil and gas firm Faroe Petroleum has cut its losses and has increased the amount of oil it expects to produce this year.

BBC: Oil company Faroe Petroleum raises expectations

The Organization of Petroleum Exporting Countries cut its global demand forecast for 2008 for the fourth time this year, saying that consumption would continue to slow in 2009.

FORBES: Magazine Article

Still, it is far from clear that biofuels will be able to cut deeply into petroleum use.

FORBES: Magazine Article

"I think it's important for the United States to be less at the mercy of foreign countries and their decision-making and politics, and more under our own control to address these problems, " Abraham said, two days after the Organization of Petroleum Exporting Countries agreed to cut oil output by a million barrels a day.

CNN: Bush: No 'short-term fixes' to energy woes

It urged the Organisation of the Petroleum Exporting Countries (OPEC) to cut production quotas in February for fear of a price crash this spring.

ECONOMIST: Other reasons to worry

This display of aggression was eerily similar to events that transpired during the 1973 Yom Kippur War, when the Organization of Petroleum Exporting Countries (OPEC) strategically cut off oil to nations supporting Israel.

CENTERFORSECURITYPOLICY: Resurgence in need of restraint

Lloyd's of London recently told the Financial Times that it would cut its cover for refined petroleum shipments to Iran if America's Congress carries through its plans to enact sanctions on such trade.

ECONOMIST: Sanctions on Iran

Iran and Venezuela, both members of the Organisation of the Petroleum Exporting Countries (OPEC), have called for it to cut output.

ECONOMIST: The anti-West