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Iran reviews proposal to cut oil output

TEHRAN - Iranian President Mahmoud Ahmadinejad said a proposal for OPEC's second biggest producer to cut crude output was under review by experts, Iran's semi-official Fars New Agency reported on Tuesday. Oil Minister Gholamhossein Nozari said earlier on Tuesday the world's ...

More oil, natural gas discovered in W Uganda

KAMPALA -- Tullow Oil, a company exploring for oil in western Uganda, announced on Tuesday that it had struck oil and natural gas deposits at Taitai-1 exploration well, located in Butiaba region in the Lake Albert Rift Basin. The London-based company said in a statement on its ...

Alaska says BP oil output ramping up after snag

NEW YORK - Oil major BP Plc began returning crude oil production Alaska's Prudhoe Bay over the weekend after a power outage early Friday knocked out all six of its processing plants as well as the Northstar field, an Alaska official said Monday. BP shut early Friday all six of ...

Oil falls from record high on China demand worries

NEW YORK - Oil fell from a record high over $126 a barrel on Monday as a dip in crude oil imports into No. 2 consumer China stirred concerns high prices were eating into demand. U.S. crude settled down $1.73 at $124.23 a barrel, off an earlier record high of $126.40 a barrel. ...

Senators push Bush to pressure Saudis on oil

WASHINGTON - Senate Democratic leaders on Monday urged President George W. Bush to use his upcoming trip to the Middle East to convince Saudi Arabia to pump more oil and help lower record crude and gasoline prices. "We urge you to use this opportunity to request that the Saudi ...

Gasoline and diesel prices soar to records: EIA

WASHINGTON - U.S. drivers dug deeper into their pockets to fill up at the pump, as the average price for gasoline skyrocketed 10.9 cents over the last week to a record of $3.72 a gallon, the federal Energy Information Administration said on Monday. The national price for regular, ...

Oil prices to remain unstable for months: OPEC head

ALGIERS - OPEC President Chakib Khelil said on Monday geopolitical factors, speculation and the value of the dollar would continue to affect oil prices for the next months or years. "There is a geopolitical situation that the market expects to continue. You have the Iran crisis, ...

White House won't use oil reserve, Congress to act

WASHINGTON (Reuters) - The White House said on Monday it won't sell crude oil from the U.S. Strategic Petroleum Reserve to help boost available oil supplies and lower prices, while Congress is ready to take on the Bush administration and will try to suspend oil deliveries to the ...

Investors get much of Big Oil's cash windfall

LONDON - The five largest fully publicly traded oil firms are spending more on finding and producing oil, but the industry is still handing back much of its windfall from record oil prices to investors. Exxon Mobil Corp, BP Plc and two smaller rivals upped capital spending to $29 ...

Oil slips on natural gas stockbuild

NEW YORK - Oil prices fell Thursday as a big increase in U.S. natural gas stocks weighed on the energy complex, spurring profit-taking from recent highs. U.S. crude settled down 10 cents at $124.12 a barrel, after dipping as low as $120.75 a barrel earlier. London Brent crude ...

No change in business strategy by Petron with new share ownership structure

Petron Corp. does not intend to change its business strategy with the new share ownership structure. Philippine National Oil Co. (PNOC) has decided not to exercise its right of first offer for the Aramco shareholding, allowing Aramco and Ashmore to proceed with the transaction. ...

The Linde Group acquires a majority interest in the industrial gases company SIGAS

15 May 2008 - The Linde Group has acquired 51 percent of the shares in the family-owned industrial gases company SIGAS (Saudi Industrial Gas Co. ltd.). Terms of the transaction were not disclosed. Closing of the acquisition will take place following approval from the relevant ...

Mexico presents plan to help deep water oil output

MEXICO CITY - President Felipe Calderon sent a proposal to Congress on Wednesday aimed at boosting the Mexico's flagging oil production by cutting taxes on crude drilled in certain hard-to-reach areas. Under the bill, state oil monopoly Pemex would pay less taxes on oil pumped ...

BASF Coatings starts operations at production site for paints in Russia

15 May 2008 - BASF Coatings has started up its new production site for paints in Russia. The new facility at Pavlovski Posad, 60 kilometers east of Moscow, has an annual production capacity of 6,000 tonnes of paints (basecoats and clearcoats). The new site will supply customers ...

Scant oil price relief if U.S. stops filling reserve

NEW YORK - A move to stop filling the U.S. emergency oil reserve will do little to slow the record spike in fuel prices that is intensifying an economic slowdown in the world's biggest energy consumer. U.S. lawmakers voted overwhelmingly this week on bills to suspend adding oil ...

Putin pledges tax breaks to revive Russian oil growth

UST LUGA, Russia - Prime Minister Vladimir Putin said on Wednesday Russia would grant tax breaks to new oil provinces to revive output growth at the world's No.2 oil exporter and add over a tenth to current output levels by 2015. The Russian stock market .IRTS, dominated heavily ...

Oil falls below $124 after IEA demand downgrade

LONDON - Oil fell below $124 a barrel on Tuesday after the International Energy Agency cut its forecast for world oil demand growth and investors took profits after a rally to record highs the previous day. A decline in China's oil imports in April, the first year-on-year drop in ...

Oil could hit $200 before demand gets hit

LONDON - The price of oil could rise to $200 a barrel in the next two years before it starts to seriously hit demand, fund manager Tim Guinness said on Tuesday. "I am increasingly comfortable with the analysis which says the oil price is going to have to go to $200 before demand ...

EBRD to buy $85 mln stake in East Siberia oil firm

MOSCOW - The European Bank for Reconstruction and Development said on Sunday it would buy an $85 million minority stake in East Siberian oil firm Irkutsk as part of its plan to invest in energy efficiency projects. The EBRD, which says improving energy efficiency and boosting ...

Bush to urge Arab oil producers to diversify

U.S. President George W. Bush will warn Arab leaders on Sunday that their oil supplies are limited and they need to diversify their economies. "The rising price of oil has brought great wealth to some in this region," Bush will say in a speech to the World Economic Forum here, ...

Latest World News

china

Bill Gates talks nuclear
Bill Gates talks nuclear
Microsoft co-founder Bill Gates confirmed on Wednesday that he is ...
China offers inspirations to global dilemmas
China offers inspirations to global dilemmas
BEIJING, Jan. 22 (Xinhua) -- Policies of China's new leadership in the ...
Merck to put $1.5b in R&D
Merck to put $1.5b in R&D
Merck Sharp & Dohme (MSD), the world's second-largest drug producer by ...

world

market

IMF chief warns of risks to recovery
IMF chief warns of risks to recovery
DAVOS, Switzerland, Jan. 25 (Xinhua) -- The International Monetary ...
China's farm product pricing plan shifts to market orientation
China's farm product pricing plan shifts to market orientation
The Number One Document also proposed a new pricing plan for China's ...
Chinese investors look to overseas opportunities
Chinese investors look to overseas opportunities
SHANGHAI, Jan. 25 (Xinhua) -- China, the world's top manufacturer and ...

finance

company

Retailer's Net Profit Falls 3%
Retailer's Net Profit Falls 3%
A Wal-Mart store is seen in Stratford, Connecticut, the United States. ...
Gaming Firms Find Going Tough
Gaming Firms Find Going Tough
Employees demonstrate Sony Ericsson Mobile Communications' Xperia Play ...
Boeing Wins Biggest Order of US$26b
Boeing Wins Biggest Order of US$26b
A formation of nine Royal Air Force Red Arrows Hawk aircraft fly ...

trade

sports

Yao's gift of sport for all
Yao's gift of sport for all
Chinese NBA player Yao Ming teaches a boy with special needs how to ...
Lucrative golf industry lures stiff competition
Lucrative golf industry lures stiff competition
Two models stand beside golf equipment and bags at a recent golf ...
Li Na wins French Open women's singles title
Li Na wins French Open women's singles title
History-making tennis legend Li Na notched the first-ever grand slam ...
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