In exchange, Iraq is being offered what amounts to a timetable for an expanded and improved version of the oil-for-food agreement (the deal under which Iraq sells a set amount of oil to pay for humanitarian relief and war reparations).
As finance minister, he wound up a fund that set aside some oil revenue for buying back debt.
But, even if the fund is set up and oil money is used for it, there is still plenty to spend on weapons.
In real terms, adjusted for inflation, Opec's revenues in 2012 were also the highest ever, surpassing the peaks set during the oil crises of 1973-74 and 1979-81.
With that in mind, it sounds like it's time for a movie of love, loss, big bucks and dirty dealing set in the oil sands boom town of Calgary.
The fund Lula wants to set up with oil revenues could, as he says, help Brazil to overcome poverty, low standards in education and limited investment in science and technology.
And of course it didn't help that oil set a new high with its largest single-day gain, putting further pressure on consumers who are already sweating record gas prices.
Capiapo, Chile (CNN) -- Hedging their bets, officials in Chile said on Sunday they will set up an oil drill as a third option to rescue the 33 miners trapped underground since August 5.
Such gratitude is not, of course, due the Saudis - who, we are endlessly told, are among our most reliable "friends" in the Middle East - because they are working to drive down the price of oil set by the OPEC racketeers' cartel.
Stocks fell sharply in Asia and Europe, and oil prices set fresh records in Asian trading.
All this means that the price of oil is set to drop, the bears growl.
The Pentagon has now confirmed that Iraq has also set fire to two oil wells in southern Iraq.
CENTERFORSECURITYPOLICY: Bush: We will accept no outcome but victory
Meanwhile, tens of billions of dollars are certainly finding their way into the offshore funds set up by some oil producers.
ECONOMIST: What might oil producers do with all that extra cash?
The SNP has said it would like to see an oil fund set up in the event of independence to provide a revenue stream for future generations of Scots.
In 1995 the federal government decreed so-called Order 58-R, which set the volume of oil exports and obligated the Moscow Oil Refinery to build a factory for processing polypropylene-based chemicals, financed by petroleum revenues over a ten-year period.
While drilling in that depth of water was prohibitively expensive a decade ago, it's now easy for a company Triton's size to rent a drillship to find the oil and set up a floating production platform to process it.
And while other sectors of the energy complex, such as natural gas and oil appear set to benefit from the fall from grace that uranium is facing, the situation in Japan has created an inflection point in the market.
FORBES: Uranium And Nuclear Stocks Feel The Shock Waves Of Fukushima Meltdown
Both the oil cartel Opec and the International Energy Agency (IEA) have raised their forecasts for oil demand next year, but they say economic growth and hence demand for oil is set to remain relatively subdued in the developed world.
In the next chapter of the Great North American Oil And Gas Boom, a wave of consolidation is set to hit the U.S. oil and gas industry.
FORBES: Four Stocks To Play The Coming Wave Of Oil And Gas Consolidation
Europeans realize that the oil price is set by the world market, Dings said.
In Britain, oil giant BP set up a trading scheme among its own companies in 1998 and in three years reduced emissions by one-fifth.
When seismic surveys show that there is a good chance of finding oil, companies set about the delicate process of drilling an exploratory well.
The new government has set a goal of increasing oil production from the current 1.4 million barrels a day to just below 2 million by 2015.
Unless a law is passed, those fines -- which will likely amount to billions of dollars -- could instead be set aside for some future oil spill.
However, in September the leaders of both nations signed a deal, mediated by the African Union, to resume oil sales and set up a demilitarised buffer zone.
If a stable column of mud has been set up in the well, keeping the oil at bay through its sheer weight, the next step would be to set cement in the well and seal it off permanently.
ECONOMIST: Nerves are fraying a month after the Gulf of Mexico oil spill
Nobody of course wants to see an oil crisis that might set prices spiralling.
The US believes oil prices should be set by market forces in order to ensure adequate supplies.
应用推荐