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OPEC's Badri urges consumer action on oil price

VIENNA - OPEC's Secretary General on Thursday urged big consuming countries to play their part in lowering record oil prices the exporter group believes are driven by factors beyond the supply of oil. Oil has risen to a record near $146 a barrel, partly because of tension over ...

OPEC sees lower oil demand, warns on investment

VIENNA - OPEC on Thursday warned of growing uncertainty over demand for its oil in the years ahead, raising doubts whether multi-billion-dollar investments in new supply will be needed. OPEC, in its 2008 World Oil Outlook, said demand for its oil could fall to 31 million barrels ...

Brazil to sell oil fields at auction

RIO DE JANEIRO -- Brazil will auction oil fields, except for the newly discovered pre-salt areas, authorities said Thursday. Brazil's National Agency of Petroleum, Natural Gas and Biofuels, a regulatory department for the industry sectors concerning the natural resources, will ...

Iran to raise oil export

TEHRAN -- Iranian Oil Minister Gholam-Hossein Nozari said that Iran will raise oil export to 3.5 million barrels a day by the end of March 2010, Iran's satellite Press TV reported on Friday. "Iran's oil export level will be raised to 3.5 million barrels a day from the current 2.4 ...

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 ...

NYMEX crude shifts higher, heating oil surges

NEW YORK - U.S. crude oil futures regained their footing but were still way below session highs midday Wednesday despite a larger-than-expected drawdown in weekly government inventory data. Heating oil futures extended gains, pulling up the complex, even though distillate stocks, ...

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 ...

JP Morgan sees $150 oil in July

LONDON - Wall Street bank JP Morgan said on Tuesday crude oil futures may hit $150 later this month while its rival Lehman Brothers' (LEH.N: Quote, Profile, Research, Stock Buzz) equities team raised their oil price estimates sharply. International benchmark U.S. crude futures ...

Oil steadies after fall to $136

SEOUL - Oil was little changed above $136 a barrel on Wednesday after falling more than $5 a day ago when the Federal Reserve chairman said that emergency cash may be available past year-end, boosting the dollar and U.S. stocks. U.S. light crude for August delivery rose 20 cents ...

Iran to further production of petrochemical by 43%

This year, Iran's total output of petrochemical is expected to go up by 43% as compared to the last year to reach a figure of 35 mln tpa. This rise is attributed to the 11 newly initiated petrochemical complexes this year. As a result, the profits are projected to drive up to US...

The energy world's comments on $150 oil

Oil surged through $145 a barrel on Thursday, heightening expectation the $150 barrier could be breached later in the trading session. A month ago investment bank Morgan Stanley, one of Wall Street's biggest energy traders, said crude might reach $150 by July 4 -- the U.S. ...

Braskem has new record sales for UTEC in June 200

In June 2008, Braskem UTEC business registered its highest sales figures for a single month. The new record represents an important milestone for Braskem since it was obtained through an important growth in sales in Europe. "Braskem has a consistent customer base in the US and ...

New clean technology to produce PO only leaves water as a byproduct

With a view to gain recognition as an eco-friendly company, Korean firm SKS has stated the commercial production of the 'clean' propylene oxide using the hydrogen peroxide propylene oxide (HPPO) technology. Unlike the existing technology which uses chlorine or ethyl benzene, the ...

Canada to get its first coal-to-liquid conversion plant in Alberta

A small alternative energy firm, Alter NRG has expressed interest to build plant worth C$4.5 bln which will convert coal to 40,000 bpd of diesel and naphtha. The project, Canada's first coal-to-liquid project, will be built in two 20,000 bpd phases and will be housed in Fox Creek...

China toluene imports to fall on low demand

SINGAPORE--Demand for toluene imports into China, which has been lacklustre in the past two months, may see limited resurgence on additional supply from new domestic plants, said traders and producers on Friday. Domestic market prices were even expected to fall in the next two ...

CFTC charges Optiver with oil market manipulation

WASHINGTON - The Commodity Futures Trading Commission on Thursday charged global trading fund Optiver Holding BV with manipulating the NYMEX oil market in March 2007. The complaint charged that three employees of the Netherlands-based fund made about $1 million through manipulati...

House bid to sell oil from reserve fails

WASHINGTON - The House of Representatives on Thursday failed to pass legislation intended to cool off gasoline prices by requiring the government to sell 70 million barrels of light sweet crude oil from the Strategic Petroleum Reserve, the national stockpile. Democrats had pushed ...

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 ...

Oil hits 7-week low, supports stock rally

HONG KONG - Oil prices fell to a seven-week low below $125 a barrel on Thursday as U.S. energy demand was seen reaching a tipping point, sending investors into Asian stocks for the fourth consecutive day. A retreat in oil prices and signs of improved confidence in the U.S. ...

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 ...

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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