Randy Gossen, President of the World Petroleum Council, attends the inaugural session of the 19th World Petroleum Congress in Madrid, June 30, 2008. (Xinhua/Reuters Photo) Photo Gallery>>>

    MADRID, July 3 (Xinhua) -- The 19th World Petroleum Congress ended here on Thursday with high hope for a safer and more sustainable oil supply for the world.

    The congress, which was designed to be a professional forum for world petroleum industry, turned out to be dominated by talks on ever rising oil prices, the reasons for which vary greatly among different people, said Randall Gossen, WPC President.

    Some would believe the reason for the soaring crude price for speculation and the depreciation of the U.S. dollar, some others would insist that growing demand for energy by especially the emerging economies as the main factor for oil price rise, still others say that it is a combination of all the factors.

    The week-long congress, did achieve its goals in its discussion on topics like how to ensure safe and reliable delivery of oil, how to make the industry environment ally friendly and socially respectable, and how to meet the expectation of the society, Gossen said.

    International oil companies and national oil companies find it mutually beneficial to increase the supply of oil, which WPC believes will be the main source of energy in the coming three or more decades to come, the WPC chief said.

    Technology advancement, one of the keys to future oil supply, is both technically feasible and economically attractive, the WPC president said.

    Three years later, the WPC congress will go to Qatar's Doha, the first time for the world oil congress to be hosted in the Middle East region.

Saudi oil minister: Oil remains essential for future energy needs

    MADRID, July 3 (Xinhua) -- Oil remains essential to meet expanding energy needs in the foreseeable future, unchallenged by alternatives which are getting popular amid record high oil prices, Saudi Oil Minister Ali Naimi said on Thursday.

    "Oil will continue to be an essential part of global energy mix for many years to come," Naimi told delegates who were wrapping up a five-day World Petroleum Congress.  Full story

Oil prices settle record above 145 U.S. dollars

    NEW YORK, July 3 (Xinhua) -- Crude futures surged and settled above 145 U.S. dollars a barrel for the first time Thursday after a rising dollar did not ease much of the investors' concern about supplies.

    Light, sweet crude for August delivery rose 1.72 dollars to settle at a new record of 145.29 dollars a barrel on the New York Mercantile Exchange. In the early morning electronic trading the contract hit an all-time peak of 145.85 dollars a barrel.  Full story