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South Korea announces first oil contingency measures

SEOUL - South Korea said on Sunday it was implementing a multi-stage contingency plan aimed at reducing energy consumption before the skyrocketing oil prices push Asia's fourth-largest economy into a full-fledged crisis. Prime Minister Han Seung-soo told a televised news ...

Oil pauses near record over $145, U.S. holiday ahead

SINGAPORE - Oil steadied above $145 a barrel on Friday as the United States, the world's largest consumer, heads into the Independence Day long weekend, pausing after the previous day's rally to a record near $146. U.S. crude oil inched up 6 cents to $145.35 a barrel by 0525 GMT, ...

Shell calls off the multibillion heavy crude refinery expansion in Sarnia

Shell Canada, a wholly owned subsidiary of Royal Dutch Shell, has informed its employees to shun the pre-development and engineering work on the heavy oil refinery expansion near Sarnia, thereby indefinitely putting hold on the multibillion dollar refinery expansion plan. As per ...

Marathon Oil production above forecast

NEW YORK - Marathon Oil Corp on Wednesday said its second-quarter oil and gas production was slightly higher than it had previously forecast, but was still below first-quarter levels. The oil producer and refiner also said its refining margins fell sharply from last year due to ...

Arctic's oil could meet world demand for 3 years

WASHINGTON - The Arctic Circle holds an estimated 90 billion barrels of recoverable oil, enough supply to meet current world demand for almost three years, the U.S. Geological Survey forecast on Wednesday. The forecast comes as Russia is competing with Canada, Denmark, Norway and ...

U.S. says Arctic holds 90 billion barrels of oil

WASHINGTON -- The area north of the Arctic Circle has an estimated 90 billion barrels of undiscovered, technically recoverable oil, according to a new assessment posted Wednesday at the official website of The U.S. Geological Survey (USGS). Also among the Artic bonanza are 1,670 ...

Oil jumps $3 on U.S. inventory drop

NEW YORK - Oil rose $3 a barrel on Wednesday after a U.S. government report showed declines in fuel and crude inventories in the world's top consumer. U.S. crude settled up $2.99 at $116.00 a barrel after demand concerns sent prices down to a three-month low of $112.31 during ...

US crude inventories down 400,000 barrels; price hits US$117 levels

On Thursday, oil nearly jumped by one dollar and moved closer to US$117/barrel extending gains of three dollars in the previous session, as the depletion of crude and gasoline stocks in the US provoked supply concerns. Nevertheless, analysts predict that a tight credit market in ...

Oil rises over $1 on Gulf of Mexico storm threat

PERTH - Oil rose more than $1 to top $115 a barrel on Monday, as investors eyed a potential supply threat from Tropical storm Fay to oil and gas production in the Gulf of Mexico. But analysts said a rising U.S. dollar and news that Russia would begin withdrawing its troops from ...

China rolls out measures to fight inflation

The State Council, China's cabinet, announced Sunday a slew of measures to rein in rising commodity prices to ease the economic pressures on the people. Local governments and departments are required to boost agricultural production and stabilize supply of agricultural products ...

Sinopec Shanghai Petrochemical declares H1 loss

High crude oil prices and government caps on refined oil product prices have taken their toll on performance of Chinese oil and petrochem majors. Sinopec Shanghai Petrochemical Co. Ltd. has booked a net loss of US$54.56 mln in H1 under Chinese accounting standards. Price of major ...

Oil falls towards $107 on dollar, economic fears

SINGAPORE - Oil prices dipped towards $107 on Friday, extending a near 8 percent fall this week, as traders shed commodities positions to join a dollar rally and on signs that $100-plus prices were crippling demand. Concerns about the health of the U.S. economy overshadowed an ...

Iraq says China firm must start oil work in 2 months

BAGHDAD - A Chinese state oil firm must start work developing Iraq's Ahdab oil field within the next two months or risk losing the $3 billion service contract, Iraq's oil minister said. The Iraqi government said last week it had approved the contract between Iraq's North Oil ...

Myanmar, Russia to jointly explore oil, gas

YANGON -- A Myanmar's oil company and a Russian one will jointly explore oil and gas in two onshore areas in Myanmar, the state-run newspaper New Light of Myanmar reported Tuesday. According to a production sharing contract signed last weekend between the state-operated Myanmar ...

Oil firms bid $30.9 mln for Alaska exploration rights

ANCHORAGE, Alaska - Five companies bid $30.9 million Wednesday for rights to search for oil and gas in the National Petroleum Reserve of Alaska, a vast but lightly explored federal land holding on Alaska's North Slope. The lease sale is the fifth held in the region by the U.S. ...

Petrobras announces discovering new oil field in Brazil

RIO DE JANEIRO -- Brazil's state-owned oil and gas giant Petrobras announced on Friday the discovery of a light oil field in Santos Basin in southeast Brazil. According to the company, the oil field is located in sandy reservoirs above the salt layer, and confirms that the good ...

Russia wants to influence global oil price

PETROPAVLOVSK-KAMCHATSKY, Russia - Russia wants to influence global oil prices by publishing output forecasts and delaying the development of oilfields, Energy Minister Sergei Shmatko said on Thursday. Shmatko said Moscow's policy would not involve coordinated action with OPEC ...

Insecurity biggest threat to Iraq's power plans

DUBAI - Insecurity, a lack of fuel and runaway demand are the biggest challenges to Iraq's plan to end chronic power shortages by 2012, the electricity minister said. More than five years after U.S. forces invaded to topple Saddam Hussein and with violence at a four-year low, ...

Weaker crude favors oil majors over E&P, services

LONDON - As crude prices weaken, big integrated oil companies like Exxon Mobil (XOM.N: Quote, Profile, Research, Stock Buzz) look better equipped to deliver for investors than recent star performers in the exploration and drilling services sectors. The drop in oil prices from ...

Crisis to overshadow Canada oil company earnings

CALGARY, Alberta - The financial crisis and falling oil prices are likely to overshadow higher earnings for Canada's big oil companies, which are set to begin reporting their third-quarter results on Tuesday. The third quarter again featured stellar commodity prices, with oil and ...
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China slams Japan's NHK governor's denial of Nanjing massacre
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China's farm product pricing plan shifts to market orientation
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Minivans rev up sales for GM
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Court rejects Apple lawsuit over iPad name
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Chinese leader calls for more marine power
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Lucrative golf industry lures stiff competition
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Yao's gift of sport for all
Yao's gift of sport for all
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